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National News Budget 2024

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.
 
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.
 
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
 
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
 
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.
 
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.
 
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.
 
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.
Your last sentence sums up the vast majority of your bitter postings.
Always defending the indefensible, whilst pretending to care about the greater good .
 
You moan about not increasing public expenditure but don’t want more taxes or borrowing? Sounds a bit sixth form.
Think you’re misreading my post old boy. I want
public expenditure cut . There is a lot of waste.

And taxes not raised. (which the Labour Party promised pre-election!)

I repeat, where is growth going to come from? The independent monitoring organisation doesn’t see any. They’re the ‘experts.’

Not me . And certainly not you.
 
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The. Bottom line is OBR say household income down over next 4 yrs so it will hit the average working person.

As a small business owner wow lets hit me. Sorry but 1 out of 4 staff to go and 1 shop to close due to business relief halved.

Liz truss economics

Throw the baby our with the bath water and hope itz better in 5 years
 
Pouring petrol onto the money bonfire that is the NHS won`t work without massive reform.
For every person in the NHS earning £30k or more (and there are many) its a cost uplift of £866 pa. Part time folk on £9k + will be a cost uplift of £615. That`ll come from the Trust budget and be recycled through various processes to come back into the wider NHS after many slices have been removed.
We are already suffering "Winter pressures".
Your local GP surgery will have to bear the same costs/overheads with only inflation level budget increases.

Its fine giving us the bill but we will expect the services to improve...................

And the bullion investment strategy (CGT Free kids) is looking fine.
 
Never fear, we now have the offfice of value for money to ensure that we get value for money!! , what the office for absolute B*****s , they could just do no to the vanity projects that waste millions every day, as this is a new approach to spending money , I can only assume that getting value for money was’nt a primary consideration in the past!
 
A budget which feels like a throw of the dice for what equates to small growth predictions. If this does not work, the younger/working generation will be picking up an even bigger tab and more personal financial struggles as the tax burden continues to erode income.

Why on earth is £22 billion being thrown at the NHS when they said this would not be the case until the "broken" NHS was fixed. I suspect this money has every chance of disappearing like a fart in the wind. Incredibly huge gamble given that it takes up over half of the tax raid in this budget.

Why the attack on farmers who just want to ensure that their business is passed down to futures generations with minimal tax burden? Whilst more aggressive succession planning can mitigate the issue, life doesn't always work like that. People die unexpectedly and farmers have a dangerous and lonely occupation. More unnecessary financial worries thrown into the pot here.

The NI hike will be mitigated for many with the sizeable uplift in AE from £5k to £10.5k, this is good, and some will even be better off. However, the small owner managed business (just the one director with part time/low paid employees etc), i.e a worker happening to operate through a corporate structure, will be penalised.

This just feels like a huge raid on the working public and younger generation (the exact opposite of what we were told). Businesses affected will re-evaluate budgets and investment in the light of the NI burden and accordingly they will hold back on pay increases, investment in additional workers or just be forced to pass costs back into the market place, causing inflationary pressures. This trickle down effect will have far more of an impact on the average family than easing taxes on the wealthier.

I do genuinely feel worried for the younger and working generation.

Now, from my own perspective :-

I have to say, the budget amazed me and pleased me. That really doesn't make it a good budget unless I am viewing it from a completely selfish point of view.

As a 53 year old semi-retired person, the higher rate of CGT remaining at 24% for residential property disposals was a wow moment. I wasn't surprised to see CGT on share disposals to be increased, but again expected the higher rate to be more than 24% and aligned with residential property disposals.

No tweaking with ISA's, no raid on pension contributions or the accessing of tax free lump sums. Again, just wow.

For my final few working years, I can navigate the NI hike with by a reduction in Director Remuneration and plug the Corp Tax gap with an additional employer pension contribution (my NI record already qualifies me for full state pension so no need to pay the higher trigger levels). Not something quite so easy for a young director of an OMB with a young family. Again, the younger worker has been impacted here.

Nothing in the budget has really impacted me by any degree and as someone who has accumulated assets/investments and has got to a situation where money works for me, rather than me working for it, I am absolutely astounded. I expected and was comfortable with the fact that I would have some sizeable tax hit coming through, but nothing of any real note. Just incredible.

Labour lied to the people in the election campaign. They have taken their vote but offered up nothing to remove their daily grind of financial worry by delivering a hugely taxing budget. At the same time, I am sat here absolutely gob smacked and feel I have got away with one. How is that even right!!


Rachel Reeves admits this is not the budget that she would have wanted to deliver or indeed ever repeat, but deliver it she has. This just has to work for Labour, and the scrutiny is going to be intense.

I genuinely hope it works out, I really do. Not for my sake, but for the sake of the workers and the future generations picking up the legacy.
 
A budget which feels like a throw of the dice for what equates to small growth predictions. If this does not work, the younger/working generation will be picking up an even bigger tab and more personal financial struggles as the tax burden continues to erode income.

Why on earth is £22 billion being thrown at the NHS when they said this would not be the case until the "broken" NHS was fixed. I suspect this money has every chance of disappearing like a fart in the wind. Incredibly huge gamble given that it takes up over half of the tax raid in this budget.

Why the attack on farmers who just want to ensure that their business is passed down to futures generations with minimal tax burden? Whilst more aggressive succession planning can mitigate the issue, life doesn't always work like that. People die unexpectedly and farmers have a dangerous and lonely occupation. More unnecessary financial worries thrown into the pot here.

The NI hike will be mitigated for many with the sizeable uplift in AE from £5k to £10.5k, this is good, and some will even be better off. However, the small owner managed business (just the one director with part time/low paid employees etc), i.e a worker happening to operate through a corporate structure, will be penalised.

This just feels like a huge raid on the working public and younger generation (the exact opposite of what we were told). Businesses affected will re-evaluate budgets and investment in the light of the NI burden and accordingly they will hold back on pay increases, investment in additional workers or just be forced to pass costs back into the market place, causing inflationary pressures. This trickle down effect will have far more of an impact on the average family than easing taxes on the wealthier.

I do genuinely feel worried for the younger and working generation.

Now, from my own perspective :-

I have to say, the budget amazed me and pleased me. That really doesn't make it a good budget unless I am viewing it from a completely selfish point of view.

As a 53 year old semi-retired person, the higher rate of CGT remaining at 24% for residential property disposals was a wow moment. I wasn't surprised to see CGT on share disposals to be increased, but again expected the higher rate to be more than 24% and aligned with residential property disposals.

No tweaking with ISA's, no raid on pension contributions or the accessing of tax free lump sums. Again, just wow.

For my final few working years, I can navigate the NI hike with by a reduction in Director Remuneration and plug the Corp Tax gap with an additional employer pension contribution (my NI record already qualifies me for full state pension so no need to pay the higher trigger levels). Not something quite so easy for a young director of an OMB with a young family. Again, the younger worker has been impacted here.

Nothing in the budget has really impacted me by any degree and as someone who has accumulated assets/investments and has got to a situation where money works for me, rather than me working for it, I am absolutely astounded. I expected and was comfortable with the fact that I would have some sizeable tax hit coming through, but nothing of any real note. Just incredible.

Labour lied to the people in the election campaign. They have taken their vote but offered up nothing to remove their daily grind of financial worry by delivering a hugely taxing budget. At the same time, I am sat here absolutely gob smacked and feel I have got away with one. How is that even right!!


Rachel Reeves admits this is not the budget that she would have wanted to deliver or indeed ever repeat, but deliver it she has. This just has to work for Labour, and the scrutiny is going to be intense.

I genuinely hope it works out, I really do. Not for my sake, but for the sake of the workers and the future generations picking up the legacy.
Reasonable analysis.

So you’ve got a pension pot? If so, you’ll not be off scot/free. Because if you die younger than 75, this sum now gets included in your IHT estate. And beneficiaries will be taxed on income arising.
 
A budget which feels like a throw of the dice for what equates to small growth predictions. If this does not work, the younger/working generation will be picking up an even bigger tab and more personal financial struggles as the tax burden continues to erode income.

Why on earth is £22 billion being thrown at the NHS when they said this would not be the case until the "broken" NHS was fixed. I suspect this money has every chance of disappearing like a fart in the wind. Incredibly huge gamble given that it takes up over half of the tax raid in this budget.

Why the attack on farmers who just want to ensure that their business is passed down to futures generations with minimal tax burden? Whilst more aggressive succession planning can mitigate the issue, life doesn't always work like that. People die unexpectedly and farmers have a dangerous and lonely occupation. More unnecessary financial worries thrown into the pot here.

The NI hike will be mitigated for many with the sizeable uplift in AE from £5k to £10.5k, this is good, and some will even be better off. However, the small owner managed business (just the one director with part time/low paid employees etc), i.e a worker happening to operate through a corporate structure, will be penalised.

This just feels like a huge raid on the working public and younger generation (the exact opposite of what we were told). Businesses affected will re-evaluate budgets and investment in the light of the NI burden and accordingly they will hold back on pay increases, investment in additional workers or just be forced to pass costs back into the market place, causing inflationary pressures. This trickle down effect will have far more of an impact on the average family than easing taxes on the wealthier.

I do genuinely feel worried for the younger and working generation.

Now, from my own perspective :-

I have to say, the budget amazed me and pleased me. That really doesn't make it a good budget unless I am viewing it from a completely selfish point of view.

As a 53 year old semi-retired person, the higher rate of CGT remaining at 24% for residential property disposals was a wow moment. I wasn't surprised to see CGT on share disposals to be increased, but again expected the higher rate to be more than 24% and aligned with residential property disposals.

No tweaking with ISA's, no raid on pension contributions or the accessing of tax free lump sums. Again, just wow.

For my final few working years, I can navigate the NI hike with by a reduction in Director Remuneration and plug the Corp Tax gap with an additional employer pension contribution (my NI record already qualifies me for full state pension so no need to pay the higher trigger levels). Not something quite so easy for a young director of an OMB with a young family. Again, the younger worker has been impacted here.

Nothing in the budget has really impacted me by any degree and as someone who has accumulated assets/investments and has got to a situation where money works for me, rather than me working for it, I am absolutely astounded. I expected and was comfortable with the fact that I would have some sizeable tax hit coming through, but nothing of any real note. Just incredible.

Labour lied to the people in the election campaign. They have taken their vote but offered up nothing to remove their daily grind of financial worry by delivering a hugely taxing budget. At the same time, I am sat here absolutely gob smacked and feel I have got away with one. How is that even right!!


Rachel Reeves admits this is not the budget that she would have wanted to deliver or indeed ever repeat, but deliver it she has. This just has to work for Labour, and the scrutiny is going to be intense.

I genuinely hope it works out, I really do. Not for my sake, but for the sake of the workers and the future generations picking up the legacy.
An honest assessment..... However.

You say 'I expected and was comfortable with the fact that I would have some sizeable tax hit coming through' but you don't say why. Labour didn't say they would do this only the right wing press did... Then you say 'Labour lied to the people'. Sorry but that doesn't add up.

After 14 years of both insipid growth and the hollowing out of public services you get a budget that at least tried to put the country on the road to address one of those negatives and you focus on the other without saying what she should have done to boost growth without repeating the failed policies of the last 14 years. This budget was about investment (investment, investment) which is one of the very few proven ways to generate growth. No single budget could turn this drifting tanker around so it good she had at least another four to go. 😁
 
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