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.

@AlbionLass
I agree, I know just what you mean

Agree - this is going to be the thing that hurts the average person the soonest.

I think tax personal allowance freezes are going to hurt the longest. They have already stagnated over the last decade, really.

I think it would cost a lot to means test free prescriptions for the over 60s in England, cheaper to make them free to everyone of that age.

Prescriptions are free for everyone in Scotland and Wales regardless of age.

Change in pension tax. Rumours about limiting the amount you get as a tax free lump. Not sure how I feel about this, it would complete screw people over.

This one's been ruled out, afaik

@KoalaCalledKevin did they? I missed that but thanks.
@PandoraSox - says it all

I’m a low paid working parent married to another working parent. Both in charity sector. I’m worried that the increase in NI and minimum wage will mean we can’t afford childcare for our disabled child and we can’t afford for me not to work either. No one seems bothered about older children who need childcare and can’t go to standard after school clubs.

I voted to improve public services and end what seemed like decades of awful austerity but I’m worried we won’t see an end but rather and awful extension.

It would make more sense to align free prescriptions with state pension age.

Thank you! I was trying to list everything i had heard recently. The backlash would have been immense.

Here we go again. Let's bash IVF on the NHS. Remember a lot of those IVF babies will be paying taxes later. It isn't in the same league as people going to Turkey for a new bum!

Is this fun for you?

People worried about how the Budget will affect them is fun and games for you?

they do have to account for it and you can see what has been claimed

https://www.mpsexpenses.info/?#!/mp/81

In the last financial year she claimed - £28,185.95.

@JaneEyreLaughing

Ha ha ha ha ha ha!

Oh god, you are serious aren't you?

Given the low success rate, and the increased risk of disability through IVF, I highly doubt that the tax revenue generated 30 years down the line is equivalent to the money spent.

An increase in employer’s NI is essentially a wage freeze.

It’s tax increases by stealth. Labour know how unpopular saying “we’re putting £xxx on income tax” will be, and naively think that people aren’t wise to the fact that an increase in employer’s NI will have an even more devastating impact.

I heard that there will be a 70% tax on items bought in garden centres, all private drives will be requisitioned for bus stops and Kier Starmer is personally going to come round and post a shit through the door of everyone paid over £70k a year.

It's true.

Tell me you don’t understand the value of EDI in a hospital without saying you don’t understand EDI in a hospital.

Ethnic populations are often adversely affected in the current healthcare system. They are more likely not to come to appointments, not to receive vaccinations, not get proper maternity care etc, not to mention language barriers getting in the way of understanding their own condition. Health inequality is a real thing and people in a white privileged position are on the upper end of that see saw.

I’m proud that this country is considering the needs of ALL its residents, and this is a vital role needed to hold a mirror up onto everyone that accidentally or on purpose isn’t considering the health needs of wider population base.

I would like to know how they are going to encourage economic growth.

I think the likely budget decisions might act to deter investors. Most investors are not likely to be defined by Starmer as 'working people'. Increases on NI and CGT, VAT on school fees all impact on those who are most likely to grow the economy.

They are saying they will 'bring stability' , but I'm not sure how they suggest that will happen, throwing money gained from these taxes at failing public services won't bring stability.

For long term success the UK has to be a place where people want to run businesses. A budget which predominately impact business owners (not working people) & their families could be very short sighted.

I'm not saying that I think Tory would be better. This is definitely a challenge for RR and Labour. Poor definitions of 'working person' just doesn't help though.

You are not allowed to laugh at people who are spreading misinformation or posting rubbish. Doing so means you don't care abput people who are genuinely worrying about the budget.

Have you proof of that disability risk? It was 50% for us and my kids are luckily healthy. I would rather provide every couple with a NHS cycle than have the NHS deal with the mental health implications of we don't provide it. I hope you get screwed in the budget with those views. 👍

Wealthier people who will end up paying more tax will expect to see improvements to public services. So, fewer people waiting more than an hour in A&E, fewer people leaving school with no qualifications, fewer people waiting more than five minutes to talk to HMRC etc etc etc. So there needs to be reform of the public sector and a sharp reduction in waste and inefficient practices. It’s only fair. And that includes parliament (and the devolved govs).

How exactly does trans inclusive language help foreign and / or disabled users of NHS services?

You know I'm not talking about removing equality for non english speaking patients.

I'm talking about rainbow zebra crossings and pronoun badges and Nurses being forced into a store cupboard. because their employer is too scared to tell a man he shouldn't be in there.

I cannot, cannot abide the mantra that I so often hear on here (and elsewhere) from moderately well off people bleating on about “everything I have I have worked hard for”. That applies to many poor people too. Lots of people work hard and still have very little. If you are comfortable (and I include myself in that) just be glad. Don’t go on about having worked hard for every penny.

@lifeturnsonadime I mean regardless of whether you agree with that or not, it is such a vanishingly small part of the overall NHS budget it will make next to zero difference fiscally if it is scrapped.

@ChardonnaysBeastlyCat thanks for your compassion which is so sadly lacking in others. I really don’t get it - MN really does bring out the worst in humanity on these threads sometimes.

One of the previous chairmen of the Bank of England feel that this budget might keep interest rates higher for longer.

Disability charities think that sickness/disability benefits will be harder to get, including those for children.

I think that most people will be worse off after Wednesday, but most budgets do that. 🤷‍♀️

No point in worrying until it’s known what’s in it.