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.

this!!!

Any source on social housing rents being means tested?

Because there's nothing on the internet about it.

Rent however will be increasing above inflation.

Really? Isn't it getting a little late to change that? Are they likely to say "whoops, jumped the gun, it's now September" when it's 2 months away?

That must be an absolute last last resort for them.

@Cartwrightandson

They all seem entirely reasonable things to tax . Especially when you realise the the massively uneven distribution of wealth in this country .

I have a 'gold plated' pension
Savings
A good p/t job

I think people like me with the 'broader shoulders' absolutely should be taxed more . We got the good pensions , the free university... time for us to put something back into the public sector so that it's good for our grandchildren.. can't do that on beans . Time to pay up .

I’d like to see someone come up with an actual detailed plan (carried out by people who have relevant experience and knowledge) of how they are going to sort out the NHS in its entirety instead of throwing billions at it constantly with no clear plan for total reform.

FGS just wait for the facts. Very few decisions have no downsides. You have to look at the big picture. A lot of politics, political debate and threads like this are about generating more heat than light: such drama!

Yes, you just literally wrote a load of shite.

These bastards are like feral children in a sweet shop.
Well, I didn't vote for them and very fortunately they cannot do much damage to my husband and myself 👍

thats just it though isnt it in a nutshell. it actually needs someone with the bottle to say that this is an outdated system past its sell by date and we need to build something better from the bottom up with a blank sheet of paper. and if that upsets workers in the NHS tough shit because you have literally had YEARS to get your house in order and you havent.

but thats not going to be Labour is it. they are going to throw millions at it and still you wont have a named gp, or be stuck in a queue waiting for an appointment just to make an appointment to see someone, operating theatres will sit empty for most of the time, those that can pay will go private, those that cant will get ever decreasing health care and thousands upon thousands of old people whose only illness is to be old will be lying in beds in hospitals.

Next election dont be surprised if Reform get in because people are crying out for massive, earth shattering change not throw a cheque at it.

This is already affecting me as bus fares are going up. I don't have a car, live in a small town and rely on buses to go into the town centre.

It means I will travel less often and spend less money supporting my local shops/businesses...

I really am not sure that they are thinking things through.

@Startingagainandagain yet fares in London arent going up. and who uses buses the most? yes thats right those on the lowest incomes and in rural areas.

so a second announcement hitting those on the lowest incomes following on from the winter fuel saga.

So you are fine with the RAC concrete and kids being educated in awful cold buildings.

Ok.

Not too late at all. They have only ever published draft docs for consultation and review.

What they are currently asking is all bursars to apply for VAT registration post the budget (when actual plans have been finalised)
get a VAT registration back, work out what needs VAT added and add it to invoices. Normal VAT registrations are taking 3 months currently. 1 Jan is looking totally unfeasible.

@mummymeister r · Today 15:26

' yet fares in London arent going up. and who uses buses the most? yes thats right those on the lowest incomes and in rural areas.
so a second announcement hitting those on the lowest incomes following on from the winter fuel saga.'

That's it! it will affect me as someone with a lower income and it won't be a gain for anyone because I will simply reduce my frequency of travel, rather than add money into the pockets of transport operators, and have less disposable income to spend with local businesses. So everyone loses.

@Singinginthespring I meant more in terms of them looking a bit stupid for bringing it in for Jan in the first place.

The £2 cap was always going to expire at the end of 2024. Labour are proposing to renew it but raise the cap to £3. It is a cap not a fixed price, bus companies and PTE are welcome to set fares below that - as they do in London.

Also huge amounts of low income people in London use buses. Round here, in an area with no tube, buses are crammed.

All these complaints about how they are going to spend the money and throwing cash at the NHs without reforms, we can't know what's coming until the budget, and then after that each department can say what their plans are. I think with the NHS Streeting has said he wants to see changes before the money goes in.
I think too much of this is media created panic. We need to see what she says. It can't be worse than the Tories.

I’m really surprised that unfreezing the tax on fuel is apparently off the table. Raises a lot of money potentially and bumps up their eco credentials.

No money has been thrown at schools. The number of children with SEND has risen massively and there are no changes to help schools meet the needs of these children. When I started teaching, we had speech therapy, behaviour support, learning support, autism support - specialists for all those services have now been removed. The number of TAs has dropped dramatically. The state of education was poor 10 years ago and is diabolical now.

I know it would take years, but they’ve known for years it’s unfit, but I’d love to see a thoroughly researched report on what works and what doesn’t with recommendations to change it. Almost like an inspection but carried out by those who know what they are talking about, so doctors, nurses, people who have hands on realistic experience in critical roles, people who have run businesses (properly) people with financial and restructuring experience who can give a real detailed breakdown and evidence backed recommendations.

The money seems to increase but quality seems to decrease. I understand the population has grown but it seems like there are lots of inefficiencies and I don’t see many plans other than odd pledges and yet more money being thrown into the NHS. It’s just not sustainable as it is but no one seems to have any real solutions.

Starmer delivered a doom and pain press conference weeks before the event, and is still going with harsh fiscal reality lines, what did Labour think people would talk about?

I'm concerned about the rumours of taxing car drivers by the mile. Surely it won't happen?

Yes not gonna lie I'm scared. I am literally struggling to have enough for food. I don't understand why they are not going after big business and the richest among us. Plenty of neighbours around my area who have o much money they don't know what else to buy. I had high hopes of Labour tackling the inequality in society but tbh they seem very similar to the tories .

Have a look at income tax bands in Scotland, we are paying more tax the rUK and I think they might decide to do the sane and adjust bands in England too.

They've ruled that out.

Pay per mile is 100% going to come in at some stage. Perhaps not yet, but definitely in the future.