2024 UK Budget by the Chancellor of the Exchequer on 6th of March- Predictions, pre-election give away, Fiscally responsible ?

[lol-lol]

22 minutes ago, xman said:

We'll soon know.

 

 

The suspense is terrible, I hope it will last.. Across the desert lies the promised land......

 

 

[Ootohere]

Over the last 24 hours there has been much more crap spoken than over the 24 before that and then all the past week.

 

People with not a clue what is away to happen in the Budget other than the stuff leaked to the chosen few. 

 

As today goes on they will roll out the Ex Chancellors, the experts, the vox pops and the reset of the usual stuff.

Tomorrow and as the week goes on we will actually get an idea what really happened and what gets revealed tomorrow. 

What has to be rolled back on, or where a major error was announced. 

 

This budget is like the Glasgow event.  Scammers @ work.  But you will not be taken for just £35.

 

 

 

Edited 6 March by Rooted

[xman]

Had a little chuckle at this live reporting in todays Telegraph

 

Jeremy Hunt has just posed outside No 11 Downing Street with the famous Budget Red Box. 

The Chancellor stood alongside his Treasury ministerial team as photographers snapped the traditional annual picture. 

A reporter in the street shouted: “Is this an election winning Budget, Chancellor?” 

Mr Hunt then posed on his own before heading back inside No 11. However, he had to knock on the door to be let back in. 

 

An omen me thinks...

 

[BTandSid]

2 minutes ago, xman said:

Had a little chuckle at this live reporting in todays Telegraph

 

Jeremy Hunt has just posed outside No 11 Downing Street with the famous Budget Red Box. 

The Chancellor stood alongside his Treasury ministerial team as photographers snapped the traditional annual picture. 

A reporter in the street shouted: “Is this an election winning Budget, Chancellor?” 

Mr Hunt then posed on his own before heading back inside No 11. However, he had to knock on the door to be let back in. 

 

An omen me thinks...

 

Perhaps the Uber was booked for 12 and he realised he was a bit early. Or to save the country money the team were going to walk to the House and he needed to get his overcoat as it was a bit chilly

[@Lee]

At least alcohol's not going up so you can all get mullered to forget how awful they are  
Part budget speech part election campaigning and a partial memory loss Re other contributing factors.

Edited 6 March by @Lee

[lol-lol]

11 minutes ago, @Lee said:

At least alcohol's not going up so you can all get mullered to forget how awful they are  
Part budget speech part election campaigning and a partial memory loss Re other contributing factors.

 

And fuel duty frozen too.  No mention of the £12,570 start point for taxing though yet or probably at all which will now mean many pensioners, even with small additional pensions will see tax being taken, probably.

 

[lol-lol]

2% off NI then.

 

Thanks for another few tenners in the monthly pay packet next month after the same effect two months ago adding up to circa £100 extra a month in the net pay from next month.

 

Amazed he screwed pensioners though

 

[lol-lol]

Budget docs......

 

 

E03057752_HMT_Spring_Budget_Mar_24_TEXT_20pt_LP_PRINT__2_.pdf

[lol-lol]

 

 

And useful summary....

 

 

personal tax factsheet.pdf

[kodiaqsportline]

As budgets go, I'm struggling to remember one that will have less effect on our future. Absolutely nothing, not even a sticky plaster to please their land of dope and glory tory faithful.

 

In order to promote health ( described as a crackdown on smoking ) they're going to tax vaping and increase the tax smoking so that it's the less attractive of the two evils. Ok, t's a good plan, thumbs up from me.  But then they say it'll be introduced in Oct 2026 ?   WTF   Crackdown!   Are you kidding me?    Why can't they introduce it at 6pm tonight?  If it was fuel duty or beer duty, it'd increase the same day but what effect are they hoping for by delaying it by 2yrs?

 

This government is absolutely useless. If Spitting Image potrayed John Major as grey, what charicatures would they invent for Rushi & Co?  Boris was off his rocker, Truss & Co were living on a different planet, but if I had to scape the bottom of the barrel to say something positive about them ( it takes a lot of scraping ) at least they tried something. This lot just are stagnant.

 

 All I ask for on a ballot paper is for anyone to give me some hope. I don't need  to be told what the problems are, I know what they are, what I want to hear is a solution, but  I just don't hear it.

 

George Galloway isn't a raving lunatic ( well maybe he is ) but obviously has some very serious mental issues, perhaps all fuelled by revenge, who knows. His solution to every problem seems to be free Gaza. It no wonder people are voting for these sort of dangerous characters because right at this moment, freeing Gaza seems to be a far better solution to the waiting times at my local A&E  than Hunt's reduction in NI by 2p. 

 

 

 

 

 

 

 

 

 

 

 

Edited 6 March by kodiaqsportline

[@Lee]

If you scroll down this link there's a calculator where you can enter your salary and it'll tell you how much better or worse off you'll be.
I entered what I'd roughly be on if I was still with BT/ Openreach and it said I'd be less than £3 a month better off. I entered SWMBO's old salary and she'd be worse off (higher earner than me)
Agree with what @kodiaqsportline has to say.
 https://news.sky.com/story/budget-2024-see-whether-you-win-or-lose-from-tax-and-national-insurance-tweaks-13088372?dcmp=snt-sf-twitter

[lol-lol]

21 minutes ago, @Lee said:

If you scroll down this link there's a calculator where you can enter your salary and it'll tell you how much better or worse off you'll be.
I entered what I'd roughly be on if I was still with BT/ Openreach and it said I'd be less than £3 a month better off. I entered SWMBO's old salary and she'd be worse off (higher earner than me)
Agree with what @kodiaqsportline has to say.
 https://news.sky.com/story/budget-2024-see-whether-you-win-or-lose-from-tax-and-national-insurance-tweaks-13088372?dcmp=snt-sf-twitter

 

Cheers, was looking for a good tax and ni calculator.

What is not realised  by many I think is the ability of some to choose how much is declared thru PAYE ie salary as through tax avoidance schemes which UK government endorses one can choose to divert 1k or 60k in to pension or other salary sacrifice schemes like car ones so one choose to only have 50, 51k or whatever get hit by income tax and syphon off a third,or half or so of wages into other pots. Must be obvious to my old employer that so many people are getting married paid a knats whisker under the higher rate threshold.

Good suella Braverman ripping in to UK GOV that pensioners and others will be very unhappy with the Budget.

 

[Ootohere]

WTF for a 25 year old on the minimum hourly rate. 

[lol-lol]

12 minutes ago, Rooted said:

WTF for a 25 year old on the minimum hourly rate. 

 

Plenty getting paid lot less than 25k and they will be seeing about a quarter of that £754 pa, or £1,508 pa if you add the January and April NI cuts together for those on the just over 50k by either that's what they get or via big avoidance schemes.

 

On the personal tax front I think he got it very wrong and it will not stop early retirements or massive tax avoidance.

 

[@Lee]

Just watching Bim Afolami on Channel 4 News. Like a lamb to the slaughter against Krishnan Guru Murthy

 

[lol-lol]

21 minutes ago, @Lee said:

Just watching Bim Afolami on Channel 4 News. Like a lamb to the slaughter against Krishnan Guru Murthy

 

 

His point that if you are on £25k or less you are basically worse off.

 

A budget for the already well paid whilst it looks like council tax and services will be much worse for most.

 

[@Lee]

Snap poll by Savanta 

 

Full results and methodology in link

https://threadreaderapp.com/thread/1765422437536006506.html

 

 

 

[@Lee]

[lol-lol]

Money Saving Exports tax calculator........   https://www.moneysavingexpert.com/tax-calculator/

 

Even works for Scots persons !!

 

Edited 7 March by lol-lol

[Ootohere]

It appears that how those on £15,000 a year and how the NI affects them is no big deal to any politician from any party. 

[@Lee]

I mentioned Bim Afolami getting roasted by Krishnan Guru Murthy the other day. Here he's being interviewed by the usually pro Conservative Nick Ferrari. Bim has also been Community Noted 🤦 

 

 

 

 

[Ootohere]

Any of the MP,s elected or MSP,s that have a 2nd job or had one should now be required to take one day away from Parliament while it is sitting and at other times and do at least 40 days in a year as a Carer in a Care Home. 

On that day the MP,s wage can be just that of a Care Home worker.   Not a manager or Director.  The under £20 an hour rate with 30% deductions. 

[lol-lol]

Well translating Mr Hunts budget and to the cost of living rises occuring end of this month I am reckoning I am basically about the same off for disposable income and I am reckoning I am one of the really lucky ones.

 

Bills I now are going up by about £10 to £12 a month.

 

1. Council tax, £12 a month
2. Mobile phone contracts, three phones as two are for my younger kids and one for me, about £12 a month 
3. Sky, about £5 a month
4. BT going up about £4 a think, which includes TNT sport as one of my luxuries as with Sky. 

 

The National Insurance rate lowering from 10% to 8% will put back around £60 a month for me but there is the above and things like food cost going up.  Apart from the NI drop the other good news is the energy price drop, particularly wirth Octopus although the night rate of 9p per kWh is not dropping oddly only the day rate from 30p to about 26.5p per kWh.   Gas going down by about 15% is a big drop too and therefore I think energy costs per month will drop by about 10% so about £15 a month less thankfully. Standing Charge is bad.

 

But reality is for most people ie average workers they are only getting about £35 a month more in their pay packets due to the NI drop, pensioners nothing and the level of tax burden continues to rise, VAT hit on most things we buy as prices go up, cars being an exception as their prices tumble due to recession and raw material price falls.    The 2024 Spring budget, plus the 2023 Autumn Statement with it similar NI rate drop, handed quite a big tax reduction to those on £51K plus but screwed most other people.  Yes the UK national debt is bad rising from £1T to over £2.5T now.   https://www.ukpublicspending.co.uk/uk_national_debt_analysis  

Let us hope for no new pandemics, some good trade deals, peace in the world. Here is hoping. 

 

 

Edited 16 March by lol-lol

[lol-lol]

With the new tax year started 8 days ago and the new minimum wage introduced at the start of the month as well many workers will be reviewing their finances and rewards package.

 

One relative is quite happy to see the £1 an hour rise in the minimum wage in addition to the reduced NI contribution.

 

Not many will be happy with the continued freezing of tax allowance, only that government will have more spending power, more monday to spend on military, rather than the NHS as many might hope to get waiting list down.

 

 April is an odd time for quite a lot of private employee as it is annual bonus time, from bankers who make get twice their annual salary to others who get about a month or weeks extra pay and this year will lead to them getting big tax bills as their salary is catapulted in to 40 or even 45% tax bands, wiping out of tax free allowance.  They may get it back lat in the tax year, I have seen negative tax amounts in payslips which I did not know could happen.  Tax avoidance, I predict, will be at record levels with the use of salary sacrifice for electric cars and pension pots.

 

Interesting times with government policies that seem to leave few happy, ie pensioners to name one main one.