Middle Income Post-Budget Moaning Minnie Thread

[Chil1234]

I'm not allowed to moan as a middle-income earner because as I read in the papers today I have 'broad shoulders', I am 'all in this together', 'there are many worse off' and the country doesn't have a pot to piss in. Counting one's blessings, taking it like a man without blubbing and Not Being At Home To Mr Selfish means the return of the upper lip of the stiff variety.

... but, as a single parent of one, who's career finances a modest, few-frills lifestyle, I'm disappointed that, yet again, the budget calculators show that I'll be at least £700 worse off this time next year than I am now. The 'chip chip chip' financial erosion started under Brown continues as relentlessly as a vuvuzela under the new regime. Any future pay-rises will get swallowed up in the tax threshold freeze, the £1000 personal allowance rise doesn't apply and that's before VAT kicks in or something unexpected like a hoik in mortgage interest rates. Pass the gin... well, before October anyway.

So my broad shoulders are all in it together and aware of the many that are worse off and the dire situation of the country's finances and blah, blah, blah.... but if anyone else in a similar situation is cheesed off with the refrain 'what are you whining about? you can afford it!!!' & would like to have a thoroughly selfish middle-income moan, do feel free to join in. It may be the only chance you get

You moan away. Can you tell me where you find the budget calculator please? I haven't worked it out yet. I'm a middle earner (£40k ish) but dh is a high earner so I'd like to see how we're going to be hit.

There are a few but there's one on the BBC site here that you can poke numbers in.

Thanks for that chil. We'll be £1081 per annum worse off (tax and ni) so not too bad.

apparently I will be £300 better off!

can't see how they work that one out as I have to pay 20% vat

Pass, the calculator only covers income. So the VAT and CGT increases for example aren't taken into account. I miscalculated & the income will go down by £1700 ish as Ni is going up by £1400 pa.

...as my post on other thread, its simple. if you earn just over £40k - you will have NO help with childcare. if that is what you get and no other means to income [ie: no husband to send out to contribute], and if you have at least one in full time childcare and the other b4 and after school and if you live in london you may have had your chips. think I have...the next few years are looking bleak despite 'my broad shoulders'.

"apparently I will be £300 better off!"

You're disqualified for being better off and cheerful with it.

We will be about £500 a year worse off, with the bulk being the NI hike. As we are abroad (but paid by HMG) we already pay 20% VAT on clothes and 6% on food.

lego - exactly. We earn a bit over 40k and have lost £500 per month

After childcare and housing costs we will now have £400 a month to live on

Oops forgot CB on that so we have around £550 - might be able to afford beans on the toast now and a glass of water each

Wow! We will be £75 better off. But it does not take into account the loss of tax credits and VAT. This calculator is a bit of a con

Just been on the link on the BBC website, according to that, we are £525 worse off. That said, I am trying to 'count my blessings' as my mum would say - dh has a job, is well paid and, at present, there is no threat of redudancy. We haven't lost our child benefit, which I thought we might do. DH's company has said no to pay rises this year, but tbh I'm just grateful he has a job at all. Trying to be positive, we will raise the shortfall somehow. Already decided not to do foreign hol this year, off to Wales will save us loads. Thought the budget was ok tbh, could have been much worse.

Wait until October when the public sector spending review kicks in. Huge cuts for anyone working in public sector. I felt vaguely relieved we were only around £1500 worse off pa until I read about that today.

Oops I forgot I work in Higher Education

However if I lose my job I will not have to pay childcare, will be able to claim JSA and tax credits again and will actually be better off

gingercat tax credits are listed at the end.

I'll be £62 better off apparently. But we will lose our tax credits the year after that, so it won't last long.

I am on a middle income (below £40k) and DH is a SAHD. I do feel a whole lot better off than a lot of people and I try and count my blessings...

I just hope my job is safe because DH's job prospects are pretty poor. And in any case we want one of us to be at home for the next few years if at all possible.

Oh sorry gingercat - you mean it doesn't take account of the loss of tax credits in the following year, of course.

Exactly what I said too in fact

According to that calculator we are only going to be 100 quid worse off (both in public sector though so that's not accounted for in that calculation)

Which is annoying as we would like to have paid more as we can afford it.

Hopefully when the public sector cuts kick in we will be able to contribute more to society.