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.

That’s good because again some of the lowest paid workers work in warehouses and nobody wants them behind their houses so often away from public transport and can be rubbish hours.

I think they've pretty much confirmed that they'll be extending the current freeze on income tax thresholds from 2028 to 2030.

Then you have your wish because that’s precisely what Streeting is planning.

I hate that people like me (those who earn under £250k and aren’t internationally mobile) are and will always be the cash cows for these taxes. The governments of the UK are always too chicken shit to apply taxes where they will raise the most money (corporations).

I’ll believe it when I see it, and whether it’s carried out by people with actual relevant experience.

@spanieleyes22 what exactly do you think is going to be proposed to adversely impact you enough to be "terrified"

Honestly all this fuss about a moderately centre left government!

Lord Darzi has no relevant experience? He’s learned nothing in 40 years in healthcare? The high performing teams being used to spread good practice have no relevant experience?

But to look at it from the other perspective aren’t you nervous/anxious/scared about the awful state of public services? The NHS, social care system, schools etc are all in desperate need of more money. And the only way they get money is through the taxation system.

I’m not naive - I know there’s no guarantee that higher taxation automatically results in rapid improvements to public services. But I sure as hell prefer a government that is at least trying to improve these things, rather than the Tories who frankly couldn’t give a shit about state schools, NHS waiting lists etc.

This would guarantee to put them out at the next election. Guaranteed. Hey all of you earning over £43k, you are now a ‘higher rate taxpayer’ and the higher rate is not just 40% but 42%!!! Real political suicide stuff.

The thing with the NHS is that even the electorate don’t want the kind of overhaul it needs.

The NHS was brought in at a time when it was possible to help all illnesses, but medicine has advanced now to the extent that the system has been overtaken by the science, and people think that every condition should be treated on the NHS.

Nobody wants to be told that they can’t be treated, and yet there are so many conditions which really aren’t cost effective.

Take IVF for instance, the average couple spends £30000 on IVF cycles and it’s only 30% effective. Hardly positive use of NHS cash.

People who travel abroad for plastic surgery and then expect the NHS to fix them when things go wrong, which they frequently do.

So many of these things are lifestyle choices, and yet the NHS is expected to pick up the tab while other conditions are losing out.

Free prescriptions need a massive overhaul. Fine for certain drugs to be free, although I’m not sure how that is decided, but for someone who is e.g. diabetic or on thyroid meds to receive not only those drugs for free but everything else as well isn’t cost effective.

Untreated thyroid conditions cause diabetes, heart failure, cancer, and other things. That’s why all meds are free because it works out better over the long term.

Nervous, anxious, scared? You need to stop believing everything you read in the right wing media.

What Liz Truss did/tried to do was WAY scarier than anything that might be in this budget!

What they should do is stop MPs claiming so much on expences, one year Rachel Reeve claimed 250k which is a ridiculous amount

this - I'm a ceoliac and because of this in theory can get free bread on prescription if I choose to. I don't - I think it should be means tested so not everyone who is a ceoliac is eligible.
Even free school transport - fine for kids under a threshold or if the council is concerned they won't get to school - but also kids whose parents have bought big houses without save walking paths are also eligible - its crazy.

Depends how deep the report goes, probably not as far as is required as it would take years. Generally I don’t really believe much politicians say, until I see it. And even then it’s usually a smokescreen.

Yes we need a basic nhs and an insured one I think. Fixing abroad fuck ups, insurance.

Broken arm from a run of the mill
tripped fell over, free.
Parachuting accident, insurance, since you should have insurance for that.
Car crash free but nhs can claim on the at fault drivers insurance.

Get teeth back to being free frankly. The check ups, basic scale and polish and fillings for all. Then the pay scale. So many things dentists can spot that your gp wont.

Also mad a diabetic gets all prescriptions free but has asthma and no sorry pay to breath.

I think everyone needs to assume they’ll be at least a couple of hundred pounds a month poorer at the end of this budget.

I'm avoiding every news piece altogether. My partner is working 70 hour weeks in small business and we've had weeks where we've had to sell things to feed the kids. Kids have SEN and were forced out of school into home education. Adult kid with a 1st in biomed science from KCL and MA in law (has autism) can't get a job. Honestly I can't see anything that this budget will do to help us. We are healthy so don't use the NHS often. Had to go private for diagnosis of autism for kids a few years ago.

I’m looking forward to the budget and feeling quite positive about it.

The media have been whipping theirselves and us up into a frenzy speculating about this and that. No point worrying until Wednesday and then dealing with the facts

I think you’re missing the point that what Truss did is still impacting people now and will continue to impact them until their next interest rate adjustment. So this budget will be pain on top of pain.

Didn’t Keir Starmer claim that he doesn’t see small business owners as working people? I assume he sees them as entrepreneurs or something.

I feel really quite despondent about the lack of compassion on this thread. I get that public finances are awful; the state of public services is awful, and how you knit the two is a no win in any direction. However as a single income Household just over the threshold for no state support, the prospect of already stretched budgets being further strained is very worrying. I hope the rumours about single person council
tax discount being scrapped is not correct too

NHS England is developing a 10 year NHS plan. You can even contribute your views if you wish.

Reform will never get in.

Fucking hell some many people have drank the tory cool aid.
Seriously all these people sitting here “terrified” that labour are going to come for them and their bloody 40k salary.
How these people convince themselves that the tories have their interests at heart is beyond me.
Were any of you quaking before a Tory budget?
Knock £7 a month off their income tax and people will really vote for anything even if they are objectively worse off at. the end of the month