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?

Who said that? That’s the second completely unsubstantiated post.

Was that this statement?

The Labour leader gave something of answer to that question yesterday. Pushed for a definition by LBC's Nick Ferrari, Starmer said:
“The person I have in my mind when I say working people is people who earn their living, rely on our services, and don’t really have the ability to write a cheque when they get into trouble.”

Just Google it. He is on record for arguing with Rachel Reeves about this definition.

I'm 43. My GCSE geography teacher said this room. He also said we wouldn't have free university...just made it by a whisker

There are also comments he made to the New Statesman in an interview

Starmer is on record as saying anyone who saves money is middle class not working class and that the Labour party is the party for the working class

I thought the message was Labour are the party for working people? That is what is says on their website.

https://labour.org.uk/about-us/

Starmer is a Tory-lite centrist, not some radical left winger. Unfortunately.

Just to point out the idiocy of listening too closely to speculation, the rumour I’ve heard is that they may scrap stamp duty entirely!

On the means testing debate. A) no one knows, stop scaremongering. But B), you can means test at all sorts of levels! They could taper it such that people with six figure incomes receive none, or people who pay higher rate income tax.

No. You provide a link. I’m absolutely tired of posters expecting me to be their secretary.

He did define that eventually

“The person I have in my mind when I say working people is people who earn their living, rely on our services, and don’t really have the ability to write a cheque when they get into trouble.”

Easy to google, if someone is interested. I mean for others that is

😂 😂

I've heard this rumour but SRP is not a welfare benefit so I don't see how it can be means tested. I thought it was very unprofessional of Starmer to announce this budget would be based on 'tough' decisions, that's bound to scare people. He should have said fair decisions or better still nothing at all.

For those people unable to Google…

https://www.independent.co.uk/news/uk/politics/labour-party-tax-keir-starmer-rachel-reeves-b2565189.html

that's because living costs in Australia are several magnitudes higher than here.

I’ve also heard that stamp duty may be abolished 😆

I think it makes sense. Take away the transaction cost and Council tax and replace it with a yearly value tax - say 0.5-1% of the value of the home.

Stamp duty discourages people from downsizing or moving house at all. A value tax would encourage people living in houses too big for them to downsize and free up the big houses for families.

It will be changes to inheritance tax and capital gains tax.

Please read earlier posts and then you will realise I am repeating what the IFS are suggesting as likely.

They have done on the basis of pledges made in the election which rule out raising taxes on things like VAT and income tax. Which raise the most tax and the easiest to raise. Through the logic of the former treasury officials that work there they deduce that Labour have few big easy options to raise the money they want, they therefore outline several options, stamp duty was one of those.

If you read and pay attention you will note that I am not making a personal prediction I am passing what I believe to be well informed viewpoints about what is likely from those who work at the IFS and have advised chancellors previously.

What a surprise, the older generations happy to live off the younger to game the system instead of paying their fair share in. And then acting like they're the ones hard done by.

You are very kind ;

It would take far too long to value homes for a new council taxation system to do that. It would also involve a total reorganisation of local government finance.

A nice dream but not likely to be achieved in a few weeks.

Perfectly able to google but it’s very bad manners to expect it when asked to evidence your argument.

Your posts make sense and Labour are in the corner over this

Precisely. We probably listen to the same podcast 😂

I think it’s a good idea. Stamp duty is such a barrier to the growth and productivity, keeps people stuck in one place.

Well that applies to a lot of working people.

You only have to read the threads about the COL to see that even people in "middle class" jobs on reasonable incomes are struggling with high housing, food and utilities costs.

Well if you or anyone on these threads have savings you can pay more tax happily, an ever higher tax burden