I'm unbelievably ill informed and stupid.

[Lola247]

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

Hi OP. All you need to know is that Labour has decreed that the UK is going to be the first country in the history of the world to tax it’s way to prosperity.

And the Conservatives, walk on water, didn’t make any mistakes.The UK has been doing so well in last 14 years, or longer, it certainly feels longer.We would never have managed without Boris and Liz, won’t even go into party gate, do l say, not as l do.
The Conservatives, thought it was a great idea for the UK to have a referendum, to decide whether to leave the E.U, made promises they couldn’t keep, gave misleading information.People were so fed up of them, that’s why Labour got in, took loads of (Conservatives) seats.As Rishi said in his leaving speech, l’m sorry l let you down, l didn’t listen (in a nutshell)

I seem to have hit a nerve here. I wasn’t making any comment on any other political party. A change of government was definitely needed and I wish them well. OP asked about the budget. I am merely commenting on the Chancellor’s belief that she can raise taxes and borrowing and grow the economy. It will be a world first if she does!

I don't tend to watch news heavy stuff, was there anything much about what will affect disabled people and their carers? in terms of Housing Benefit, PIP, ESA and Carers allowance particularly.

😂 @auderesperare Really, your comment is a biased political view, so that’s why l commented to add some clarity.
You wish Labour well, hmm, that’s not coming across in your comment.It’s really actually up to OP to decide though.

Good to know. Thanks for enlightening us.

You have a point

Oh they fight. But when push comes to shove they vote with the party leadership.

@auderesperare no probs.

The hyperbole on here is astounding. Anyone would think they’re asking for all profits to go straight to the treasury the way people are going on.

It’s a £25bn hit on business - the biggest ever -and will hit SMEs, disproportionately. Jobs will go and businesses will contract, unfortunately.
I’m chair of a national business organisation representing female founders and I have founded my own business. I employ a team of seven. We will be OK. We had made contingencies.
Contrary to what @Lucy25 thinks I really want this government to grow the economy. I wish them well. I hope they succeed. It’s the only longterm way to improve prosperity for everyone.
However, I have businesses in my organisation which will not survive this or which will have to contract, shut outlets and lay off staff. They have to do this to prevent going into liquidation.
This is not a political point. It is not hyperbole. It is fact.
Sir Tom Hunter, a successful entrepreneur who funds a scale up organisation for Scottish businesses, put it very well and non-politically on BBC Question Time. I like him, am not politically aligned.

x.com/bbcquestiontime/status/1852120655568789590?s=46&t=MEf6kpduA9YYQ7VvUMIAXw

As a working class family IHT is totally irrelevant to us so I will admit to have very little knowledge /understanding of it. But it seems to me that it’s the heirs being taxed not those leaving the money? So surely that’s fair enough! Especially if the inheritance is money from a house that’s increased massively in value? So unearned & has not been previously taxed? Also the pension inheritance, is that not just a loophole to avoid tax for the wealthy?

Just my thoughts as an ordinary person on an average income who has little knowledge of these things! Willing to listen to other arguments !

Thanks that is an interesting clip

You are welcome. I’m from Scotland where the constitutional debate has raged for 15 years. It left the country polarised and exhausted. People with an informed opinion who are not politically aligned have learnt to shut up and keep their heads down, ceding the debate to those with axes to grind. It’s a dangerous situation for a nation. The tribalism in politics is holding the country back. Mumsnet is meant to be a forum for all voices. Pluralism is a much underrated political asset.

They didn't lie at all. They said there would be tough choices to make. So basically, they have covered everything in one quote.
Compared to the tories, they are a breath of fresh air. Only people with plenty of money or stupid are getting upset.
Don't agree with the bus fare hike though, and they didn't go at the rich as much as they should have.
Broadest shoulders etc.
After 14 years of tory traitorous, self serving, lying, and disgusting behaviour, it's what we needed.

Made me chuckle. Thinking back to when Tory party took over from labour. Oh, short memories.

Well, someone has to pay for the shit-show the Tories (and Blair - but he's a Tory) has made of the NHS. I don't like taxes on 'unearned' income going up, since to have this income one mostly has had to make the money in the first place e.g. buy a property to rent out. Taxes were not raised on incomes but some money has to come from somewhere. They could have completely removed the EDI budget, I suppose, which would have been a win.
I think a state energy company should be set up - France has it's energy either supplied by state owned companies or by French-owned companies which means the government has been able to force companies to stop profiteering. Because everything in the UK is foreign-owned (mostly, I know!) this has not been possible. A state-owned company offering competition on price would be excellent - NB the point is there can be no market in such a thing as energy as people must buy it and so spending there goes up whilst other areas are cut back, so that the economy gets a double whammy if energy prices are unregulates since prices of everything go up (high energy costs) whilst consumers spend less on peripheral items (so small businesses are destroyed and larger companies have to put up prices some more to cover the deficit). Something done about profiteering energy companies would have been welcome.

Loving the answers on this thread… OP asked for a run down of the budget in laypersons terms.

and what’s she’s got is political wrangling.

@Lola247 first answer is the best one. Watch that and make up your own mind.

It’s not just business, of course, this is an interesting thread on how it will affect GPS, universities and the care sector, if OP is interested in individual experiences.
www.mumsnet.com/talk/am_i_being_unreasonable/5199278-to-think-this-budget-will-finish-us-off?utm_source=brevo&utm_campaign=Forestry%20England%20Sponsored%20Mumsnet%20Daily%20311024%20Thursday&utm_medium=email

@auderesperare where did you want the money to come from?

This is a completely different question to the point I wanted to make, which was about the consequences of the NICs rise. The Chancellor and Prime Minister have stated that growing the economy is the number one goal. I think that is a the right priority. But you can’t grow the economy if the measures you put in place lead to business contraction.
Its early days, obviously, and there is always white noise around this but businesses have calculated what the £25bn tax burden on business means for them and contraction and job losses are on the cards. I know business owners who are sick with worry about having to lay off staff and who fear they will lose everything they have built. I have huge sympathy for them.
(See my earlier link to Sir Tom Hunter snippet on BBC Question Time. It explains the consequences of this part of the budget clearly)
But since you ask, I think the philosophy of the broadest shoulders bearing the greatest burden makes perfect sense. We have progressive taxation in this country and I think people of all political persuasion and none are broadly in agreement with that.
I have no issue with the CGT tax rises, the IT rise, tax on private jets in this budget, for example. But I question the need to tax and spend on the level set out. These are huge number sets and it’s by far the biggest budget for quite some time. (This is particularly significant given the changes to the borrowing rules). My point is that there are unintended consequences to the level of NICs rise combined with the MW increase. (I’m in favour of MW - it was a great call by the last Labour gov) However, the growth numbers cited by the Chancellor for the next three years are concerning to businesses and investors and there has been no mention of productivity increases which I think are essential to an experimental budget on this scale. Ultimately, we as an electorate, need to understand if we are getting value for money in the spending phase and that isn’t something we seem to measure. (Not a party political point -it’s the same for all governments). This has always been the case but it is particularly important if you are raising £40bn! As I said originally, taxing our way to growth is a novel concept and not one with a precedent.

Thanks for a nuanced response and for answering - I was being genuine with the question. I do broadly agree with you. I do think we need to give labour a chance, doesn’t change the reality for many businesses however. I remember when my dad lost his how devastating it was.

Sorry your family had that experience. It’s really tough. Thanks for your response.
Productivity increases are the answer. That at its basic level is just everyone doing their best. We cut our team’s hours to 32 a week to let them go home at 4.30pm Mon -Thur and have Friday afternoons off. Nobody took a pay cut. Everyone appreciated the extra time at the weekend. Productivity and revenue increased so it doesn’t mean working people into the ground. May not be possible for everyone but worth businesses exploring. There are intelligent ways of doing things.

Isn’t it always going to get political when it comes to the budget🙄

Treating people well is always going to win loyalty. Until very recently, only one person had left our very small company in the 17 years it's been at its current location (and that was to start his own firm). But we understand that modern dad's have parental responsibilities too, and that means if someone needs to arrive late and leave early for school for a week, we work around it.

In return, if it looks like a rush project needs all hands to the pump for a few days, everyone turns to. There was a situation recently that seemed likely to require someone to take machine parts to Gdansk; it didn't quite happen, and now the new equipment will go to Scotland. We're bending over backwards to impress, because it's for a new customer with a sizeable operation.

This year's trading has been very tough though, and the change of Government hasn't helped. DH69 wants to retire as not in peak health but finding an exit route has been a four-year rollercoaster that's still in progress.