Reeves’ Budget Dread

[Niceandkneesy]

I’ve listened to the budget from Rachel Reeves today and can’t help a feeling of dread.
what she’s produced as her budget compared to the Labour Party manifesto and it’s like night and day.

Why do politicians treat us as idiots? Why can’t they tell the truth? And why don’t they appear to give a sh#t about their lack of honesty? Or AIBU?

It is a process that can be automated. This is something I’ll now do. Taxation from business should come from business growth rather than taxing businesses more as a % in the pound. Unemployment will now explode

I am overall quite confused.

The employer NI will definitely hurt people immediately. DH works in a company of a few hundred people and he is involved in people's pay/performance reviews. They were all done and agreed, but hadn't been given out. Someone senior put them all on hold recently due to the potential for employer NI increase. Now that that's happening, the pay reviews will be cut to try and mitigate the NI increase. But these people won't ever know that they were going to get a bit more.

I can see that employer NI doesn't (on the face of it) hurt the average (wo)man in the street. So most of us are not going to be sitting cursing over it. But I think there is a minority of people that it's going to badly hurt. The private school issue will hurt a minority - 7%. The farming inheritance issue will hurt a minority.

I am wondering whether Reeves is hurting small minorities, safe in the knowledge that the (wo)man in the street won't care and neither will most of their friends, so Labour's popularity won't decline.

Personally, I would like to have seen 1% on the higher rate of income tax. It would have been shouldered by millions, rather than by minorities. It just seems a bit more honest, rather than all these little bits.

The non doms - time to do a runner? The stuff doesn't come in for a while.

The stamp duty on 2nd/rental homes? I saw a DM article saying that there are 21 renters wanting each property that comes on the market. This has been my experience. DB tried to rent a property near his work - nothing. Totally impossible. My DS is a student and will be trying to rent next year so I'm quite concerned about that.

Aside from this, it's also become popular to call things "loopholes" when they were actually exemptions for good reason.

I can't really see the other side of the budget - mega mega spending. I just don't understand where the money is really coming from. This is what I'm confused about.

If you've come here to discuss this with the OP, don't bother!

In 90 minutes, the OP hadn't returned….

Well I'm a GP partner in a large practice with 60-70 employees, the NI changes will be huge for us, over £100,000 annually.
On top of that the NMW changes for the basic admin roles and we are at the point where we will need to be thinking of redundancies.
That will be of higher paid employees ie, doctors.
So well done Labour you've really fucked us over

Oh yes if there is a different opinion it must be a bot. Grow up!

Oh well good for you in the short term. May be some business will let people off and some will shut down.

you are not alone OP
https://www.mirror.co.uk/money/martin-lewis-gives-budget-reaction-33994572

However, the people who only care about hating the Tories may be happy. They are so weird.

I thought it was a pretty good budget. Sunak's screeching, petulant reaction said it all really.

The increase in NI will cost the nhs over a billion. So whilst they say they are giving nhs more money, they are, but this billion has to be taken out of whatever given. Other Nhs costs will go up too from services and products they buy in from businesses who will have to put their prices up to pay for the NI increase.

Was there anything about the promised 'free breakfast clubs for every primary child' which was in their manifesto?

Aside from this, it's also become popular to call things "loopholes" when they were actually exemptions for good reason.

I'm so glad someone has said this. The politicians/press calling them loopholes mean that your average (wo)man on the street think that those who benefit from them as somehow out to cheat the system and avoid paying their way.

There's no growth! So this huge cash injection into schools and NHS will run out pretty quick and then she'll be back for more. This budget is just to soften us up.

I have zero confidence that the money for the NHS will be used wisely.

All the infrastructure investment will create growth and jobs...?

The OBR doesn't agree.

1 Billion for SEN, an absolute drop in the ocean when my ds own school alone is £300,000 in deficit through lack of SEN funding and a high proportion of SEN students. To top it all more and more families will apply for EHCP’s or enter the state system meanwhile the schools with families who can easily absorb the VAT will cost the government more by claiming back VAT for the last 10 years on improvements. Absolutely marvelous 🙄

https://www.theguardian.com/business/2024/oct/30/obr-budget-economic-growth-rachel-reeves-economy

Then why weren't you automating previously?

Personally I did ok but the potential effect on employment worries me long term as I have two late teens that might struggle to get work if employers cut back.

What concerns you? Only the really wealthy will be affected. I think it looks very positive and I didn't vote Labour but I understand we need to pay more tax to get better services.

Oh yes the dept fudging is a worry too but I don't really understand it If anyone can explain please do. I also want to know where all these nurses docs and teachers are coming from other than a long term visa as we are not training enough here.

OP do you work for the Tories? They are constantly on MN.
The budget was great from my point of view. Really great. Especially as I use the NHS and state education which the Tories have ruined. Labour will hopefully build them back up again so we get a decent service

So what? Who on earth reads party manifestos?

Personally, I thought it an excellent Budget, given the circumstances.

We had kept two workers on whose jobs could be easily replaced with software, because they were good at their jobs, nice people and we wanted to keep them. We can't afford that now so they will be replaced by a mix of new software and bits given to other employees. Got to tell them next week once we've spoken to our hr advisor. Not expecting any sympathy but I hate terminating staff.

FINALLY we have another whiny thread about how rubbish Labour are. It's been a full 20 minutes since the last one.

I really hope you are right and I wish I had your confidence.

It's a step in the right direction after fourteen years of mayhem.