Autumn Budget

[OccultOctopus]

Key points so far:

• Upper tax threshold dropped from £150k to £125k
• Other tax thresholds frozen until 2028
• Windfall tax on energy firms to go up to 35%
• Electric cars will have to pay VED from 2025
• Review of a further pension age rise brought forward
• More people on UC to be given 'support coaches' to help them find work
• Spending squeeze on all depts except health

I wonder if the childcare amount UC pays will rise? It’s been the same for years

So Brexit went well then.

Agree.

I'm afraid I'm also in favour of on shore wind.

I haven't seen anything about child or social care. Did I miss it?

Social care got a budget rise (I think 1.7bn). Nothing on child care.

Too much money has already been spent on HS2 for them to backtrack[forgive unintentional pun] in my opinion.

Energy increase- awful

HS2 also good environmentally. Big infrastructure like this and nuclear / wind is ok imo and needed

Also going up by 10% I think.

Thank you

HS2 is a very poor investment, both economically and environmentally. The money should have been used to upgrade all regional railway routes and invest in local bus/trams - would deliver far greater returns in terms of growth and environmental benefit.

Is child benefit going up with inflation?

Shh, we have to pretend all this has nothing to do with either Briexit or Trussonomics. We have to pretend it is entirely caused by Ukraine and COVID.

Is this a Labour view?

It's my view

Its mostly the war atm. Truss has mostly washed through . Covid is winding down impact. Brexit probably but didn’t clarify - economist radio on this morning.

This is an argument that is ongoing. Tories say it is the war, everyone else says it is all of them.

Of course, the Tories have no political motives for blaming the war given it is the only one their hands are clean on!

I love how neither party mentioned Brexit! Labour need to come out and mention the elephant in the room but they won't as they don't want to alienate those Blue Wallers, so instead both parties are gaslighting us all!

What does washed through mean? (Genuine question)

Truss had something like £30 billion of fiscal headroom when she started as PM.

This is new:

2.51 To support mortgage borrowers with rising interest rates during periods of low-income, from spring 2023, the government will allow those on Universal Credit to apply for a loan to help with interest repayments after three months, instead of nine. The government will also abolish the zero earnings rule to allow claimants to continue receiving support while in work and on Universal Credit.

I'm sure that will be a great help?

This was just an economist so no political motive.

I took note as I’m interested in what each is doing wrt to impact. His take was the war is biggest atm

He mentioned gilts and pound being back to where they are as rationale for his wording (washed through)

It was pretty quick, I would like to hear more on the topic

I don’t think we get enough discussion on what is impacting us most

Oh good, surely if they recognise how the rise in inflation is affecting people (hence raising benefits in line with the increase) they will extend this inflation matching rise to public sector wages. Right? Right?!

Ah - thanks.
Sometimes economic terminology reminds me of medical terminology ie I don't have a clue what it means in reality!

I think it's quite good - shame childcare has not been mentioned.

There are other economists who disagree, as I said it is an ongoing debate.

The evidence to the select committee yesterday was very much the other way - Brexit is estimated to be adding 6% to food costs for example.

@Guitarbar are you really comparing those on benefits to those who have public sector wages?