Very impressed with Rachel Reeves even disregarding the content
Yep. It was a sound performance, but the devil is always in the detail. Not too much sounding awful to me.
The cut in employees NI followed by the rise in Employers NI is like a compulsory payrise for everyone at their employers expense when looked at overall.
Foxy, you might want to spare a thought for those who don't have DB pension scheme's. For us it's awful believe me.
What was said on pensions or ISAs that bothers you?
DC pensions coming into estate for IHT purposes. Goodness knows if this is doable given pensions are in trust.
Can you or Foxy enlighten me - What happens if someone with a DB pension drops dead the day after they turn 68 ?
The estate gets nothing.
The widow/er of an NHS pensioner gets a half pension. There's no other death benefit.
Thats a bit simplistic
Depends on the scheme and when you took the pension (the question is phrased as if they took it at 68)
Some public sector schemes have a 'balancing lump sum payment' so you and dependents receive a total of 5 years pension. But even for NHS it depends on which scheme exactly how this is calculated.
A 1/4 pension would also be paid to a dependent child under 23 (again NHS) - and a surprising amount of old dads in the playground these days.
The big one was the bringing in pension funds to IHT. Massive.
This will not affect public sector workers with DB schemes.
So the balance once more from private sector to public.
Details to come but thoughts include:
What about inheritance by spouse?
At what rate - 40%?!
Death below age 75 too?
What about tax on withdrawals*?
* people think that unexhausted pension funds can pass down tax free. This is not true - IHT free yes but withdrawals are taxed at withdrawer's marginal rate of income tax as earned income (assuming deceased was over 75 on death). If these unexhausted funds are to be brought into the estate for IHT calculation, does this mean no further tax on withdrawals by the beneficiaries. Or will the fund be taxed twice?
The logical thing is that the pension wrapper ends on transfer out of the estate. So no further income tax on withdrawals but also no further tax shelter from dividends or CGT.
Not sure if that is what they will do but think that is fairer than the current system. Pension tax shelters should be for individuals retirements not passing inter generational wealth.
Indeed, and those of us on DB pensions can not bequeath the pension at all, with or without tax.
Yeah but that is apples and oranges. Private sector annuities would be the comparison there, which are treated identically aiui.
Yes, it's people who use drawdown as an inheritance dodge that are brought into line with the rest of us.
Yep. I predicted that would happen and also I approve of it, although it will hit me (well my children) significantly. It will I think have a big impact on IHT in the South East (as previously discussed and agreed with @hyufd) as it will bring a lot of people into IHT who have medium sized houses and DC pensions who previously would have been well outside of it. For someone like @hyufd with his views on IHT it really isn't good news and I understand why he will not be happy about this.
Worth mentioning that sole director companies do not get access to Employment Allowance, so this will massively impact on small businesses.
Hope RR factored that in.
It seems small businesses have been relatively hammered the most. Which a bit like bashing the bus wankers versus drivers seem wrong way up.
Lots of media people love a good sole director company....they often very angry when people mess with those e.g. Hammond trying to increase NI on them by a few £100, was like end of the world stuff.
What have they done with sole director companies?
£600 extra in employer NI (if only the director is on staff you can't claim the allowance) and I think that's it...
Whatever! I don’t take any income from mine.
I would get advice on that - everytime I've looked it's best to pull a £1000 a month salary from the company as it was the most efficient way of extracting money from a company.
Very impressed with Rachel Reeves even disregarding the content
Yep. It was a sound performance, but the devil is always in the detail. Not too much sounding awful to me.
The cut in employees NI followed by the rise in Employers NI is like a compulsory payrise for everyone at their employers expense when looked at overall.
Foxy, you might want to spare a thought for those who don't have DB pension scheme's. For us it's awful believe me.
What was said on pensions or ISAs that bothers you?
DC pensions coming into estate for IHT purposes. Goodness knows if this is doable given pensions are in trust.
Can you or Foxy enlighten me - What happens if someone with a DB pension drops dead the day after they turn 68 ?
The estate gets nothing.
The widow/er of an NHS pensioner gets a half pension. There's no other death benefit.
That’s a pretty nice benefit, to be fair.
Yes, and it was not cheap either. Both me and my employer paid for this over many years.
I've been busy, but I take it there has been nothing on increasing productivity in the public sector or any spending restraint in the public sector?
There does appear to be some spending restraint and at least by not mentioning productivity we aren't working on false hope of completely fictional productivity improvements..
Very impressed with Rachel Reeves even disregarding the content
Yep. It was a sound performance, but the devil is always in the detail. Not too much sounding awful to me.
The cut in employees NI followed by the rise in Employers NI is like a compulsory payrise for everyone at their employers expense when looked at overall.
Foxy, you might want to spare a thought for those who don't have DB pension scheme's. For us it's awful believe me.
What was said on pensions or ISAs that bothers you?
DC pensions coming into estate for IHT purposes. Goodness knows if this is doable given pensions are in trust.
It's doable, but I note they've given themselves over 2 years to thrash out how it works, as a former tax lawyer I think they'll need that. Would have been better just to subject funds on death pre 75 to income tax the same as post 75.
Have any of you listened to 'The Coming Storm' on Radio 4. It sounded interesting and may listen on BBC Sounds. Would appreciate feedback.
One comment that I had never heard before was a reference by some MAGA people referring to America as 'A Republic, not a Democracy' as if they are mutually exclusive. That is new to me, if true.
I listened to part 1,now listening to part 2. I'm enjoying it. It's somewhat sympathetic to its subject, at least not portraying them as a bunch of whackjobs...
I've been busy, but I take it there has been nothing on increasing productivity in the public sector or any spending restraint in the public sector?
Making it more expensive for big private sector business to employ people should lead to pay restraint in the public sector. Should (other things being equal) rather than will.
Some lucky people can react to the budget by voting in local by-elections tomorrow. A mixed lot - we have Lab defences in Salford and Wolverhampton; Con defences in Hampshire and Westmoreland; a LD defence in Stockport, a Green defence in Charnwood, and an Ind defence in Rochdale.
I think it is nuts to comment on the budget at this stage and silly that Rishi has to, but I am going to. It needs a few days for stuff to unravel.
I'm pleased with myself that the DC pension pot thing happened, as I predicted that. Will seriously cost my children though when I die. Long way off hopefully and I'm doing my best to spend it.
I am pleased with the PO and Blood Scandal payments are being met (if they actually do) and more hopeful for a similar campaign that I am supporting.
Shocked by the lack of fuel duty increase. Politics?
The draught beer one is politics as well because people will expect a 1p off their pint, but I suspect they will go up because of the NI increases.
The employer NI is as expected, but also there is the big reduction in the threshold which I didn't expect. This must be a blow to businesses but the money had to come from Income Tax, NI or Vat and they had painted themselves into this corner. So be it.
I predicted that there would be an increase in the PA (not the other bands) for next year. Got that wrong and 28/29 is a long way off. I suspect that they can make the same announcement next year making it 27/28 and so forth.
I got confused by the EV announcement re road tax and cynically I interpreted the good news announcement for EV owners to be bad news for ICE car owners without being said. Zoned out at that point.
I thought RR performance to be very good. Presented big tax rises surprisingly well.
Home Office and Transport are the big departmental losers. Real-terms cut of 2.7% and 2.5% in spending, while Justice is up 5.6%.
On home office versus justice that seems the right thing to do.
What's the point of catching criminals if we can't prosecute them in a timely fashion and lock them up?
Getting the justice system fixed is something most on left and right surely can agree on?
Yes. And if you spend more on prisons to keep criminals locked up then you don't need so many police officers chasing after them.
They were rather large changes that stood out. Thought they would be interesting. Sometimes one mentions things neutrally and neither to criticise or celebrate.
Have any of you listened to 'The Coming Storm' on Radio 4. It sounded interesting and may listen on BBC Sounds. Would appreciate feedback.
One comment that I had never heard before was a reference by some MAGA people referring to America as 'A Republic, not a Democracy' as if they are mutually exclusive. That is new to me, if true.
I listened to part 1,now listening to part 2. I'm enjoying it. It's somewhat sympathetic to its subject, at least not portraying them as a bunch of whackjobs...
Never see a photo of Gabriel Gatehouse. He’s a middle aged man with a top knot which ruins anything he says.
So if the OBR are good enough to validate the black hole claim, then they ought to be good enough for us to say Reeves has produced a budget that will reduce growth.
I have to agree, I can't see where growth comes from in the budget. Labour have been banging on about growth for years, and yet here we are and nobody really has a clue what to do.
So if the OBR are good enough to validate the black hole claim, then they ought to be good enough for us to say Reeves has produced a budget that will reduce growth.
I have to agree, I can't see where growth comes from in the budget. Labour have been banging on about growth for years, and yet here we are and nobody really has a clue what to do.
The OBR have already said that the budget will weaken growth.
The big one was the bringing in pension funds to IHT. Massive.
This will not affect public sector workers with DB schemes.
So the balance once more from private sector to public.
Details to come but thoughts include:
What about inheritance by spouse?
At what rate - 40%?!
Death below age 75 too?
What about tax on withdrawals*?
* people think that unexhausted pension funds can pass down tax free. This is not true - IHT free yes but withdrawals are taxed at withdrawer's marginal rate of income tax as earned income (assuming deceased was over 75 on death). If these unexhausted funds are to be brought into the estate for IHT calculation, does this mean no further tax on withdrawals by the beneficiaries. Or will the fund be taxed twice?
The logical thing is that the pension wrapper ends on transfer out of the estate. So no further income tax on withdrawals but also no further tax shelter from dividends or CGT.
Not sure if that is what they will do but think that is fairer than the current system. Pension tax shelters should be for individuals retirements not passing inter generational wealth.
Indeed, and those of us on DB pensions can not bequeath the pension at all, with or without tax.
Yeah but that is apples and oranges. Private sector annuities would be the comparison there, which are treated identically aiui.
Yes, it's people who use drawdown as an inheritance dodge that are brought into line with the rest of us.
Yep. I predicted that would happen and also I approve of it, although it will hit me (well my children) significantly. It will I think have a big impact on IHT in the South East (as previously discussed and agreed with @hyufd) as it will bring a lot of people into IHT who have medium sized houses and DC pensions who previously would have been well outside of it. For someone like @hyufd with his views on IHT it really isn't good news and I understand why he will not be happy about this.
It won't actually really hit me at all, it will hit a lot of family farms and family businesses around here hard though
So if the OBR are good enough to validate the black hole claim, then they ought to be good enough for us to say Reeves has produced a budget that will reduce growth.
I have to agree, I can't see where growth comes from in the budget. Labour have been banging on about growth for years, and yet here we are and nobody really has a clue what to do.
The OBR have already said that the budget will weaken growth.
Anything the Government could do would have weakened growth - the only way to have not seriously impacted growth was to put the tax on employee NI or income tax where the result is slightly mitigated...
So if the OBR are good enough to validate the black hole claim, then they ought to be good enough for us to say Reeves has produced a budget that will reduce growth.
I have to agree, I can't see where growth comes from in the budget. Labour have been banging on about growth for years, and yet here we are and nobody really has a clue what to do.
The OBR have already said that the budget will weaken growth.
I know, and seeing as Labour think the OBR are right about the black hole I'm going to enjoy listening to Labour twerps explaining why the OBR is wrong about growth.
If I was able to, I would emigrate. Green Hydrogen is stupid. It costs more energy to produce than it does when consumed. I don't see why I should like a Government when it does things that a fifteen-year-old with a Physics GCSE can tell are stupid. This is genuinely depressing.
The Office for Budget Responsibility says the increaser in employers’ national insurance contributions (NICs) will have a negative impact on pay. It says:
We expect real earnings to grow 2.4 per cent this year and 1.2 per cent in 2025, 1.1 and 0.7 percentage points higher than in March, respectively. Real earnings then stall in 2026 and 2027 as firms rebuild margins and pass on the cost of higher employer NICs. This means we do not expect real wages to resume growing in line with productivity (around 1 per cent a year) until beyond the forecast horizon.
So if the OBR are good enough to validate the black hole claim, then they ought to be good enough for us to say Reeves has produced a budget that will reduce growth.
I have to agree, I can't see where growth comes from in the budget. Labour have been banging on about growth for years, and yet here we are and nobody really has a clue what to do.
The OBR have already said that the budget will weaken growth.
An to think we laughed at Truss when she called Labour part of the anti-growth coalition
Interesting, she was reading out the figures like they were an improvement lol. Like one of those cold callers promising you a discount on your energy...
I think it is nuts to comment on the budget at this stage and silly that Rishi has to, but I am going to. It needs a few days for stuff to unravel.
I'm pleased with myself that the DC pension pot thing happened, as I predicted that. Will seriously cost my children though when I die. Long way off hopefully and I'm doing my best to spend it.
I am pleased with the PO and Blood Scandal payments are being met (if they actually do) and more hopeful for a similar campaign that I am supporting.
Shocked by the lack of fuel duty increase. Politics?
The draught beer one is politics as well because people will expect a 1p off their pint, but I suspect they will go up because of the NI increases.
The employer NI is as expected, but also there is the big reduction in the threshold which I didn't expect. This must be a blow to businesses but the money had to come from Income Tax, NI or Vat and they had painted themselves into this corner. So be it.
I predicted that there would be an increase in the PA (not the other bands) for next year. Got that wrong and 28/29 is a long way off. I suspect that they can make the same announcement next year making it 27/28 and so forth.
I got confused by the EV announcement re road tax and cynically I interpreted the good news announcement for EV owners to be bad news for ICE car owners without being said. Zoned out at that point.
I thought RR performance to be very good. Presented big tax rises surprisingly well.
I'm not sure why some people here are surprised by the lack of fuel duty rise.
It's not politics, it's economics that says its a horrendous tax to rise.
It's massively regressive. It's always been regressive, the poorest have always spent a higher proportion of their income on fuel duty than the wealthier have, but now that those with an EV can opt out of paying it entirely that disparity has become a gulf.
And it's a pointless tax to rise. It raises no money in the long term. If you want a balanced budget in the future why raise a tax that won't exist in the future?
HMRC needs to detox from getting money from drivers and rebalance away from it, simply ensuring drivers pay for roads and that's it.
Raising fuel duty is like a problem gambler chasing their losses.
Stamp duty second home surcharge increase welcome here. Would have also liked an additional increase for non resident buyers too but its progress.
I thought it was a bit harsh that it applies from tomorrow. A few people having to scrabble around today to find the extra money to complete their purchase tomorrow.
The Neptune Beach Police Department is set to hold a media briefing following the arrest of a man in connection with an “armed disturbance” that occurred at the Beaches Branch Library, a polling location for the 2024 General Election. https://x.com/ActionNewsJax/status/1851464793359634929
Stamp duty second home surcharge increase welcome here. Would have also liked an additional increase for non resident buyers too but its progress.
I thought it was a bit harsh that it applies from tomorrow. A few people having to scrabble around today to find the extra money to complete their purchase tomorrow.
Yeah, I'd have given them til Friday. Can't imagine many completions lined up for the rest of this week and idiot tax would apply I'm afraid.
The thing that has surprised me about Labour so far, and this budget is no exception, is the lack of reformist talk.
It’s all tax and spend, very little on structural reform etc. Now I’m sure the cry will come “typical Labour”, but I did really expect a bit more… vision? here.
It’s a big budget, but it doesn’t feel like a change budget as much as I expected?
The Office for Budget Responsibility says the increaser in employers’ national insurance contributions (NICs) will have a negative impact on pay. It says:
We expect real earnings to grow 2.4 per cent this year and 1.2 per cent in 2025, 1.1 and 0.7 percentage points higher than in March, respectively. Real earnings then stall in 2026 and 2027 as firms rebuild margins and pass on the cost of higher employer NICs. This means we do not expect real wages to resume growing in line with productivity (around 1 per cent a year) until beyond the forecast horizon.
If I was able to, I would emigrate. Green Hydrogen is stupid. It costs more energy to produce than it does when consumed. I don't see why I should like a Government when it does things that a fifteen-year-old with a Physics GCSE can tell are stupid. This is genuinely depressing.
And the government are going to splash billions on building carbon capture facilities....not just the we will pay private companies up to £22bn if they do it.
The Office for Budget Responsibility says the increaser in employers’ national insurance contributions (NICs) will have a negative impact on pay. It says:
We expect real earnings to grow 2.4 per cent this year and 1.2 per cent in 2025, 1.1 and 0.7 percentage points higher than in March, respectively. Real earnings then stall in 2026 and 2027 as firms rebuild margins and pass on the cost of higher employer NICs. This means we do not expect real wages to resume growing in line with productivity (around 1 per cent a year) until beyond the forecast horizon.
The Office for Budget Responsibility says the increaser in employers’ national insurance contributions (NICs) will have a negative impact on pay. It says:
We expect real earnings to grow 2.4 per cent this year and 1.2 per cent in 2025, 1.1 and 0.7 percentage points higher than in March, respectively. Real earnings then stall in 2026 and 2027 as firms rebuild margins and pass on the cost of higher employer NICs. This means we do not expect real wages to resume growing in line with productivity (around 1 per cent a year) until beyond the forecast horizon.
No shit Sherlock.
Well Foxy was saying down thread, all these changes, its going to be enforced payrise for us all...spot the person who works in the public sector.
So if the OBR are good enough to validate the black hole claim, then they ought to be good enough for us to say Reeves has produced a budget that will reduce growth.
I have to agree, I can't see where growth comes from in the budget. Labour have been banging on about growth for years, and yet here we are and nobody really has a clue what to do.
The OBR have already said that the budget will weaken growth.
Anything the Government could do would have weakened growth - the only way to have not seriously impacted growth was to put the tax on employee NI or income tax where the result is slightly mitigated...
They’ve seriously boxed themselves in on income tax now. A shame, because there are things that could be changed that would be a real benefit.
The Office for Budget Responsibility says the increaser in employers’ national insurance contributions (NICs) will have a negative impact on pay. It says:
We expect real earnings to grow 2.4 per cent this year and 1.2 per cent in 2025, 1.1 and 0.7 percentage points higher than in March, respectively. Real earnings then stall in 2026 and 2027 as firms rebuild margins and pass on the cost of higher employer NICs. This means we do not expect real wages to resume growing in line with productivity (around 1 per cent a year) until beyond the forecast horizon.
No shit Sherlock.
Well Foxy was saying down thread, all these changes, its going to be enforced payrise for us all...spot the person who works in the public sector.
Watching the Tory Chief Secretary to the Treasury being eviscerated on the BBC could be blamed on having a very small talent pool to call on. But not a good showing particularly after a steely performance by the Labour one.
If this is the start of the Labour fight back after a shaky start it couldn't have gone much better. All the vox pops liked it.
Rachel Reeves presentation was as good as I've seen from a Chancellor and it looks like there's now only one show in town.
The Tories better hope for a flotilla of black swans or it could be a very long 5 years.
Birmingham tram extension gets funding. Anything for Nottingham, Manchester metros etc?
Nothing for North East transport either.
The Newcastle Metro is overdue an extension but there's no shovel ready scheme on the table AIUI
Kim McGuinness has already said she is making it a priority.
She should do. There are vast swathes of west Newcastle and the south west of the city-region untouched by it. It's a pretty good network but could be so much better.
Watching the Tory Chief Secretary to the Treasury being eviscerated could be blamed on having a very small talent pool to call on. But not a good showung particularly after a steely performance by the Labour one.
If this is the start of the fight back after a shaky start it couldn't have gone much better. All the vox pops liked it.
Rachel Reeves presentation was as good as I've seen from a Chancellor and it looks like there's now only one show in town.
The Tories better hope for a flotilla of black swans or it could be a very long 5 years.
The predictions are for absolute piss poor growth now with stagnate wages and higher inflation. It won't take much headwinds for that to be problematic. Especially given the mantra of the new government was supposed to be growth, growth, growth.
Watching the Tory Chief Secretary to the Treasury being eviscerated could be blamed on having a very small talent pool to call on. But not a good showung particularly after a steely performance by the Labour one.
If this is the start of the fight back after a shaky start it couldn't have gone much better. All the vox pops liked it.
Rachel Reeves presentation was as good as I've seen from a Chancellor and it looks like there's now only one show in town.
The Tories better hope for a flotilla of black swans or it could be a very long 5 years.
The predictions are for absolute piss poor growth now. It won't take much headwinds for that to be problematic.
The Tories and Labour arguing over fractions of a percent of growth (well not growth, but forecast growth) over 5 years is completely pathetic from both.
Watching the Tory Chief Secretary to the Treasury being eviscerated could be blamed on having a very small talent pool to call on. But not a good showung particularly after a steely performance by the Labour one.
If this is the start of the fight back after a shaky start it couldn't have gone much better. All the vox pops liked it.
Rachel Reeves presentation was as good as I've seen from a Chancellor and it looks like there's now only one show in town.
The Tories better hope for a flotilla of black swans or it could be a very long 5 years.
The predictions are for absolute piss poor growth now. It won't take much headwinds for that to be problematic. Especially the mantra of the new government was supposed to be growth, growth, growth.
Our team at work are poring over the budget details.
Précis - We’re going to have piss weak growth for a few years which will end up in the toilet if Trump has his way with tariffs.
Also if Mr Putin, The Ayatollahs, and Israel do not behave.
Freezing threshold, but they also dragged in some businesses that used to be exempt. It could have a big impact on agriculture.
More likely it will have an impact on those who 'invest' in farmland to evade taxes while not actually being farmers.
Plenty of family farms and family businesses with estates and assets over £1 million also hammered by Reeves
If they have £1m of assets then they’re rich and can afford to contribute more to the exchequer. Labour doing what Labour is supposed to do.
This was widely expected. I had thought they might be cleverer than that, but no.
The biggest question is do the Lib Dems support this or not ? For twenty years Farron has run with the horses and gone with the hounds so to speak.
It makes easy policy for both the Conservatives and Reform at the May 2028 Election. Abolish IHT. Personally I need to concentrate on not dying before this goverment is kicked out, as it will be.
Removing business rates from public schools will then come on to how do you value something which cannot be sold ?
As you all know I did not and never would vote for this lot or their Lib Dem ersatz clones. But the fact sufficient numbers thought they were fit to be elected in preference to Boris, with or without a wadge of cake is the big problem my lot has to sort out and PDQ
Watching the Tory Chief Secretary to the Treasury being eviscerated on the BBC could be blamed on having a very small talent pool to call on. But not a good showing particularly after a steely performance by the Labour one.
If this is the start of the Labour fight back after a shaky start it couldn't have gone much better. All the vox pops liked it.
Rachel Reeves presentation was as good as I've seen from a Chancellor and it looks like there's now only one show in town.
The Tories better hope for a flotilla of black swans or it could be a very long 5 years.
Maybe let the dust settle and listen to the OBR and IFS for independent views
I look forward to the Telegraph fully embracing the budget after virtually none of their 739 projected tax increases actually happened.
But still managed to increase the tax take to all time highs.....Rather than 739 tax rises, just getting a few absolute massives ones and lots of new borrowing.
Powerful stuff. 5 million followers. A lot of registered Republicans will be voting for Harris. It all adds up.
It's smart framing from Arnie. He's not gushing about Kamala or indeed the Democrats but "I'm an American before I'm a Republican" is a great line. And he makes the case well.
I think it is nuts to comment on the budget at this stage and silly that Rishi has to, but I am going to. It needs a few days for stuff to unravel.
I'm pleased with myself that the DC pension pot thing happened, as I predicted that. Will seriously cost my children though when I die. Long way off hopefully and I'm doing my best to spend it.
I am pleased with the PO and Blood Scandal payments are being met (if they actually do) and more hopeful for a similar campaign that I am supporting.
Shocked by the lack of fuel duty increase. Politics?
The draught beer one is politics as well because people will expect a 1p off their pint, but I suspect they will go up because of the NI increases.
The employer NI is as expected, but also there is the big reduction in the threshold which I didn't expect. This must be a blow to businesses but the money had to come from Income Tax, NI or Vat and they had painted themselves into this corner. So be it.
I predicted that there would be an increase in the PA (not the other bands) for next year. Got that wrong and 28/29 is a long way off. I suspect that they can make the same announcement next year making it 27/28 and so forth.
I got confused by the EV announcement re road tax and cynically I interpreted the good news announcement for EV owners to be bad news for ICE car owners without being said. Zoned out at that point.
I thought RR performance to be very good. Presented big tax rises surprisingly well.
I'm not sure why some people here are surprised by the lack of fuel duty rise.
It's not politics, it's economics that says its a horrendous tax to rise.
It's massively regressive. It's always been regressive, the poorest have always spent a higher proportion of their income on fuel duty than the wealthier have, but now that those with an EV can opt out of paying it entirely that disparity has become a gulf.
And it's a pointless tax to rise. It raises no money in the long term. If you want a balanced budget in the future why raise a tax that won't exist in the future?
HMRC needs to detox from getting money from drivers and rebalance away from it, simply ensuring drivers pay for roads and that's it.
Raising fuel duty is like a problem gambler chasing their losses.
It also feeds into inflation like no other tax the government can raise.
Absolutely huge increase in borrowing and a lower growth forecast. Wtf are they doing, surely a big fiscal stimulus like this should increase the growth rate not lower it.
Comments
Depends on the scheme and when you took the pension (the question is phrased as if they took it at 68)
Some public sector schemes have a 'balancing lump sum payment' so you and dependents receive a total of 5 years pension.
But even for NHS it depends on which scheme exactly how this is calculated.
A 1/4 pension would also be paid to a dependent child under 23 (again NHS) - and a surprising amount of old dads in the playground these days.
https://www.propublica.org/article/josseli-barnica-death-miscarriage-texas-abortion-ban
https://x.com/Schwarzenegger/status/1851627802027758005
https://www.ft.com/content/3b93e647-2a8b-4fb4-831d-e27adf4db5f8
I suspect he's not a massive fan.
No good times ahead. Danger is back for more tax rises, more borrowing, if all the tax rises don't raise the projected revenue.
Put in those terms, it's not difficult, is it?
Are we...screwed?
The MAGA Republican Party that is.
https://x.com/schwarzenegger/status/1851627802027758005?s=61&t=LYVEHh2mqFy1oUJAdCfe-Q
Presidential Polling Leads:
MN: D +10
VA: D +8
NH: D +7
MI: D +5
NV: D +4
WI: D +3
PA: D +1
NC: R +2
TX: R +4
AZ: R +4
GA: R +5
FL: R +6
OH: R +7
CCES/YouGov / October 25, 2024
https://x.com/USA_Polling/status/1851397569206947900
I'm pleased with myself that the DC pension pot thing happened, as I predicted that. Will seriously cost my children though when I die. Long way off hopefully and I'm doing my best to spend it.
I am pleased with the PO and Blood Scandal payments are being met (if they actually do) and more hopeful for a similar campaign that I am supporting.
Shocked by the lack of fuel duty increase. Politics?
The draught beer one is politics as well because people will expect a 1p off their pint, but I suspect they will go up because of the NI increases.
The employer NI is as expected, but also there is the big reduction in the threshold which I didn't expect. This must be a blow to businesses but the money had to come from Income Tax, NI or Vat and they had painted themselves into this corner. So be it.
I predicted that there would be an increase in the PA (not the other bands) for next year. Got that wrong and 28/29 is a long way off. I suspect that they can make the same announcement next year making it 27/28 and so forth.
I got confused by the EV announcement re road tax and cynically I interpreted the good news announcement for EV owners to be bad news for ICE car owners without being said. Zoned out at that point.
I thought RR performance to be very good. Presented big tax rises surprisingly well.
They were rather large changes that stood out. Thought they would be interesting. Sometimes one mentions things neutrally and neither to criticise or celebrate.
So say a cafe owner/director who pays a lot of very part time people wont get it if I have understood it.
He’s a middle aged man with a top knot which ruins anything he says.
I have to agree, I can't see where growth comes from in the budget. Labour have been banging on about growth for years, and yet here we are and nobody really has a clue what to do.
You're very good by the way, pass the Turing Test no problem.
5 out of 5 for my immediate pocket, 0 out of 5 for the long term effect on business and growth in the country.
We expect real earnings to grow 2.4 per cent this year and 1.2 per cent in 2025, 1.1 and 0.7 percentage points higher than in March, respectively. Real earnings then stall in 2026 and 2027 as firms rebuild margins and pass on the cost of higher employer NICs. This means we do not expect real wages to resume growing in line with productivity (around 1 per cent a year) until beyond the forecast horizon.
It's not politics, it's economics that says its a horrendous tax to rise.
It's massively regressive. It's always been regressive, the poorest have always spent a higher proportion of their income on fuel duty than the wealthier have, but now that those with an EV can opt out of paying it entirely that disparity has become a gulf.
And it's a pointless tax to rise. It raises no money in the long term. If you want a balanced budget in the future why raise a tax that won't exist in the future?
HMRC needs to detox from getting money from drivers and rebalance away from it, simply ensuring drivers pay for roads and that's it.
Raising fuel duty is like a problem gambler chasing their losses.
https://x.com/ActionNewsJax/status/1851464793359634929
Trump supporter.
It’s all tax and spend, very little on structural reform etc. Now I’m sure the cry will come “typical Labour”, but I did really expect a bit more… vision? here.
It’s a big budget, but it doesn’t feel like a change budget as much as I expected?
https://www.theguardian.com/society/article/2024/jun/28/tory-betting-scandal-labour-gambling-industry-regulation
If this is the start of the Labour fight back after a shaky start it couldn't have gone much better. All the vox pops liked it.
Rachel Reeves presentation was as good as I've seen from a Chancellor and it looks like there's now only one show in town.
The Tories better hope for a flotilla of black swans or it could be a very long 5 years.
Message to swing states: YOU could end up like THIS.
A lot of registered Republicans will be voting for Harris. It all adds up.
Précis - We’re going to have piss weak growth for a few years which will end up in the toilet if Trump has his way with tariffs.
Also if Mr Putin, The Ayatollahs, and Israel do not behave.
The biggest question is do the Lib Dems support this or not ? For twenty years Farron has run with the horses and gone with the hounds so to speak.
It makes easy policy for both the Conservatives and Reform at the May 2028 Election. Abolish IHT. Personally I need to concentrate on not dying before this goverment is kicked out, as it will be.
Removing business rates from public schools will then come on to how do you value something which cannot be sold ?
As you all know I did not and never would vote for this lot or their Lib Dem ersatz clones. But the fact sufficient numbers thought they were fit to be elected in preference to Boris, with or without a wadge of cake is the big problem my lot has to sort out and PDQ