Nervous/anxious/scared about the Autumn budget 2024

[Cartwrightandson]

I know that we don't know any details. We have read or heard bits that might be incorrect or just plain wrong. I also know we won't know anything until Wednesday when Rachel Reeves publishes/announces the contents of the budget...

But what we do know...it's the first labour budget for over 14 years, we've had a conservative government, austerity, brexit, covid and cost of living/interest rate increase meaning our economy is not in a good place.

Our services/infrastructure haven't had much needed investment for a long time.
Councils are practically bankrupt, some already are. Schools, housing, NHS, social care and economy are all struggling..to remedy this requires money and this will need to come from higher taxes.

There's a 19 billion pound black hole and Labour have already removed the winter fuel allowance, showing they are willing do things that are unpopular or possibly controversial..the Labour manifesto said it wouldn't increase taxes, but now they are saying they have to.

They've already allocated money for Ukraine, teachers, train drivers, junior doctors, NHS staff ect

Keir said people who don't 'work' for their income (shares/savings/landlord income) aren't classed as working people and will be taxed..

Basically this budget is going to need to raise taxes to pay for investment in services. That much we do know. But where the cuts and the tax increase will be is unknown. I don't think anyone will be 'better off'...

Possibilities.. (note these are not absolute, I could be very wrong)

Inheritance tax changes
Fuel duty increase
Income tax increase
Social housing rent increase
Benefit cuts
No free universal prescription for over 60s
Change to tax free allowance
Removal of help to buy, right to buy and alterations to stamp duty
Pension age to increase
State pension to decrease?
Tuition fees to increase
Tax free pension allowance to be reduced
Isa/bond/shares/investments taxed

Who really knows...but I think the labour comms are possibly leaking information so that we are being drip fed so when the budget does happen we already know and are braced/prepared for it.

Or what is being leaked about the budget is really bad but when the budget happens we are relieved it wasn't as bad the leaks hinted at. But it is still painful but we are more accepting because it's not as bad as it could have been...if that makes sense.

Neither of you thought they might, as every other budget in history has done, change something in order to fund the improvements? It just seems odd. Every budget ever has had things to do and changes to tax/benefits/whatever to fund it.

That list literally says what taxes they will increase/change to fund the manifesto. I have no idea what you are banging on about.

Sky News:

In May, Rachel Reeves said Labour had "no plans for increased taxes".

On Wednesday, she will lay out what could be one of the biggest tax-raising budgets of modern political times.

In the list you posted, they’ve said what they will increase. Not income tax. But other things. Why are you being obtuse about it?

Edit: also ‘could be’. And also might not be. And it may be, by raising taxes other than income tax. The quote means nothing.

You really need to develop a vocabulary comprising words of more than 5 letters and 1 syllable. Axiomatically, not being vulgar, also helps to be taken more seriously.

We already knew about non-doms, VAT on private schools and windfall taxes.

PandoraSox - employer NI on the employer contribution into employee pension which these days working mothers have to pay for their childcare. The childcare salary is quoted net and the working mother pays that plus the employee's tax and NI, plus employer NI (only small employer not exempt by the way so much does the state hate working mothers), plus employee pension contribution, plus employer pension contribution. That little lot nearly doubles the cost from next pay - cost to employer. If the state adds 2% on the employer NI and NI on to the employer';s contribution in the private sector into the pension that particularly badly hits the working mothers on t e 7u0k top earner salary who already only get £49k after tax but often have 9% or 15% student loan charge taken off too. Anyway no one could care less for women earning £70k as the tok 10% with the highest tax burden for 70 years are always "the other" and not the 90% who have lower taxes. Most people are very happy when other people have to pay more tax. These women also don't get the 30 free hours for 9 month year olds = (just get 15 free hours in term time for huge 3 years olds). The state hates the higher earners under both Tories and Labour and has bitten the hand that feeds so much the hand is hanging on by a thread with a pool of blood around these poor women. https://www.personneltoday.com/hr/employer-pension-contributions-could-attract-national-insurance/

If you trust anything any government tells you, then that’s an issue. This lot are no better than the old lot with leaks and getting in trouble with the speaker. I’m so over it. I’m a small business owner and I am worried. But all I can do is get some fuel tomorrow and hope the news is not too bad when it emerges.

yes i agree there seems to be a malicious jealousy about it all. i don’t like the hypocrisy when a huge amount of mps got private education and sit in boards of directors earning thousands and even angela rayner bought her council house.
we all be poorer tomorrow for sure. don’t mind paying tax but it better not be wasted

Well we already know they employers will take the biggest hit.

As for the rest, they are not going to do it all in one go.

Personally I think that tax relief on pensions should be reformed as it’s way too generous to more highly paid people, me included. Salary sacrifice should be changed to ensure that employer NI is paid to the tax man and not the individual as a minimum.

I’m not sure why prescriptions are free for over 60’s if they are still working. Surely they should still be paying? I have no issue with that.

that’s interesting. will encourage more people to wfh and not use cars or public transportation. i hate wfh personally and can’t see how we can pass skills properly to younger generation let alone social skills

i wish the government would crack down on fast food places and takeaways we all know they are bad so tax them very highly so what if they close less burden on nhs but use the higher tax to subside healthy food. i can’t be the only person whose stopped buying daily bags of but chocolate since they went from £1 to £3 and if i wanted to i could afford £3 but it stopped me in my tracks and i walk away.
amd get teaching cooking skills from age of 5 we lost the ability to know how to cook healthy cheap meals from scratch. life skills will do more for everyone than some stuff taught. sewing skills to mend too.

And you don’t know about anything else. All the fuss on here has been speculation, much of it designed to create anti-government feeling. Let’s wait until tomorrow and discuss it again, shall we?

I wonder what all if you are reading to make you speculate like this. It's very unlikely that a labour government will be seeking to bankrupt working or poor people.

The WFA reaction is out of all proportion. The triple lock protection more than overcompensated for the loss of it, against a backdrop of reducing fuel prices.

This is just scaremongering now.

Brexit was absolute madness and has made us significantly poorer. Covid caused a very difficult hit financially for many, but for many their savings increased. Austerity has bitten. Inflation has been high and hit many people hard.

All of this was misetable and took place under the Tories, yet people are quaking in their boots about Labour putting up inheritance tax, only payable on death. 🤔

I wish there was some logic to this, but honestly, get a grip!

it’s shocking 70k doesn’t go far in london.at all. in all honestly it probably drive these mums to reduce hours go part time as be no worse off with less stress. waste of talent in workforce. glad no longer in that position but there was no incentive for me to return on full time work or many of my peers. missed out on lifetime career opportunities but the stress of full time work with kids wasn’t worth it, just means got to work to much older age. appreciate il lucky i could go part time though. feel so sad for the generation below me having to work full time to earn 70k in london just to pay mortgage. and many choosing only to have 1 child.
meanwhile other get council house and uc of up to £33k
literally hard work does not pay.

As a comfortably off person you feel victimised by labour? You think Rachel Reeves is 'gloating'?

🙄

None of the current cabinet were privately educated and this government is bringing in legislation to prevent MPs having second jobs.

fair enough and that’s good news about second job

That’s similar to rules in France. I noticed that the new rules for private renters are much the same as French ones too ( sadly I think without the cap on only increasing rent in line with inflation) I think it’s would be a good thing within reason.

They are all the same. All got their noises in the trough. Tory and Labour.

I think we all know the economy is not awash with money. UK borrowing is out of control, as a % of GDP, where are we? 4th highest or thereabouts?

Don’t forget Farage. Complete charlatan.

Considering that corporation tax must be paid before dividends can be taken (and VAT if applicable) makes 'loophole' a little strong particularly for those with small businesses

Exactly these repeated posts on here forget CT is paid first

Ridiculous. You say yourself services aren’t functioning so what is the alternative? Would love to hear your suggestions.

I am not a fan of Starmer’s Labour at all, but my concern is that they won’t go far enough with borrowing and taxing to invest in infrastructure and services. Also that any money they raise won’t be invested in the areas it’s needed. Radio silence on any meaningful changes to social care is ringing alarm bells, for example.

This is like the period after WWII; we are in dire economic straits but they can be resolved with a radical enough vision. I don’t predict Starmer or Reeves having that vision, but let’s wait and see.