The budget will be 'painful'

[darada]

We're going to get absolutely bent over a barrel aren't we?

I fear the middle classes are going to be hit hardest because the poor don't pay that much (not unreasonably) and the very rich have access to accountants, lawyers and advisers and therefore will wriggle out of having to really pay.

I don't mind paying my fair share but I fear we're going to be squeezed and the money is going to be wasted a lot of it.

Anyone else feel a tad dispirited like me?

We don't know.

I guess we're middle class/middle income. I've got a decent occupational pension and work 24 hours a week for around £19k pa. My DP has £1.1k month from her occupational and state pensions.

What could Ms Reeves do so I'm 'bent over a barrel'?

I think she will go for the pensioners again. So no free eye tests, and only free prescriptions if you are on pension credits.

That would be the tip of the iceberg, there is a huge black hole to fill. Everyone will be effected by the budget some by alot more than withdrawal of free eye tests.

I'm going to bet a lot of it is messaging - scare everyone silly so that they're relieved it isn't worse when they, say, put up capital gains tax and inheritance tax.

I wonder if they would do stuff like means test free childcare?

I wish they’d make being a private landlord less attractive. I have 4 friends who all own multiple properties which they rent out. They put the rent up every year and rents locally are spiralling, house prices go up because landlords buy them to rent out. One of my friends owns 12 rental properties and while i don’t wish her misfortune it seems unfair that her good financial situation impacts others so badly 🤷‍♀️

Yes I agree re private landlords. It's just rich people getting richer by virtue of owning properties. It seems to jsut push prices up everywhere.

Yes, its a Labour government. They will screw over every hard working person who pays tax into the economy and give it all to the feckless.

Really I love. Really?

I remember one my humanities teachers saying a society should be judged by how it treats its poor/vulnerable (no idea where that's from) and it's stuck with me

I'm so hoping this is good news for funding/reforming NHS and education which are on their knees and ultimately effects everyone.

Its in the whole of societies interests to have help for people's physical and mental health and invest in preventative care unlike now as even if you see it as getting people fit for work where possible or less of a drain on resources.

Or better for everyone if people are safely housed and not struggling to live... Etc etc.

I think they will also take the state pension. But maybe not in October.

I guess it will be inheritance tax. Df died last year and left everything to my dm, assuming when she died she'd pass it on to me and my sibling. But now the government want it, because they dont have the balls to actually tax the wealthy or add a penny to income tax. They keep saying they won't raise taxes for 'working people', so I guess they mean they will for those who inherit or are of pensionable age.

They would never do that.

Of course they would.

I think they will look at the imbalance between those on PIP before turning state pension age and those claiming after pension age who can only claim Attendance Allowance with no mobility component. I think there should be a cut off for the mobility component to make things fairer. Sorry if that sounds harsh but the cost of disability benefits is massive and unsustainable.

I get the sentiment but it will just make even more Landlords sell and reduce the number of rental properties (which is far too low already) further .
If Labour want to get rid of Private Landlords they have to provide an alternative.

I think you are deluded.

I believe that too but not now, perhaps within 10-15 years. If you're under 50 right now I am almost certain it won't exist or (more likely) be means tested only.

They are planning on raising social housing rents which will presumably perhaps give HA more revenue to build more social housing ? I would love to see a reduction in private landlords.

I think this is a good idea actually.
Its money that you didn't earn and is effectively free money (to you) so why not tax it?

Why can't they tax Amazon, water authorities, power companies etc. all making huge profits for shareholders?
I think soon we will pay for GP appointments, as I think they do in Ireland.

I think it will be fuel that gets taxed more. Both diesel and petrol and the alternative fuels for heating your home. Hopefully not more on electricity.

Those companies do pay various taxes in the UK. Do you think they don't pay anything?

Oh I miss Sue Townsend.

Anyone else feel a tad dispirited like me?

No.

We have a massive wealth divide in this country.

About time we had a pm and chancellor that was honest about the level of damage and destitution that has gone on across all parts of the UK in the last decade and putting that right will take money.

I have a reasonable amount of faith that that money will come from those that can burden it but admit we’ll have to see.

I certainly have more faith in this current govt than the last to do that.

I’m a landlord (shoot me now) and I promise that it has not been all sweetness and light for us in recent years. Yes rents have gone up, but that is because mortgage costs have spiralled (thanks Liz T) as have all other costs (insurance, maintenance etc), and so have the costs of complying with an increasing legislative pressure, which I am careful to do. My BTL mortgage tripled when we remortgaged recently - I earn so much less from my rental house than I did 10 years ago overall that we aren’t breaking even, so we are planning to sell when our current mortgage fix comes to an end. The tenants have been great, and am hoping that they might be thinking of downsizing anyway as their kids are leaving home because I feel guilty about what this will do for them. But it does no one any good if there is less property available overall on the rental market- the government should be incentivising good landlords (private or otherwise) and cracking down properly on the cowboys who give the rest of us a bad name.

I feel like it's going to take more than 10 years to see a real improvement. I didn't like kiers inclusion of AI, it's going to have a real impact on jobs. The tide is coming. I feel like there will be a change but not for the better but I do appreciate some sort of honest dialogue.

My bet is on pension relief being cut, perhaps changes to triple lock, capital gains tax, isa allowance.