National News Budget 2024

[Eric Blair]

I hope people here think I try to be balanced but I have to say Rachel Reeves is really impressive. She makes the Shadow Cabinet look like an absolute bunch of lightweights

 

[QR]

I hope people here think I try to be balanced but I have to say Rachel Reeves is really impressive. She makes the Shadow Cabinet look like an absolute bunch of lightweights

Well presented with welcomed substance. It will be interesting to see what it looks like as it's unpicked over the next few days.

 

[Eric Blair]

Well presented with welcomed substance. It will be interesting to see what it looks like as it's unpicked over then next few days.

Very true! £1bn extra for SEN though. Thank you Labour!

 

[Basham Wonderland]

I hope people here think I try to be balanced but I have to say Rachel Reeves is really impressive. She makes the Shadow Cabinet look like an absolute bunch of lightweights

I don't think you try to be balanced at all, but I agree that the budget appears to be well measured. If anything I was hoping for something more radical than we got, but nothing disastrous.

I like the careful employer NI plan, which will support small to medium sized businesses.

 

[Sarge]

1p a pint reduction on draught alcohol (beers/ cider/ stout) - every little helps

 

[WokinghamYellow]

1p a pint reduction on draught alcohol (beers/ cider/ stout) - every little helps

Looking forward to paying £7.49 a pint!

 

[Oxford57]

4.1% pension increase next year, which is o.k, however like all budgets some will be worse off, I have no faith in any politicians to do anything positive for this country

 

[SSO]

I hope the threshold at which employers pay NI being reduced to £5k coupled with the rise in minimum wage will make them think a little bit more about how they employ people and the conditions they work in.

Some of these big employers like A****n have been sidestepping their responsibilities for years.

 

[WokinghamYellow]

 

[SteMerritt]

1p a pint reduction on draught alcohol (beers/ cider/ stout) - every little helps

It does. Although this does seem like an obvious ploy to grab headlines.

 

[RyanioBirdio]

As a single director of a limited company my NI has essentially just been hiked from £490 per year to around £1100 per year, but to be honest I still get a decent deal. I remain able to save thousands of pounds per year compared to being employed to the same financial tune as I pay myself via a combination of salary and dividends, so it would be a bit much for me to moan. Given the rate of basic dividend tax has risen from 7.5% to 8.75% since 2022 alone, and the tax-free dividend allowance has been slashed to just £500 compared to £5000 a few years ago, nobody can claim this is a sudden, violent attack on directors.

I’m happy to write a cheque in the hope that things improve. Now it’s down to the government to deliver, or to face the consequences of failing to do so.

 

[Eric Blair]

As a single director of a limited company my NI has essentially just been hiked from £490 per year to around £1100 per year, but to be honest I still get a decent deal. I remain able to save thousands of pounds per year compared to being employed to the same financial tune as I pay myself via a combination of salary and dividends, so it would be a bit much for me to moan. Given the rate of basic dividend tax has risen from 7.5% to 8.75% since 2022 alone, and the tax-free dividend allowance has been slashed to just £500 compared to £5000 a few years ago, nobody can claim this is a sudden, violent attack on directors.

I’m happy to write a cheque in the hope that things improve. Now it’s down to the government to deliver, or to face the consequences of failing to do so.

This is very true. They need time though.

[insert expensive cheesecake joke here]

 

[LowerSouth]

4.1% pension increase next year, which is o.k, however like all budgets some will be worse off, I have no faith in any politicians to do anything positive for this country

Thank goodness for the triple lock .
The pension is still woefully low.
Needs to get closer to the new minimum wage of £22,222 pa

 

[werthersoriginal]

Thank goodness for the triple lock .
The pension is still woefully low.
Needs to get closer to the new minimum wage of £22,222 pa

But I'll have a decent work pension and don't need that amount of state pension. It needs to be more targeted or means tested.

 

[Wallop]

It does. Although this does seem like an obvious ploy to grab headlines.

In The New Statesman, Rik Mayall (Alan B'Stard) promises voters a 4-pack of beer and a night out with a Page 3 girl if they vote for him - he wins by a landslide!

That's what the people want.

 

[Foley]

It appears as if borrowing, tax and spending are increasing significantly.
A bit of a gamble ( forecast growth has gone down in the next few years).
The government need there to be demonstrative improvements in public services and houses/ infrastructure before the next election.

 

[SSO]

But I'll have a decent work pension and don't need that amount of state pension. It needs to be more targeted or means tested.

Whilst I agree with that (sitting in a similar boat myself) if you have a decent works pension you will end up paying tax when it is added to your state pension. As pensioners we still contribute to the economy. The point of a works pension is to help you not be poor when you are old. It is not a vehicle to be handed out to those who could not be bothered to save for their futures.

Once people get wind of a free hand out it will be like these people earning £30k a year going to food banks all over again.

 

[Wallop]

Whilst I agree with that (sitting in a similar boat myself) if you have a decent works pension you will end up paying tax when it is added to your state pension. As pensioners we still contribute to the economy. The point of a works pension is to help you not be poor when you are old. It is not a vehicle to be handed out to those who could not be bothered to save for their futures.

Once people get wind of a free hand out it will be like these people earning £30k a year going to food banks all over again.

I have a good work pension coming my way in 10 years but I've paid handsomely into it for 30 years, in fact overpaying what I needed to, and as a result haven't been able to buy some things I would have liked to date e.g. better holidays, flashier gadgets etc. I'll also get the full state pension as I've paid NI for 30 years.

I did the above on the basis that I wanted a comfortable retirement and it's what was drummed into me early in life - save now so you can have a good lifestyle when you've got the time to enjoy it. I also didn't want to rely on others to bail me out.

There should not be any means testing of pensions etc. I've invested into both my work and state one under a clear understanding of the eventual benefits - that was the deal which shouldn't now be reneged on. If others haven't been as foresighted, then that really isn't for me to subsidise.

Rant over.

 

[SSO]

Thank goodness for the triple lock .
The pension is still woefully low.
Needs to get closer to the new minimum wage of £22,222 pa

How do you propose we work that one? Do you increase NI for workers? The current personal allowance would see you giving back 20% of the thick end of £10k back in income tax.
I do like how the personal allowance will increase with inflation after 2028 although we may see state pensioners hit the tax threshold before then thanks to double digit inflation of 18 months ago. It highlights how badly the previous government lost control and I think the current government may need to head that one off before it happens.

 

[SSO]

I have a good work pension coming my way in 10 years but I've paid handsomely into it for 30 years, in fact overpaying what I needed to, and as a result haven't been able to buy some things I would have liked to date e.g. better holidays, flashier gadgets etc. I'll also get the full state pension as I've paid NI for 30 years.

I did the above on the basis that I wanted a comfortable retirement and it's what was drummed into me early in life - save now so you can have a good lifestyle when you've got the time to enjoy it. I also didn't want to rely on others to bail me out.

There should not be any means testing of pensions etc. I've invested into both my work and state one under a clear understanding of the eventual benefits - that was the deal which shouldn't now be reneged on. If others haven't been as foresighted, then that really isn't for me to subsidise.

Rant over.

That is bang on the money. Couldn't have put it better myself.

 

[werthersoriginal]

I have a good work pension coming my way in 10 years but I've paid handsomely into it for 30 years, in fact overpaying what I needed to, and as a result haven't been able to buy some things I would have liked to date e.g. better holidays, flashier gadgets etc. I'll also get the full state pension as I've paid NI for 30 years.

I did the above on the basis that I wanted a comfortable retirement and it's what was drummed into me early in life - save now so you can have a good lifestyle when you've got the time to enjoy it. I also didn't want to rely on others to bail me out.

There should not be any means testing of pensions etc. I've invested into both my work and state one under a clear understanding of the eventual benefits - that was the deal which shouldn't now be reneged on. If others haven't been as foresighted, then that really isn't for me to subsidise.

Rant over.

Yes, I wasn't saying reduce or means test the state pension, I was disagreeing with the idea that it should be increased to over 20K for everyone whether they needed it or not. But some people haven't been able to save because they haven't earned enough, and some of them may need more help.

 

[Morris Oxford]

It appears as if borrowing, tax and spending are increasing significantly.
A bit of a gamble ( forecast growth has gone down in the next few years).
The government need there to be demonstrative improvements in public services and houses/ infrastructure before the next election.

So much of the budget had been deliberately leaked or the media had been given advance notice of that it didn’t feel particularly revolutionary or shocking. As you say the proof of the pudding will be in the improvements to public services, or not as the case may be.

 

[Peterdev]

But no increase in the £12570pa tax threshold so not much to look forward to. In fact frozen for another four years until just before the next election

4.1% pension increase next year, which is o.k, however like all budgets some will be worse off, I have no faith in any politicians to do anything positive for this country

 

[bazzer9461]

1p a pint reduction on draught alcohol (beers/ cider/ stout) - every little helps

But to be fair @Sarge with the increase in employer national insurance they won’t be able to pass that on.

 

[Peterdev]

I think the government are making a mistake in throwing money at the NHS. It needs dramatic reform to stop so much wastage of money. It needs pruning of so many administration jobs at the top end and the employment of permanent staff to deal with issues such as maintenance, rather than farming out expensively to outside agencies.
It does need proper investment to get it be a world leader

 

[bazzer9461]

My Grandson is waiting for the zero hours contract to be finished like Labour promised.

 

[Beech Road Bokelberg]

My Grandson is waiting for the zero hours contract to be finished like Labour promised.

Know the feeling. I'm self employed, without fixed hrs and on very close to minimum wage.

Fk all from the government today

 

[OUFCGav]

My Grandson is waiting for the zero hours contract to be finished like Labour promised.

The Employment Rights Bill (that includes zero hours contracts) has been introduced, had its 1st & 2nd readings in the Commons, is now in Committee Stage and progressing as expected through the various parliamentary stages required.

https://bills.parliament.uk/bills/3737

 

[PottersRightBoot]

The best bit of the whole sad event was Rishi’s response.

Labour have no idea where any GNP oomph is going to come from. They just keep repeating the word ‘growth’ in the hope it will eventually turn up.

Enormous sums will be borrowed but no real growth Is resulting over time. (That’s the view of the OBR.)

No attempt to return public expenditure to pre Covid times. Why not?

They’re a bunch of sixth formers on work experience who get their clothes paid for by benefactors . They like soaking the poor mug taxpayer; it’s in their dna after all

Budget could have been more punitive for the strivers I suppose so that’s a relief. But not much of a relief.

Still it kept Southport out of the news.

 

[werthersoriginal]

The best bit of the whole sad event was Rishi’s response.

Labour have no idea where any GNP oomph is going to come from. They just keep repeating the word ‘growth’ in the hope it will eventually turn up.

Enormous sums will be borrowed but no real growth Is resulting over time. (That’s the view of the OBR.)

No attempt to return public expenditure to pre Covid times. Why not?

They’re a bunch of sixth formers on work experience who get their clothes paid for by benefactors . They like soaking the poor mug taxpayer; it’s in their dna after all

Budget could have been more punitive for the strivers I suppose so that’s a relief. But not much of a relief.

Still it kept Southport out of the news.

You moan about not increasing public expenditure but don’t want more taxes or borrowing? Sounds a bit sixth form.