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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

I'm unbelievably ill informed and stupid.

376 replies

Lola247 · 31/10/2024 10:58

Can anyone explain the budget to me in simple terms please?

OP posts:
Thread gallery
9
Grapesofmildirritation · 31/10/2024 18:55

The main takeaway OP is that mortgage interest rates will go up (they’ve already gone up this afternoon) and will continue to stay up for the next 5 years. This is a shame as they were finally trending downwards.

lots of other little bits and pieces that may or may not affect you but if you are or hope to be a home owner the impact on interest rates will cost you thousands upon thousands.

as for the poster who said that FTSE reacting positively : utter bollocks I can see myself on the online tracker it’s trending down (and my own stocks and shares isa investments lost £5k overnight) . Will need to switch to gilts which of course are trending up.

blueshoes · 31/10/2024 19:02

JRSKSSBH · 31/10/2024 13:36

Excellent post.

Spot on

CurlewKate · 31/10/2024 19:03

@Viviennemary "Can't stand that ghastly Chancellor woman. Don't didn't know her name and don't want to"

What a sophisticated, admirable and intelligent response.

Yalta · 31/10/2024 19:08

HarkALark · 31/10/2024 13:06

"There will be higher taxes if you make profit from unearned income like shares, property sales or through inheritance."

Sad for them. Maybe they can buy less avocados or takeaway coffees? Maybe take in some washing?

So does that mean you will be taxed more highly on benefits. After all you can’t get much more of a descriptive term of unearned income as unemployment benefit.

Teanbiscuits33 · 31/10/2024 19:10

CurlewKate · 31/10/2024 19:03

@Viviennemary "Can't stand that ghastly Chancellor woman. Don't didn't know her name and don't want to"

What a sophisticated, admirable and intelligent response.

It would also be very interesting to know if gender would have been mentioned if the Chancellor would have been a man (I guess unlikely), or just ‘’can’t stand that ghastly Chancellor’’. Unconscious bias in action.

DopeyS · 31/10/2024 19:11

Fightingfat · 31/10/2024 12:12

God, at what point to labour fans stop blaming the tories to justify labours shit show. I mean cmon. It’s cringe now. The whole yes it’s very bad but it’s their fault is just bullshit we are in austerity on steroids and I categorically assure you it will make fuck all improvements, the money will be swallowed up and we will all be poorer, in fact I’d bet good money on it.

But when that plays out, inflation rises, costs rises, growth stagnates, the nhs stays as shit as it is, you can bleat it isn’t labours fault it’s all those nasty tories.

They've been in for a couple of months for god's sake. Funny isn't it that when the conservatives spoke about labour they were blaming them for things despite being in power for 14 years and doing bugger all apart from make their rich friends richer through all their dodgy contracts. But labour are supposed to wave a magic wand and fix 14 years when this is their first budget!

TriesNotToBeCynical · 31/10/2024 19:22

HonoraBridge · 31/10/2024 17:54

Exactly! 🎯

Whatever increasing taxes to increase public spending and investment a great deal is, and however bad it is, it is definitely the opposite of austerity.

CurlewKate · 31/10/2024 19:23

@Teanbiscuits33 Actually, I suspect @Viviennemary wouldn't have posted at all if she had been a man.....

Lucy25 · 31/10/2024 19:30

Yalta · 31/10/2024 19:08

So does that mean you will be taxed more highly on benefits. After all you can’t get much more of a descriptive term of unearned income as unemployment benefit.

Unemployment benefit, surely you know people are working and claiming benefits.Also so are elderly people.Your comment is unbelievably ill informed.

Nanny0gg · 31/10/2024 19:30

LadyGrinningSoul8517 · 31/10/2024 13:06

Exactly this. Everyone seems to conveniently forget this part.

Forgetting what covid cost us too...

FairGreyKoala · 31/10/2024 19:32

BigSmallFigBall · 31/10/2024 11:43

They also found that the Tories had left government finances in shambles and they now have to find funds somewhere.

Because Labour didn't leave the mess in the first place?! Head in hands, they are all as bad as each other...that being said I wouldn't like their job either. I will say though that making employers pay more won't encourage growth...more higher prices or people being let go (or maybe a combination of both)...also don't think Labour can blame Tories for the extortionate rises they just gave junior docs and will wonder why other unions will hold out for more

Teanbiscuits33 · 31/10/2024 19:38

CurlewKate · 31/10/2024 19:23

@Teanbiscuits33 Actually, I suspect @Viviennemary wouldn't have posted at all if she had been a man.....

Yes, the only reason she dislikes her is because she is a woman, that is clear by the very fact that sex was mentioned. If she had some other reason to dislike a Chancellor regardless she wouldn’t have made any reference to whether they were a man or woman. It’s the internalised belief that women are less competent. It still surprises me how many women themselves have the same attitude.

SleepToad · 31/10/2024 19:57

NigelHarmansNewWife · 31/10/2024 12:34

They discovered a £22bn hole in the public finances once they got into office.

But didn't the treasury find £11b extra a few weeks ago? Sorry I am tory, but know that they had run their course and then some (Liz Truss I'm looking at you) but I feel sure the BBC reported something like that.

Papyrophile · 31/10/2024 20:59

Frankly, I wonder whether we all read the same newspapers. For disclosure, I tend to follow the Times, FT, BBC R4 and glance at the Telegraph and Guardian most days. But I only read the news and business pages, and not the features (although I am a sucker for interiors and furniture).

Both sets of politicians are mendacious with facts, based on their ingrained world view. As a soft centrist Tory, I tend to think that the small business person is the fulcrum of economic growth and progress. Whether you are, like two young people I know locally, an electrician and a beautician, who started or bought tiny one-person operations at 21, and are building towards prosperity by being good and reliable, and charging fair prices, or a small town mechanic or builder (I know a lot of those too), once you start to build a good reputation, then demand grows because word goes round. You then need to sub-contract some of the work...........

Once you let politicians cloud the distinction between business (obviously all of whom are exploitative) and employees (who are all down-trodden morons who only want 10 hours a week bashing a checkout to qualify for their UC) or angels in scrubs [I am exaggerating wildly here for clarification and avoidance of doubt], then the realities of life are not quite so stark. Most people work very hard. The competent do well; some are unlucky and have awkward families, disabilities that hold them down, and a (not insignificant) few think that rules don't apply to them.

As this is a budget thread, I will say that I thought it unnecessary for RR to levy £40bn to fill a £22bn hole, but that I was quietly delighted by the decision to regulate agricultural reliefs to quash the city moguls buying tracts of land at acreage values well above the means of real working farmers. I'm sure the NFU can work out what is a viable farm and what constitutes an investment in rural acreage.

Papyrophile · 31/10/2024 21:14

Yalta · 31/10/2024 18:45

And you think these companies are going to turn to there shareholders and say
Sorry we have to pay our employees increased NI. We aren’t going to charge more for our product and so we are reducing your dividends

Reality is the British jobs will get outsourced to cheaper continents and then it’s business as usual with less outgoings and the price of their goods or services will go up in line with everything else and the unemployment line will get longer.

Most of these tiny companies will only have family shareholders, and the dividends they pay will be the majority of the family income. It really isn't fair to treat them as Shell or Tesco.

Papyrophile · 31/10/2024 21:30

cardibach · 31/10/2024 18:14

Most of Europe and Scandinavia…

Apologies, that's a bit glib... the EU covers 27 countries. Only Iceland (of the Scandinavian countries) had a financial meltdown. Most of well governed NW Europe got off fairly lightly (arguably too lightly, because France has been spending beyond its limits for a few years) and the others were the Med countries... the so-called P I G S. Portugal, Italy, Greece and Spain, plus Ireland. All had unsustainable property bubbles, which collapsed leaving developers and speculators out of pocket.

Such people take a risk; it's hardly for tax payers to compensate them when the bets go wrong... or should we be repaying every one who bets on tomorrow's 3.20 at Epsom?

GillBeck · 31/10/2024 21:49

And you think these companies are going to turn to there shareholders and say
Sorry we have to pay our employees increased NI. We aren’t going to charge more for our product and so we are reducing your dividends

Shareholder = pension funds = everybody’s pensions.

Papyrophile · 31/10/2024 22:07

@GillBeck , if it's statutory, they will have to pay. But there's a huge gap in ability to pay between M&S plc and a local ASDA petrol station franchise. So local provision will deteriorate. To the detriment of services, mainly in rural areas.

But rural areas don't count for much on MN, because they are not diverse and multicultural... not locally. Because our residents are 96% white and tend to worship (if they bother) as Methodists. There's no mosque or synagogue or temple within 10 miles of my address.

GillBeck · 31/10/2024 22:16

People often look at the huge profits of very large companies without considering at assets tied up or large turnover needed to generate those profits. Small companies are often more profitable. And we should be well aware of the large number of large businesses that have gone bust over the recent years just by looking at the empty high streets.

I suspect Labour are not bothered about prioritising the production of food because most farmers are white and Tories.

cardibach · 31/10/2024 22:21

I was considering responding to that, @GillBeck , until your ridiculously racist claim in the last sentence showed you weren’t in good faith.

User37482 · 31/10/2024 22:26

Grapesofmildirritation · 31/10/2024 18:55

The main takeaway OP is that mortgage interest rates will go up (they’ve already gone up this afternoon) and will continue to stay up for the next 5 years. This is a shame as they were finally trending downwards.

lots of other little bits and pieces that may or may not affect you but if you are or hope to be a home owner the impact on interest rates will cost you thousands upon thousands.

as for the poster who said that FTSE reacting positively : utter bollocks I can see myself on the online tracker it’s trending down (and my own stocks and shares isa investments lost £5k overnight) . Will need to switch to gilts which of course are trending up.

Bond vigilantes are sharpening their knives. Pounds taken a small sharp drop. Inflation will probably go up next year and interest rates will probably have to go up.

Also the IMF is pretty much always wrong for the pp who thought what the IMF says is important.

CurlewKate · 01/11/2024 07:32

It's always amusing when the right suddenly become incredibly invested in something that has barely crossed their consciousness before. For example, farming. See also their devotion to fishing during the Brexit debate.

Wordau · 01/11/2024 07:35

Fightingfat · 31/10/2024 12:12

God, at what point to labour fans stop blaming the tories to justify labours shit show. I mean cmon. It’s cringe now. The whole yes it’s very bad but it’s their fault is just bullshit we are in austerity on steroids and I categorically assure you it will make fuck all improvements, the money will be swallowed up and we will all be poorer, in fact I’d bet good money on it.

But when that plays out, inflation rises, costs rises, growth stagnates, the nhs stays as shit as it is, you can bleat it isn’t labours fault it’s all those nasty tories.

Well the Tories stretched out the whole "we've got nothing left" note for about 8 years - remember austerity under Cameron? - so you've got a while I imagine.

EasternStandard · 01/11/2024 07:51

CurlewKate · 01/11/2024 07:32

It's always amusing when the right suddenly become incredibly invested in something that has barely crossed their consciousness before. For example, farming. See also their devotion to fishing during the Brexit debate.

You're surprised people take an interest in an outcome of the budget?

Do you prefer to ignore anything that shows Labour in a less than favourable light?

Say the press and markets for example

Yalta · 01/11/2024 07:56

Lucy25 · 31/10/2024 19:30

Unemployment benefit, surely you know people are working and claiming benefits.Also so are elderly people.Your comment is unbelievably ill informed.

It was sarcasm

😂😂😂

However given what has happened in the last 24 hours it looks like I will be one of those “higher rate” tax payers languishing on unemployment benefit, or becoming self employed in the PAYE zero hours contract job.

Quite happy to go fully self employed because then I can claim for travel and expenses etc against tax.

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