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.

You literally don’t understand the meaning of literally.

If you can live off beans and toast to pay for private education (and pay for everything else a family needs to live off), you’re comfortable.

And? That means I should have to pay more for a state sector I didn't break or haven't used?

I am comfortable thanks, very. Some will have to leave, I pity them, tbh. Look at the angry reaction they're going to get of those who think it serves them right,

After 14 years of watching the country go to shit under the tories - Brexit, collapsing NHS, desperate times in education - I am willing to give this budget the benefit of the doubt.

They had to find money from somewhere, and did it with minimal pain imo.

Of course people will pile on to say that it won't work. Or they want an exact date when things will feel better. But let's see if things are going in the right direction in 12 months.

It will change much for farming families, but that’s by design.

My kids went to private school but even I think VAT on fees is fair enough. It's a luxury product and free alternatives are available. State schools will happily absorb any pupils sent their way and be glad of the additional funding.

I don’t think emotion came into the budget. It’s what is best for the country at this point in time.

Austerity hurt the lowest earners and public services but there was no emotion there - it’s financially beneficial. This government has decided this budget is financially beneficial so let’s give it a chance … like we did with austerity.

It’s what is best for the country at this point in time.

A lot is riding on growth, even the necessary defence budget is riding on it plus many other pledges so I wonder if higher taxes on SMEs, which are 61% of UK employment, will do that

"It will change much for farming families, but that’s by design."

The budget has been frozen since 2014 hasn't it?

So you're referring to inheritance tax of 20% above £1 million?

Where's the 'free choice' for people on lower incomes?

People can still send their kids to private school, they simply have to pay more for it. Maybe they're not working hard enough if they can't afford it, eh? That's what the lower earners are always told anyway.

Where’s the free choice for higher earners not to pay for lower earners? For council tax discount, for UC, for free school meals, for childcare contributions?

There’s no free choice in the UK, you are correct in that regard.

@GhosterPoster I think the poster meant that in the UK democratic society we all pay for basic services through taxes. Nothing is free for anyone - even the homeless will pay tax on their alcohol unless stolen (if we’re buying into stereotypes). Higher wages gives opportunities, that’s where the choice comes in.

@GhosterPoster many farming families, including mine, rent.

The likes of Joseph Rowntree and Zachariah Pearson were happy to give their wealth to do this but it seems many now are very selfish. It isn't the fault of the children if that hot meal is the only one they get. A slightly embarrassing attitude to have I think. Don't you?

No matter what Reeves announced today the tories were going to criticise it, and as sure as night follows day, the Tory prophets of doom arrive to parrot the latest HQ attack lines.

On a related note, isn't it astounding how all the six-figure earning, inheritance tax paying, private school using posters have suddenly been replaced by small business owning farmers in the last 6 hours or so?

We can't have anything not pro Labour on mn, terrible stuff.

How come you’re here then?

If that's the way you feel you could start a campaign about it.

I'm not sure many of us would object to this providing you followed through with your opt out completely and pledged never to use any infrastructure or services that benefits from government spending.

Tbf I often wonder that about your posts quoting mine on every thread.

Because I’m a Labour voter and you said yourself I’m apparently the only kind of poster who’s welcome.

Louise Haigh, Anneliese Dodds, Keir Starmer and John Healey attended private secondary schools and/or private sixth forms, Hilary Benn and Lisa Nandy attended private prep schools and David Lammy's state boarding school fees were funded by an ILEA scholarship.

That's nice. Enjoy

For small businesses this will bite hard. It's not 1.2% on NI, it's 1.2% plus £615 for every staff member (the threshold drop is big) so for all but the very smallest this will have quite a noticeable impact

It will be especially bad for industries where staff are the majority of costs. Between that, min wage plus the changes to ssp etc I'd fully expect to see nursery fees jump another chunk for example

I live in the countryside and think the repercussions for farming are actually quite scary.

Who knew the Labour government would sell us out to the building companies.

You know as well as I do that Starmer wasn’t privately educated. We’ve gone over this time and time again and still you keep saying it. I don’t know if you think I have the memory of a goldfish or if you have. Perhaps you do it to provoke because you know it teases.

On here?

Can you link to that please?