I'm unbelievably ill informed and stupid.

[Lola247]

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

"The IFS is right, it has always been right".

G. Orwell. 1984.

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🤭

Usual posts aside the content and quotes from the IFS and RF are relevant.

Not everyone who is critical is on one side as claimed by the pp

We can't draw down our pension money to enjoy it, as we're not at retirement age.

They made that hole with 10bn in public sector rises, miliband is going to be soending 22bln on net zero. You can argue whether these things are needed or not but Labout have not been honest here.

You know that a lot of those public sector workers ARE the poor widdle rich people?

That's not true. They also promised no change to agricultural relief.

Just a reminder that austerity (aka trying, albeit unsuccessfully, to balance the books) was the result of the Tories inheriting the biggest recession in over 70 years from the last Labour government. The NHS is still paying back billions in interest payments as a result of the last Labour governments PFI projects - £80bn in exchange for just £13bn of investments. In other words Labour incurred more than three times the extra RR announced for the NHS yesterday in interest payments for the NHS over the last twenty years.

The ‘impartial’ IFS?

https://bmmagazine.co.uk/in-business/report-backing-labours-private-school-vat-policy-written-by-ministers-close-friend-raising-concerns/

This totally 👍.

somewhat early bearing in mind 14 years untrammelled tory dominance? You read like someone relatively educated/informed...How long do you think (yet un-initiated reforms (r whatever you want to call them) take to kick in? Genuine question!

but the stock market and the Federation of Small business (for a start) are very positive about it.

Normally when the stock market is positive about something the FTSE 100 goes up.

It will still be there when you retire to enjoy, that's its point.

No. This was the message peddled by the Tories. The recession was a result of the global financial crisis that originated in the collapse of the US housing market.

I’m from Conservative Central Office and I wondered if you’d like to join our candidates list.

What part of ‘inheriting the biggest recession in over 70 years from the last Labour government’ is untrue? The outcome of the global financial crisis is just as much the fault of Labour as the outcome pandemic was the fault of the Tories.

It's part of the narrative that the government is a bad thing that is out to get you, because were made (by God, or not) to all be rugged free individualists. Essentially, tax=communism. "I wanted a BMW 7-series next year but I'll only be able to afford a 5-series, it's all the fault of MP's expenses/benefit scroungers/people who eat crisps and get ill".

Of course, it's true that in general the government is less good at providing for people than they themselves would be, and yes, there is plenty of dead wood in your local council office. But we do all have to exist in the same society at some point. You could abolish the NHS tomorrow and just let 90% of people get sick and die, while the other 10% have BUPA (and that 7-series BMW).

Basically if you are on the minimum wage you will get a pay increase.
If you have your own business and employe staff you are going to be paying more in national insurance.
The higher rate of income tax is also going to be at a lower level.
Other than that unless you own a private jet, have your kids in private school or stand to inherit a lot of money, you won't be impacted.
The only caveat to this is if you are planning a house move as stamp duty is going to start at a lower level £125K.
It is basically a budget which impacts those who are well off financially hence why the Tories don't like it.

@Screamingabdabz "Blame all the champagne socialists who love to hand wring about all the social problems such as immigration, education, poverty, housing, NHS and crime etc. but pay their way out of having any of the actual real world experience and think voting labour is a moral high ground"

Would you care to expand on this?

The budget has gone down like a lead ballaon with the City. But is that OK with you. Flinging the NHS money is a waste of time without any change. They wont use it wisely.

Absolutely, but you don’t say the cost is left by the last party in government because of your change of policy! You own it. Yes we are going to give these rises and it will cost the tax payer an extra £xb

it wouldn’t matter so much, but Starmer and Reeve are so po faced and holier than thou about things - saying there will be transparency and clarity. Then they obfuscate and point fingers.

I agree the pay rises were necessary- so own it and tax appropriately to achieve it. Don’t lie.

If you employ people you will have to pay more NI for each employee and have a higher direct wage bill. As a result you will need to increase prices or cut jobs in order to cover the increased costs. Everyone will need to pay those increased costs (aka ‘inflation’) and some people will lose their job.

Everyone will have to pay increased air passenger duty, regardless of whether they fly Ryan Air or private jet. The increased cost will be approximately proportionally the same for everyone regardless of plane type.

You will also need to pay more on bus fares.

The Government spends £1.2 trillion pounds a year. £22 billion, even if true, is therefore less than 2% of government spending and hardly a hole, and certainly not a black hole. That''s the equivalent of someone on the average income (£35k a year, a take-home pay of £2,275) being £45 short at the end of a month.

And, ironically, the cummultive impact of higher inflation and downgrading of the countries growth prospects following this budget means that they have already created a problem of more than £22 billion.

From April, carers will be able to earn a little bit more before their entire carer's allowance is taken off them. (It isn't a sliding scale - accidentally do a bit of overtime and earn £1 more than you thought and the whole £81 is then a debt for you).

This means I will be able to work 14 hours a week rather than 13.