Concerned that Labour govt might fleece me in upcoming budget?

[RightOh9oo]

Aibu to be concerned that Labour government might fleece myself/family in the next budget?

If they remove the right to UK pension for all, by making it means tested....I think I'll stop working this year. I'm early 50s, does anyone else feel like this?

I'm going without so much to save in my private pension, so no holidays to speak of.

Does anyone know what is in store in the upcoming budget?

Lots of tax payers will have paid for winter fuel payers but going forward many of us won’t get them, & Im absolutely sure free prescriptions over 60 will be pushed out.

I think it would be fair enough to align free prescriptions with the state pension age - I’m surprised it’s been left at 60 for as long as it has

I think the first thing to go will be the triple lock. Rightly or wrongly Labour seem to have the sights of pensioners and the sick. They know we can’t afford our outgoings, they won’t want to piss off those holding the whole house of cards up - people working and contributing.

The issue is, they know that so many aren’t contributing enough. Not enough of society are doing jobs full time beyond the minimum wage and need top ups. I think they will be reduced too. Uncomfortable truth is - the working age population aren’t doing enough or paying enough tax in comparison to other countries. We have a huge sickness crisis. We rely on a tiny minority of higher earners who are already paying shitloads.

I think people are in for a bumpy ride.

I think it would be fair enough to align free prescriptions with the state pension age - I’m surprised it’s been left at 60 for as long as it has

Well look at the outrage over the winter fuel means testing!

Not enough of society are doing jobs full time beyond the minimum wage and need top ups.

How do you suggest workers force their employers to pay them more?

I don’t work f/t but pay higher tax, why should I work more hours?

We are all going to be fleeced - working or not. 🙄

Uncomfortable truth is - the working age population aren’t doing enough or paying enough tax in comparison to other countries.

We have an ageing population who hasn’t paid enough in is another uncomfortable truth.

I don’t see how we can tax lower earners more when we have such a distorted housing market.

The Triple Lock can’t go in this Parliament. It was a manifesto fixed commitment.

I don’t see how we can tax lower earners more when we have such a distorted housing market.

I agree with this. There needs to be significant investment in at least making rental properties more affordable, whether that’s through social housing (preferably) or some kind of long-term rent controls.

I don’t think taxpayers money should be going to private landlords. But people have to have somewhere to live.

It wasn’t when msny started paying NI. It was an insurance scheme, to provide for a state pension. 🤷‍♀️

Perhaps it should be that everyone has to pay in for a certain number of years before they can claim anything.

I don’t think taxpayers money should be going to private landlords. But people have to have somewhere to live.

Agree it’s ridiculous that tax gets funnelled to a few. We need far more social housing and better rental controls but again people won’t vote for it because most of their wealth is tied up in property and don’t want to lose some imaginary gain.

it would be far better to have higher salaries and cheaper property.

Perhaps it should be that everyone has to pay in for a certain number of years before they can claim anything.

So you would abolish pension credit?

I think they will be more Conservative that the Conservatives. It is indeed. The whole economic mess and low wages can be linked right back to the last Labour government. Tax credits, huge housing inflation, release the equity. They totally fucked it last time and now who knows what a car crash it will be. Tories should’ve made difficult decisions and not spent so much time appeasing pensioners.

Sorry but your post has just made me laugh out loud.

It's all labour's fault 🤣🤣

Tory austerity fucked things up & interest rates should never have been held so low for so long.

I agree with you. At 45% tax we don’t work full - time. Why should we? Taxed to oblivion and we’d rather have the time at home. The issue is - the last government made it so many workers now choose to work part-time. The net contributors they need to pay tax. You post highlights the significant issue raised by many economists. They need to start incentivising people to work more, not just tax them as cash cows.

Who said that? The Tories are just as bad but the housing inflation and low wage economy is a direct result of the last Labour government. Too many people in this country are red or blue and can’t think critically so we end up with the same showers of shit in power with different rosettes.

@Boomer55 it has always been a tax. The state pension is not a pension in any sense of the work. Your NI contributions record entitles you to claim the benefit, the money you paid in does not form your pension, that is long spent.

This matters because what we call the dependency ratio - that is the proportion of working to non working people is changing as the baby boom generatiom moves in to retirement. Which is very bad news as the whole set up of the state pension relies on the working population funding the pensions of the current pensions through their NI payments.

Too put it bluntly there are too many of you and not enough of us. This has been known about for decades - it is obvious how big the generation born between 1946 and 1965 is compared with those below - but no one has dared tackle it.

No, because there is a requirement to pay in x number of years of NI in order to get the full SP.

It is not a "Benefit"

Vast majority do live into their late 90s, where on earth do you get that from?

Average life expectancy for men is around 80, so 13 years, for women its 82.

But of course most people are net contributors, so it was rather stupid for the Tories to cut NI by 4pts, funded by spending cuts, which harms growth.

The government are going to have to fleece someone, or lots of someones, the budget deficit is huge, debt is now at 100% of GDP, public services are falling apart after 14 years of Tory cuts.

This document suggests the main problem is that the country has been starved of investment because nothing gets built anymore.
https://ukfoundations.co/

Many economists are saying Reeves will have to borrow for growth, i think she should reverse NI, she could have done this had they not ruined any incoming goodwill they had with suits and glasses.

How is investing in the UK "Fleecing" anyone?

Really don't get this, how is having a few 100 extra per year going to offset waiting years for an operation or wrecking productivity with poor transport links?

@candycrush02 it absolutely is a benefit, it comes out of the DWPs budget - in fact it is the largest part of the benefits budget. It is a contributions based benefit - you need to have a record of X years of NI paymemts to unconditionally qualify for it but those payments do not form your pension payment.

A similar approach is taken to some working age benfits, if you have a record of NI payments you can claim unemployment benefits for 6 months regardless of your assets or savings.

I haven't read the thread so I have no idea if you've stated what you voted, or how you would historically vote, but if was Tory did you ever sit and worry yourself about how they would fleece young people, families and children in their budgets?

Or is it only worrying and important to you now it affects you?

Income tax still is a temporary tax. It has to be renewed every year when the government find the state would go bankrupt without it.

I don't think Reeves can borrow. The Truss Experience showed that Britain is near the limit of what it is able to borrow.

It will have to be tax. Whether it is people being fleeced is up to them individual to decide - I adopted the OPs language to make a point - everyone is going to have to pay.

Personally I think the better future investment would create is worth it, but it's difficult for the new government because they didn't make that case before the election. They weren't honest about the difficult situation the country is in.