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.

@LadyGrinningSoul8517

I can't wait to here your explanation of my "trans comment".

In the light of constant fumbling before the election on what constitutes a woman every one male and female should be highly concerned about the erosion of rights and where that leaves young girls especially.

I read one of the most disturbing personal accounts I've ever read in recent times of a girl whose dad "transformed" fetisished it and traumatised his dd.
That dd has gone into expose how far reaching the tentacles are of people like her dad.

I can't believe you've taken that user name as well 😢

Same here i was expecting so much worse.

Budget looks good to me.

https://assets.publishing.service.gov.uk/media/672232d010b0d582ee8c4905/Autumn_Budget_2024__web_accessible_.pdf

What did you expect them to do or want them to do? They haven't increased anyone's income tax.

For a left wing party I think this budget has actually been pretty measured, it could have gone a lot further.

It's nowhere near what the right wing press, especially the Daily Mail, has been fretting about for weeks; particularly the changes around Inheritance Tax.

People are saying that businesses will be hit but a lot of businesses have been able to pay people low wages because the Government prop people up with in-work benefits. Is that right?

The reality is this budget is actually better than the majority of people were expecting - hence the lack of hysterical threads on here...

In what way, no extra taxes for you?

I guess it depends what jobs pp do. Or if it's a small business

If they're relying on growth taxing that sector doesn't help bring it about

To the two cheeks of the same arse comment, I saw something earlier that said it will be the top 10% of earners who will be pay the most as a result of this budget. That's good and should go some way to ending the constant 'red tory' comments. I agree with @BIossomtoes that it also explains Sunak's weirdly ragey performance in the house.

I thought this too!

I doubt it. As for those comments no they've gone for higher taxes and higher debt and people are happy if someone else is paying not them.

The top centiles are already taxed highly but what is it about taxing small businesses that you think is good? Tax what you want to shrink, why would making growth harder for SMEs be good for the economy and growth?

The latter is what will fund increase in defence spending etc

Except they’ve laid out how the debt will be reduced, so that’s nonsense.

It was a good budget. Better than most were expecting. I had a plumber here doing some work while it was on - he employs 20 people so was interested in the NI raise for employers but was very relieved and said he's happy to pay it.

I know we want to be business friendly, but for years businesses have been getting away with nonsense like zero hours contracts and low wages because they know employees will be propped up by government handouts.

And if a 1.2% increase in NI is enough to kill your business, maybe it wasn't that viable to begin with.

Exactly this. Well said!

The biggest tax rises since 1993 with businesses to bear the brunt - Sky headline

I get people are happy someone else is paying, it's always nice, but this viable non viable line doesn't help. Many are viable obviously, but if you bring in a big tax hike and some are no longer then it's the policy shrinking the sector. Which isn't great if you want growth.

100%. Even with if you take in the other associated costs, like the reduction in the NI threshold and the increase in NMW, employers are looking at a maybe 2-3% increase in staff costs overall.

It's safe to assume that any business that claims this will cost people their jobs is dangerously close to closing anyway. Certainly, with such small margins they weren't planning on awarding their staff even an inflationary pay rises next year, so probably not the type place anyone really wants to work.

Most interesting for me was that even with the changes to CGT the UK will still have the lowest CGT of the G7. Given so many on here were wailing about how all out millionaires and billionaires would abandon the country, I'm very much looking forward to the influx of UHNW individuals, ready to invest and "trickle down" their wealth, from Italy, Japan, Germany, etc. When can we expect them?

Panic over then eh! Lots of Tory media scaremongering as per usual.

Good budget and well delivered.

I take it you're not funding any of the largest tax hike since 1993 then

Someone else will do it, tg for that

How can we improve public services? I’m a teacher since 2000 and public services have eroded over the last decade considerably. How do we pay for them if not through taxation?

No, it isn’t.

It attacks small businesses and farming. Many are already struggling with high rents and bills.

And there is no way the ideological attack on private schools will bring in the billions expected, once the impact on state schools is taken into consideration.
It’s a shortsighted budget based on ideology.

What impact on state schools exactly?

Do you really think state schools will be turning away pupils from private schools if they have to leave their private school and join a state one?

In many areas, particularly London, state schools are struggling to fill their classes. This is a especially a problem in primary at the moment but it will impact secondary more in years to come.

Exactly. Anyone who brings in this argument must only have experience of private ed. We state school teachers can cope with extra kids - been doing it for years! And please don’t mention SEND - DS is autistic and in mainstream.

Why would state schools be turning pupils away?

Quite the opposite. Every pupil that leaves a private school where they didn’t take a penny from the state will be now cost thousands in their new state school. Paid by the taxpayers.

Overall OK budget, not sure all farmers agree, and I certainly don't agree with adding VAT to education - that's ideological for sure and something virtually no other civilised countries are doing.

And to ask for it to be introduced mid- academic year and already in January is just cruel to those having to administer it but especially for those children who have to change schools.

Exactly this, shifting the cost to taxpayer. Schools near me are oversubscribed. I also find it quite sad that it will affect those middle earners that have scraped together the money to send their children to a private school. The really rich will be able to afford it no problem. Just punishes aspiration, typical envy policy.

State schools need every penny they can get at the moment so, yes, any pupil is welcome because schools are obviously funded on the number of children they have.
You can dress it up anyway you like but it's not a bad thing for state schools.
And as a nation we need a well educated population so of course tax payers should fund that; it's in all of our interests.
Really don't get what you're trying to say here