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.

The point is people are unnecessarily getting het up due to a load of stupid shit posted online and in the right wing media.

Well at least it’s not a flaming turd. What a relief 😅

Yes it's a small part.

But it's still waste, if I'm going to be taxed more to spend on the NHS I would rather be certain such waste won't continue.

And increasingly there will be claims as more and more females are impacted either as patients or as staff by NHS policies that ignore the fact that women need single sex spaces.

And then there are potential medical negligence claims for people who are harmed by 'trans healthcare'.

The tax burden will increase. Not changing the threshold has done that for years.

Yep. I have no truck with people who keep posting disinformation.

Again, taking the piss out of people who are worried.

I've googled but am not finding any information on these two things claimed on here:
Rachel Reeves claiming £250k in expenses.
Keir Starmer saying that small business owners are no classed as working people.
Could someone point me to the information out there about these two things, please?

Love the claim that the new Labour government are "far left"
I also see that at least one person still thinks that the last labour government bankrupted the country.

I understand why some people would be worried before a budget. I don't understand why this one is seen to be worse than the ones before it through the whole of the Tory rule.

Sorry if it's already been shared, I haven't read all of the answers, but I found this article helpful in understanding what could happen:
https://www.theguardian.com/uk-news/2024/oct/26/rachel-reeves-has-promised-not-to-raise-taxes-so-how-can-she-fill-budget-coffers

There is also a childlike stance from a lot of people.

It's not fair to have any cuts to the public services I need/want but it is also outrageous that any taxes rise to pay for public services.

The most succesful tax bases are broad and deep. The idea that tax should be a punishment for rich people we don't like is stupid and self defeating and part of the reason we are in this mess.

I'm guessing you are thinking of pensioners on basic state pension when you write this about Labour, they'll be fine

Let’s face it the down and dirty is.

Nothing is getting better. It’s all going to cost us all a little more in one way or another and nothing will actually improve. It might just not get even shitter as fast as it was going to.

That’s about the crux of it. Pay more for slowing down the flood of shit. Rinse and repeat every budget.

I didn't say it wouldn't. Yet the Tories, who froze the thresholds in the first place, timed it to expire precisely to make it another government's problem.

Are you not concerned about the effect of disinformation being posted? Disinformation which scares people?

What like 'fully funded, fully costed'

That already forgotten pre GE line

I reserve the right to take the piss out of people posting stupid uninformed shit. Yes.

@PandoraSox please point to a specific aspect of my post, which you have quoted, to support that I have posted disinformation? The potential to scrap single person council tax has been widely reported as a possibility. I don’t get why you have such a beef with me - is it because I’m a low earner single parent ?!please rest assured I’m actually not unintelligent though.

Pensions make me laugh. I think I work fairly hard. Full time every week day for 25 years now, lots of travel outside of office hours.

i pay a lot into my pension. But you know what?! So does my employer. They match it in fact. And that’s free money to me. I didn’t do anything more than get a good employer. Ive not worked any harder for the money that formed their contributions.

@EasternStandard yes. Like that. You appear to think I am a Labour supporter. I'm not. I despise the childish discourse on taxation and public services in this country from all political quarters.

But then we get the politicians we deserve.

I think they should raise inheritance tax. Councils are crippled by adult social care bills and it’s not fair to add more tax on to the working age population to pay the care costs of the Boomers. Or that it’s a lottery whether you get dementia and therefore lose your home to care home fees or get lucky and avoid it so your kids get to inherit.
(and I say this as someone who stands to inherit a hefty wedge)

Don't really see the point in being scared about it.

It's going to come whether people like it or not. That's what the country voted for, and everyone said it would come under Labour, Sunak said as much on many TV live debates.

If you are scared about it the best thing you can do is assess your own finances and see where you can make savings if swingeing taxation happens to fall on you.

That's fine but this really is on Labour, it went from fully funded, fully costed to there will be pain within a couple of weeks

Difficult decisions and harsh light of fiscal reality. I mean what did they think people would say? Oh yes that fully funded to pain sounds ace

I mean on mn it's seen to be great, but off here people are pissed off with that dishonesty and the language is heightened already. Their headlines are self created.

Keir Starmer saying that small business owners are no classed as working people.

Small business owners are likely to receive payment in share dividends which will not be exempt from tax rises because it's not classed as income tax. Labour stated that 'working people' will not be seeing an increase in taxes. So it's not unreasonable to conclude that KS doesn't see small business owners who have their businesses set up this was as 'working people'.

The RR expenses I don't know.

I agree - I don’t understand why they’ve kept it at 60 when that hasn’t been anyone’s state pension age for years.

I also think they should remove the age-related NI exemption, at least on income from employment.

That’s so muddled I’m having trouble understanding it.

Inheritance tax should go up
Councils shouldn’t pay for social care for people with no money
People with money who get dementia shouldn’t have to use it pay for social care

Who do you think should pay for social care if it’s not the taxpayer and it’s not the individual?

Don't put words into my mouth, please. I have no beef with you. But the single person council tax discount abolition rumour was put to bed weeks ago (22nd September to be exact).

https://commonslibrary.parliament.uk/what-would-happen-if-the-single-person-discount-on-council-tax-was-abolished/

But maybe you didn't realise that and you were posting in good faith. In which case I sincerely apologise and am very glad you will no longer have to worry about that particular scaremongering rumour.