How are you feeling about the upcoming budget?

[Bess34]

Just wondering how others are feeling about the upcoming budget? I’m feeling quite nervous as my DH is a higher rate tax payer (approx 70k pa after overtime and bonuses) I work part time (wouldn’t be any better off working full time anyway) with 3 children and expensive mortgage (rent wouldn’t be any cheaper) we’ve not been able to afford even a week in a caravan in the UK and had to cancel DC school music lessons and modest Christmas presents are all on having to be put on credit cards. As it is when my DH tries to earn extra doing overtime most of it goes in tax and a reduction in child benefit. Just very frustrated at the thought we might be seen as ripe for a tax grab, just because most people without children on 70k live very comfortably on that amount

I miss purdah.

I'm confused. Unless you're in London, a monthly disposable income of £5.5k+, is more than enough to live off..

We earn less than you (but only 2 DCs) and manage to save £2k+ a month (excl. holidays)

Very anxious, but I'm on £25000 (combination of ill health pension and disability benefits). I have two teenagers to support (who also are my young carers). I have a mortgage (which i had before I became ill so cant even swap to a different provider just choose banks cheapest deal but cant change the term etc). I have no way of earning any extra, so I just have to hope for the best (at least till dc are financially independent which they have no choice but to be from 18 as my eldest had to). Presently I'm managing and can afford an annual holiday and dc3 does a sports club twice a week (which would be last to go as that's a good release from all the extra responsibility). I'm very strict with my budget for example feed us all for £60-70 a week. Keep heating off unless dc are at home and dont buy many clothes etc. So apart from holiday and sports club I really haven't got anything else I could stop.

Stressed! All the toing and froing doesn’t help!

I see, little point in thinking about it until it happens. You really can't make any decisions based on what you've heard so far because they're using the reactions to decide whether to take it forward.

Its good to have a plan for what you'd do if your income drops whether that's due to unemployment, sickness or someone buggering about with the economy.

He takes home about £3.8k after tax, student loan and pension contributions and I take home about £800 (of which pay £350 in childcare) then our mortgage is £1400pcm

Terrified. I’m in the midst of divorce with 2 houses to sell and split, an insecure job and facing starting again at almost 48 without any clarity over how I’m going to afford life or what extra outgoings Labour are going to saddle me with.
I’m not badly paid (just shy of £60k) but it won’t go far. And obviously that makes me “not a working person”. Fuckers.

You childcare isn’t that big, why wouldn’t you be better off working full time? (And yes obviously childcare would be more if you worked more, but it’s less than half your wage currently which isn’t bad)

Incredibly peed off if CGT increases. Finally, for the one time in my life I've a chance to have a little something....and right at the time CGT will likely increase ffs. I've been waiting on this money for absolutely years too.

Like the last budget, the speculation killed confidence, it seems remarkable they have done the same again, with endless leaks and retractions.

The back benchers, won't let them make cuts, and now won't let them raise significant taxes either.

Since the elections, unemployment is up, inflation has doubled and GDP has flatlined and her response is "she's disappointed".

In short, she is stuffed, by not choosing a growth focused budget last year, which might have led to a better economy, but preferred pay the unions back, and penalise the successful.

The markets have lost confidence and I expect the doors to fall off the clown-car shortly after 26/11 and the pound will collapse.

Invest in flared jeans, we're going back to the '70's....

£3k after mortgage is paid is a very very decent amount with the option to earn more i don't think you need to be worried

How would we earn more? Interesting you say 3k is a lot of money after our mortgage to pay all the bills and childcare and support 2 adults and 3 children, including 2 cars we both need to get to work. My friend has 3 children and takes home 32k after tax, plus gets 8k in maintenance, plus considered a low enough income to recieve almost £500 a month in universal credit and child benefit and has no mortgage. So basically nearly 4K a month with no housing costs for 1 adult and 3 children and the children stay with her ex every other weekend and a night in the week too

The childcare isn’t that big because I work part time 🤣 each extra day I worked would cost £110 (1 under 5 and 2 at school) and that’s just in term time
To add clarification, our preschooler gets 2 days of funded childcare each week (just have to pay £100 pcm top up) and the other 2 go to a childminder before and after school, which are the days I work

Have you looked at the entitledto website to see what you might be eligible for? Hopefully after the 2 houses sold you won’t have too big a mortgage on the property you buy? Also child maintenance isn’t counted in any assessment for UC

Where on earth did you get a disposable income of 5.5k a month from? 🤣

Worried - I have a universal credit top up for my childcare as a single parent working full time. Without the top up to put my kids in wrap around a few days per week, id have to work again every night once they're asleep to get my hours in. Worried that they will cut benefits.

Worried.

I'm on UC and have a disabled child. I'm worried about any changes to benefits and Motability.

Op you have loads of disposable income! Doesn’t really matter how much you earn but how much you have over.

Are your cars expensive ? I have an ultra reliable old Honda that’s done me 70k miles so far. It’s cost me £24 a month because I bought it for £2k on a credit card and had it 6 years.

You are fine.

I did clearly say that it’s obviously childcare was cheap because you were part time, not sure why you are laughing repeating it back. Tax free childcare could help, but if you are paying for running an extra car for work it’d be helpful to work more hours if struggling for money. Or is there anyway you could ditch the second car? Your outgoings must be fairly high to be struggling so much on the money you are on so it’s worth looking if you can cut back anywhere, even if its just until the youngest is in school.

Worried as a business owner yes. We get squeezed every single time. How many more ways can the government stop us from expanding and employing I wonder? I don't make a fortune, I don't want to make a fortune, I just want stability for me and my four employees.

Because your an abled body adult in a couple that gives you significantly more options then most. Your friend may get more money then you but here in the real world 3k after a mortgage is paid is a significant amount of money. A lot of people don't have that amount before paying there mortgage.

Apprehensive definately. I'm probably better placed than most to weather the storm but when the said they were going to tax people who leave the country (exit tax) I knew things were really bad.

Do we? Last time I bought a 2k car I was still paying off the credit card I bought it on before the car gave up the ghost

Feel depressed. It’s been a series of leaks and rumours - everyone’s sick of it. Absolute pantomime.

We are her target and will undoubtedly be worse off. I wouldn’t mind if I thought they’d improve things but you just know that’s not going to happen.

She’s got 1k a month more than us and 1 less adult to support plus 2 days a week when kids being fed and entertained by ex, she’s a very good friend and I am genuinely pleased for her and think it’s great she gets what she does but don’t get the idea that she is considered ‘poor’ and we are considered rich ripe for the picking of more and more tax, my DH seriously wonders why he bothers