I'm unbelievably ill informed and stupid.

[Lola247]

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

Tories lied. They didn’t even give the OBR the correct figures.

Because there’s an extra allowance for the main residence of the deceased.

It looks like people are digesting what it means today

From the BBC https://www.bbc.co.uk/news/articles/cgj72wxw8jxo

Citing the Resolution Foundation

The Resolution Foundation's James Smith agreed.

"Even if it doesn't show up in pay packets from day one, it will eventually feed through to lower wages."

"This is definitely a tax on working people, let's be very clear about that."

And Britain's gilt yields spike after UK budget, reversing earlier fall

https://www.reuters.com/world/uk/britains-gilt-yields-spike-after-uk-budget-reversing-earlier-fall-2024-10-30/

Full access to the figures the government shares. The OBR have confirmed they lied about what had been budgeted for and about how much of that budget had been spent.

@Lola247 I'd listen to Martin Lewis rather than random Mumsnetters! There's also a podcast called The Newsagents which has some interesting analysis-it helped me to understand a bit better.

Gilt yields are up, swap costs are up and the ftse's headed for a 2% drop since yesterday morning. In what sense do markets like it?

I've not heard a single business person say it won't affect how many people they employ and their expansion plans. We all know Labour always leave office with more unemployed than when they gain office, a cynic would say they need to keep people poor.

Overall I thought it was reasonably well balanced. I'd have liked to have seen road license become pay per mile or something.

@Fightingfat "God, at what point to labour fans stop blaming the tories to justify labours shit show."

Well, the Tories were blaming Labour for 14 years.....

I have never understood why governments can only ever think about raising taxes. Saving money (like ordinary people have to do when times are tight) never enters their brain.

Incidentally don't fall for the baloney about a surprise £20Bn black hole. The opposition are briefed on government finances and plans etc. It's not a good look imo to say before the election you're ready for government and then post election admit you hadn't done your home work.

There’s still a lot of unfairness to single parents. I’m very annoyed that the government is doing nothing about the CB cap to make it fairer to those in single income households, whether there’s a single parent or one person is a SAHM.

Also the council reduction for a single adult household should be 50% and not 25%.

And it’s only been a few months!

What was the cost of not agreeing the pay rises - which, don’t forget, were based on the recommendations of independent pay review bodies?

Speaking of cringe, your lot blamed the Blair/Brown government for 14 years straight, so I think today's Labour can go for on for little longer than 118 days.

To the OP, this budget's actually very binary.

If you're of Tory or Reform persuasion then it's the worst thing to every happen to the UK and you'll need to sell or eat your children to survive this winter.

To everyone else it's a middle of the road budget. It didn't scare the markets, a la Truss and Kwarteng, but didn't wow them either. All in all, it is pretty reflective of what we've seen of labour so far; uninspiring but stable and mostly competent and that's a massive improvement on what we had.

Truss wasn’t really democratically elected. Her party were. But what she did had never been voted on by an electorate. And they didn’t crash the market out of spite. It’s the mechanism of capitalism - Confidence went and with it, the money.

Tell me you’re a Tory voter without telling me you’re a Tory voter.

I see you fell for online misinformation campaign where search engines display an article titled "IMF openly criticises the budget" under the picture of Starmer and when you open the article, it is actually in reference to 2022 budget under Truss.
I see no information supporting your claim. The last known info so far as I can see is IMF's favourable economic forecast about a week before budget. Please do post the links if you know otherwise.

All the major channels TV and Radio have tried to explain it as well.

Basically employers will have to pay more - though there are some protections for smaller employers - but it may have some knock of effects - rest are details that depend if they will affect you - MoneySavingExpert News good place to start looking.

I had to laugh when California was mentioned, and private jets! Rishi couldn't look up, and was scrambling frantically through the papers to look for a fine bone! Good riddance!!

Hi Kier

Question Time will no doubt be full of it tonight.

As a pensioner none of it seems to affect me much.

Everyone has a moan about the budget, I've heard it all my life and am nearly 75.

Life goes on regardless.

Hi Rishi

Why never? Did you forget the austerity under Tories? Unfortunately, saving money led to public services being decimated and the Tory government borrowing more money than ever. Running the country isn't quite the same as running a family budget. Or maybe it is... you can save by not replacing a broken boiler but eventually your house gets filled with mould and will be more expensive to fix.

The Resolution Foundation are not in this binary world you cite, they too have an issue with the budget

The Resolution Foundation's James Smith agreed.

"Even if it doesn't show up in pay packets from day one, it will eventually feed through to lower wages."

"This is definitely a tax on working people, let's be very clear about that."

The IFS isn't that glowing either

It also warned that lower wage rises would mean the measure would raise significantly less than the £25bn pencilled in by the government.

The IFS calculates the impact on income tax and NICs would mean net revenue from the policy would be only £16bn.

Paul Johnson, head of the IFS, also warned of likely further spending and tax increases part way through the parliament.

Mr Johnson described the forecasts as "pretty awful".

Why do we always allow business to pull this crap? They will never, ever, let profits drop in order to help the workers either with decent pay or by paying their share so their work force can be properly educated, kept healthy, be able to get to work over useful roads, so their businesses are protected by the police and fire services and the peace of the country overseen by the forces. Oh no. We can’t have any of their money or they’ll all sack everyone and close down.
Pisses me off.

Yes I’m sick of the constant blaming, very childish and it doesn’t fill me with any confidence that Labour have any clue what they’re going to do next