| Today’s budget - unless you are in the richest 10%, you win 21:01 - Oct 30 with 5766 views | ElderGrizzly |
You can see why the Tories are squealing and spinning like hell this evening
|  | | |  |
| Today’s budget - unless you are in the richest 10%, you win on 08:36 - Oct 31 with 1647 views | OldFart71 |
They promised no tax increases for the working man/woman. They delivered. But that doesn't mean it won't affect those working. Why, well if you make your employer pay more he then does one of several things. When it comes to pay increases he will give you less. Goods prices will rise, fewer will be employed either by less recruitment or job losses. Don't get me wrong I am not sticking up for employers, many have for too long lived in the land of milk and honey, gorging themselves on large bonuses, shares and pay increases whilst keeping the working classes down. But do you think for one minute they will give that up ? Of course they won't, they'll cut peoples hours so they pay less, employ fewer and up prices. |  | | |
| Today’s budget - unless you are in the richest 10%, you win on 08:49 - Oct 31 with 1613 views | SuperKieranMcKenna |
| Today’s budget - unless you are in the richest 10%, you win on 23:45 - Oct 30 by WicklowBlue |
In terms of macro economics between our 2 great islands!
There is a huge difference between lending rates available to both governments/countries at the moment.
IIRC the UK soverign borrowing rates are nearly double those of what the Irish Government's are.
2.5% for Ireland and over 4% for the UK. Feel free for those in the know to correct me, but that is a major factor budget wise. |
Yes it is, and we (UK) are spending more on servicing our debt than we are on education. It will be interesting to see how the rating agencies view this budget - there have been suggestions that we could see a further sovereign downgrade with increased borrowing.
We also need to look beyond GDP growth, large scale immigration has grown the economy in a blunt fashion, but it’s seen out GDP per capita decline in the last few years, we’ve been getting poorer. This suggests on balance a lot of low skilled jobs, we need to get over this addiction to just adding more consumers and improve productivity. The per capita declines mean less public spending per head. It does seem the projections over the next few years are somewhat more positive though. | | | |
| Today’s budget - unless you are in the richest 10%, you win on 08:57 - Oct 31 with 1596 views | DinDjarin |
Adding private pensions to your estate is a big no no from me.
And Inheritance tax on farmers and businesses.
NI of 25 billion that employers will also have to find. Guess that means employing less people. |  | | |
| Today’s budget - unless you are in the richest 10%, you win on 09:09 - Oct 31 with 1579 views | redrickstuhaart |
| Today’s budget - unless you are in the richest 10%, you win on 08:57 - Oct 31 by DinDjarin |
Adding private pensions to your estate is a big no no from me.
And Inheritance tax on farmers and businesses.
NI of 25 billion that employers will also have to find. Guess that means employing less people. |
Why is it a big no no. You can't just make a bare statement with no justification.
You can't take a pension with you...
As for the NI, this would have been avoided had the previous government not reduced Employee NI, for no good reason, when conditions clearly didn't justify it, purely for the purpose of seeking electoral gain. | | | |
| Today’s budget - unless you are in the richest 10%, you win on 09:10 - Oct 31 with 1578 views | _clive_baker_ |
Put simply public services need further investment and it has to be funded from somewhere.
My nervousness is the impact on economic growth and job creation with the rises in NMW and employer NI contributions. Increasing operating costs for businesses will generally result in a) price increases being passed on to the users / customers, and / or b) more focus on driving efficiency & automation, primarily through payroll I would imagine given that's where these increased costs are hitting. Labour market participation is vital for the economy and even before the budget the trends around the job market were concerning, with vacancies significantly down vs. last year and have now declined for something like 25 consecutive months. I can't see that picture improving any time soon. |  | | |
| Today’s budget - unless you are in the richest 10%, you win on 09:20 - Oct 31 with 1562 views | Rimsy |
Borrow, tax, overspend, and burn. Labour innit. |  |
| |
| Today’s budget - unless you are in the richest 10%, you win on 09:23 - Oct 31 with 1555 views | redrickstuhaart |
| Today’s budget - unless you are in the richest 10%, you win on 09:20 - Oct 31 by Rimsy |
Borrow, tax, overspend, and burn. Labour innit. |
This would be a valid complaint.
If the previous government had not done so much damage to public services that they are mostly at crisis point and in desperate need of proper resources. | | | |
| Today’s budget - unless you are in the richest 10%, you win on 09:29 - Oct 31 with 1530 views | NthQldITFC |
| Today’s budget - unless you are in the richest 10%, you win on 22:56 - Oct 30 by ArnoldMoorhen |
"Every day that there are people spending £50,000 on a watch is a day when tax rates on the super-rich aren't high enough."
Astoundingly there are people who wouldn't consider a £50,000 watch "that expensive, and others who have several of them. |
What it comes down to, when you strip away all of the personal indignity of the very wealthy, the wealthy, AND the more-than-comfortable (which is a hell of a lot of people) - indignant at having to contributing a tiny bit more of their wealthpile - is that we are becoming more and more obsessed with self, and with shielding our insecurity by 'owning' things or piles of money.
Technological advances make more things available (things which are often treated, criminally, as disposable) and powerful advertising and envy manipulation as well as peer pressure through social media, drive the frenzy to 'possess' more.
What any person of even limited intelligence knows on some level at least, is that we are outstripping capacity in both social and environmental terms because of this rampant monster of self interest, we're doing it in quite a smug and self-congratulatory way which enables us to hide our self-knowledge, and that we are going to have to pay for that sooner rather than later.
We need to listen to our consciences and redefine what is important to us and our children in a very fundamental way by investing in society and cooling down capitalism or better still moving to a system where we realise that actual wealth is defined by healdoingth and happiness of us and of our ecosystem.
The kids will love us for it. |  |
| |
Login to get fewer ads
| Today’s budget - unless you are in the richest 10%, you win on 09:51 - Oct 31 with 1492 views | Pinewoodblue |
When the dust settles think we will realise that it has been an unimaginative budget.
What was needed was more far reaching changes to the taxation system. I was hoping for the removal of fuel duty and vehicle excise duty with a change to a mileage based system of taxation. I was looking for a complete review of income tax & National Insurance leading to a merger of income tax & employee NI. Changes to tax codes and an increase in the number of tax bands.
I happen to believe that anyone earning less than £17,500 a year shouldn’t be paying any income tax. I also find it laughable that the top 10% of earners are going to be less than £4 a day worse off.
Growth figures, after the first 2 years , are actually lower than they were before the budget. Growth leads to the higher taxation income which is essential to provide the money needed to improve infrastructure and services.
Dare I say not socialist enough for me. |  |
| |
| Today’s budget - unless you are in the richest 10%, you win on 12:56 - Oct 31 with 1401 views | Nthsuffolkblue |
| Today’s budget - unless you are in the richest 10%, you win on 22:56 - Oct 30 by ArnoldMoorhen |
"Every day that there are people spending £50,000 on a watch is a day when tax rates on the super-rich aren't high enough."
Astoundingly there are people who wouldn't consider a £50,000 watch "that expensive, and others who have several of them. |
I did think that when Reeves pointed out the extra £450 on a private flight to California "that's the equivalent of an extra £1 for most of us, Rishi isn't really going to notice it". |  |
| |
| Today’s budget - unless you are in the richest 10%, you win on 13:04 - Oct 31 with 1392 views | BiGDonnie |
FFS |  |
| |
| Today’s budget - unless you are in the richest 10%, you win on 16:18 - Oct 31 with 1272 views | BlueBadger |
| Today’s budget - unless you are in the richest 10%, you win on 09:20 - Oct 31 by Rimsy |
Borrow, tax, overspend, and burn. Labour innit. |
Government borrowing spiralled under the Tories. Mostly to fund bungs for their mates. |  |
| |
| Today’s budget - unless you are in the richest 10%, you win on 18:07 - Oct 31 with 1187 views | GlasgowBlue |
An interesting thread from Ed Conway.
[Post edited 31 Oct 18:07]
|  |
| |
| Today’s budget - unless you are in the richest 10%, you win on 18:26 - Oct 31 with 1151 views | SuperKieranMcKenna |
| Today’s budget - unless you are in the richest 10%, you win on 18:07 - Oct 31 by GlasgowBlue |
An interesting thread from Ed Conway.
[Post edited 31 Oct 18:07]
|
Mixed reaction from the IFS casting doubt on the Government's ability to keep to their own new ‘fiscal rules’. Also noting that not all additional borrowing is in respect of investment (also alluded to by ratings agencies):-
https://ifs.org.uk/articles/there-are-big-risks-lurking-budget
But the increased spend for this year should at least provide a short-term boost. | | | |
| Today’s budget - unless you are in the richest 10%, you win on 18:39 - Oct 31 with 1126 views | Rimsy |
| Today’s budget - unless you are in the richest 10%, you win on 16:18 - Oct 31 by BlueBadger |
Government borrowing spiralled under the Tories. Mostly to fund bungs for their mates. |
I don't disagree. Just pointing out Labour have acted the way with finance that they aways do. It never works long term but they persist with it every time they get into power. | |
| |
| Today’s budget - unless you are in the richest 10%, you win on 19:10 - Oct 31 with 1077 views | Nthsuffolkblue |
| Today’s budget - unless you are in the richest 10%, you win on 18:39 - Oct 31 by Rimsy |
I don't disagree. Just pointing out Labour have acted the way with finance that they aways do. It never works long term but they persist with it every time they get into power. |
When was the last time Labour enacted public service investment over the long term?
How much more successful has austerity been? | |
| |
| Today’s budget - unless you are in the richest 10%, you win on 19:48 - Oct 31 with 1046 views | stonojnr |
So you went and found a bunch of graphs and stats to spin it the other way so the universe is balanced.
That's karma man. | | | |
| Today’s budget - unless you are in the richest 10%, you win on 19:57 - Oct 31 with 1035 views | blueasfook |
| Today’s budget - unless you are in the richest 10%, you win on 16:18 - Oct 31 by BlueBadger |
Government borrowing spiralled under the Tories. Mostly to fund bungs for their mates. |
Do you have any actual useful input to the debate other than "Yeah but the Tories..." and frothing at the mouth? |  |
| |
| Today’s budget - unless you are in the richest 10%, you win on 21:37 - Oct 31 with 973 views | DJR |
| Today’s budget - unless you are in the richest 10%, you win on 18:26 - Oct 31 by SuperKieranMcKenna |
Mixed reaction from the IFS casting doubt on the Government's ability to keep to their own new ‘fiscal rules’. Also noting that not all additional borrowing is in respect of investment (also alluded to by ratings agencies):-
https://ifs.org.uk/articles/there-are-big-risks-lurking-budget
But the increased spend for this year should at least provide a short-term boost. |
I remember something from the IFS a few months ago saying that not all investment leads to growth.
It gave the example of energy where replacing the method of production (eg. gas to wind) does not necessarily result in growth because the same amount of energy is produced but by different means. [Post edited 31 Oct 21:39]
|  | | |
| Today’s budget - unless you are in the richest 10%, you win on 21:51 - Oct 31 with 952 views | Swansea_Blue |
| Today’s budget - unless you are in the richest 10%, you win on 09:51 - Oct 31 by Pinewoodblue |
When the dust settles think we will realise that it has been an unimaginative budget.
What was needed was more far reaching changes to the taxation system. I was hoping for the removal of fuel duty and vehicle excise duty with a change to a mileage based system of taxation. I was looking for a complete review of income tax & National Insurance leading to a merger of income tax & employee NI. Changes to tax codes and an increase in the number of tax bands.
I happen to believe that anyone earning less than £17,500 a year shouldn’t be paying any income tax. I also find it laughable that the top 10% of earners are going to be less than £4 a day worse off.
Growth figures, after the first 2 years , are actually lower than they were before the budget. Growth leads to the higher taxation income which is essential to provide the money needed to improve infrastructure and services.
Dare I say not socialist enough for me. |
It was never going to be imaginative and radical. They define dull (which is fine if they can fix some of the mess). |  |
| |
| Today’s budget - unless you are in the richest 10%, you win on 05:56 - Nov 1 with 808 views | Zapers |
| Today’s budget - unless you are in the richest 10%, you win on 08:57 - Oct 31 by DinDjarin |
Adding private pensions to your estate is a big no no from me.
And Inheritance tax on farmers and businesses.
NI of 25 billion that employers will also have to find. Guess that means employing less people. |
Employing less people, negotiating lower pay awards, increasing prices on goods, therefore feeding inflation which will in turn mean higher interest rates, higher mortgage repayments.
'Bonds, shares and the value of the pound fell as traders dumped UK assets in a swift rebuke of Reeves debt-fuelled spending plans.'
'Meanwhile economists at the IFS said that Reeves would be forced to raise taxes by another £9bn later in this parliament'
'Uk 10-year borrowing costs hit there highest levels in a year, rising to 4.582pc as investors fretted about the huge increase in borrowing'
I'm not sure the OP will be quite as confident in his assessment in the near future. | | | |
| Today’s budget - unless you are in the richest 10%, you win on 06:29 - Nov 1 with 763 views | Benters |
| Today’s budget - unless you are in the richest 10%, you win on 05:56 - Nov 1 by Zapers |
Employing less people, negotiating lower pay awards, increasing prices on goods, therefore feeding inflation which will in turn mean higher interest rates, higher mortgage repayments.
'Bonds, shares and the value of the pound fell as traders dumped UK assets in a swift rebuke of Reeves debt-fuelled spending plans.'
'Meanwhile economists at the IFS said that Reeves would be forced to raise taxes by another £9bn later in this parliament'
'Uk 10-year borrowing costs hit there highest levels in a year, rising to 4.582pc as investors fretted about the huge increase in borrowing'
I'm not sure the OP will be quite as confident in his assessment in the near future. |
Yeah apart from all that Rachel Thieves did a good job yes … |  |
| |
| Today’s budget - unless you are in the richest 10%, you win on 06:31 - Nov 1 with 763 views | Benters |
| Today’s budget - unless you are in the richest 10%, you win on 19:57 - Oct 31 by blueasfook |
Do you have any actual useful input to the debate other than "Yeah but the Tories..." and frothing at the mouth? |
Has he mentioned the Nazis yet ? | |
| |
| Today’s budget - unless you are in the richest 10%, you win on 10:49 - Nov 1 with 653 views | OldFart71 |
Well that's simply garbage. Take myself as a pensioner. I receive the old State Pension. Yes, I do have additional income as I get a company pension also. Now I am not complaining about losing the Winter Fuel allowance. I have my reasons for believing that only those on credits/benefits are getting it is unfair. Mainly because of the allowances granted to those entering the Houses of Parliament such as expenses, second house allowances, subsidised food and drink and a wage exceeding £80,000 a year haven't suffered any cutbacks. But that's aside from the issue that affects myself. If you take away the £200 Winter fuel allowance, then the fact that I will pay around £80 more tax due to fiscal drag as the personal allowance is frozen. Added to this my Council tax will increase by around £6 per month from next April. So another £72. Add increases in water rates, insurances, car road tax etc I will be worse off. So this £600 better off is fantasy. In my case anyway. | | | |
| Today’s budget - unless you are in the richest 10%, you win on 11:43 - Nov 1 with 619 views | itfc48 |
I'm not sure people will win - the price of everything will go up due to the employer NI rise and given how greedy companies are they'll see this as a chance to increase their profits by adding on a little extra to their price increases.
We will certainly many companies scrapping pay rises and freezing recruitment whilst the companies that can, will hire remote workers from outside the UK.
Something had to be done about the NHS waiting lists etc but it's currently a bottomless pit and needs an urgent reform as billions currently being wasted. They should have put more of that money into health and social care as it's been widely acknowledged the issues there are having a huge knock-on effect for the NHS. | | | |
| |
By continuing to use the site, you agree to our use of cookies and to abide by our Terms and Conditions.
