I'm unbelievably ill informed and stupid.

[Lola247]

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

Don’t think Rachel had a thought about those of us who don’t have just one full or part time job. Those of us who atm are on PAYE through our zero hours contract earnings. There are a huge number of us, most have other work so are only a step away from going fully self employed

Then try to get NI payments and tax payments off everything someone earns

4.7 million people work in gig type work

Over 1 million people took zero hours contract jobs between April and August of this year.

There are a significant number who could go self employed quite easily

@EasternStandard "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?"

No. I just think the sudden outrage from the right when a measure is introduced that affects only the richest 20% of landowners and which can in many ways be mitigated, when the challenges faced by smaller farms, particularly since Brexit, have been ignored is.....telling.

How do you know how everyone on the farms thread voted?

And criticism for Labour is coming from many angles, look up the Resolution Foundation response to the budget, article on the BBC

No. I just think the sudden outrage from the right when a measure is introduced that affects only the richest 20% of landowners and which can in many ways be mitigated, when the challenges faced by smaller farms, particularly since Brexit, have been ignored is.....telling.

Only the richest 20% of landowners, also known as 20% of the food producers in the UK.

Your statement is naive beyond comprehension

"God, at what point to labour fans stop blaming the tories to justify labours shit show. I mean cmon. It’s cringe now. "

@Fightingfat when they have fixed it! Guess that will take a few yesrs.

The budget issue we're discussing relates to pensions which aren't drawn, and the owner dies. I'm well aware that I can draw my pension when I retire, but I'm concerned that if I die before retirement then DC will pay a higher rate of tax on it than I would by drawing it in life. Labour is stealing money from grieving families.

Not really, assuming you die last as a part of a couple in marriage or civil partnership, and a home is involved you can pass £1m tax free, over that figure, 40% is paid - that is unchanged.

Pension money went in untaxed, to provide for the policy holder in retirement, if it passes outside of the policy holder / spouse then I think it is right it attracts tax over a certain level.

Life interest trusts that a deceased was a beneficiary of are included in a deceased estate, and in effect, that's what a pension is, so who should it be different.

Good post. Even if you are a (soft) Tory 😉

@usernamealreadytaken " Labour is stealing money from grieving families."

That's a new take on "taxing unearned income"!

Pensions are very definitely earned income!

or labour...

USD GBP exchange rate dropped from 1.295 to1.285 after budget...

FTSE is largely (and i'm sure you know this) a global index of v large cap companies- not realistically very tied into the UK domestic economy.. which isn't actually saying what i want to say, but isn't irrelevant. Not a metric to use.

America? Properly (although not sufficiently, but better than all the rest) applied basic bog standard Keynesian economics and... voila, there GDP and employment rates recovered so much more quickly. What a surprise!

that's been the policy for at least 3 decades (not that i'm saying that makes it morally ok, by any means) and in fact increased corporation tax in the pas decade or so to (a still immoral) rate of 15%....

Life interest trusts are entirely the opposite of a pension - the deceased has already benefited from the trust so their beneficiaries pay tax on something which the deceased has enjoyed. The pension should be treated in the same way; the beneficiary enjoys the benefit. In fact, we're going to look in to a discretionary trust for our pensions now, and I wonder how many more will do so in order to avoid Labour's death penalty.

But they won't be taxing you, will they? The working people who earned that money. They will be taxing your kids on money they didn't earn.

What's wrong with that?

You sound a bit petulant to be honest. Your kids aren't owed a big chunk of unearned, tax free wealth. They'll still be quids in. And they'll have a better society to live in thanks to taxes.

Government should have to justify taxes, it should not be that people need to justify not being taxed. The starting point should be no taxes on anything, not taxes on everything.

Some taxes and public spending are necessary, but I'd prefer small state and personal responsibility - I don't think the government knows how to spend my money better than I do, on the whole. There are certainly plenty of government funded initiatives that I'd prefer weren't compularily funded by taxpayers. We should have more of a choice in how we spend our earnings.

Well that’s traditionally what the Conservatives think but they were voted out at the last election. You can think what you like but enough people voted for a party that believes in taxes and government planning to allow them to form a government.

@GillBeck "The starting point should be no taxes on anything, not taxes on everything."

Do you think people should pay for their own street lighting? (genuine question-I know people who do)

So you are arguing that we should pay taxes for street lighting? That would be far more reasonable than saying all our money belongs to the government to pay for whatever it wants and having to argue that people should be able to keep some of it. There seems to be a lot of people arguing for the latter - that it is unreasonable that people don’t pay taxes.

Nobody pays tax on everything they earn. There’s an allowance. Being self employed doesn’t change that either.

@GillBeck "Is anyone saying they think people should give all their money to "the government"?