Autumn Statement 2023
Discussion
Minimum wage up from next April now confirmed, £11.44/ hr. Positive move for many young but also hard to reconcile with not wanting to stoke inflation given a lot of small and retail businesses employ those in this space.
BBC says:
"Mr Hunt told the Conservative Party conference in October that the minimum wage was set to rise above £11 in April, but the confirmed rises represent a 9.8% increase for over-23s on last year, and a 12.4% jump for workers aged 22 and 21.
The current minimum wage for those aged 21-22 is £10.18 an hour.
The separate National Minimum Wage for 18-20-year-olds will also increase to £8.60 an hour from £7.49, meaning in total, the above-inflation wage hikes will benefit 2.7 million low-paid workers.
Apprentices will also get a rise, with an hourly pay increase of over 20%, going from £5.28 to £6.40 an hour."
Much speculation about IHT, punted to the press early to gauge the reaction which seemed to be a fairly predictable "tax cuts for millionaires".
What are your hopes, guesses and expectations? There seems an abnormal amount of press on it, that's for sure!
BBC says:
"Mr Hunt told the Conservative Party conference in October that the minimum wage was set to rise above £11 in April, but the confirmed rises represent a 9.8% increase for over-23s on last year, and a 12.4% jump for workers aged 22 and 21.
The current minimum wage for those aged 21-22 is £10.18 an hour.
The separate National Minimum Wage for 18-20-year-olds will also increase to £8.60 an hour from £7.49, meaning in total, the above-inflation wage hikes will benefit 2.7 million low-paid workers.
Apprentices will also get a rise, with an hourly pay increase of over 20%, going from £5.28 to £6.40 an hour."
Much speculation about IHT, punted to the press early to gauge the reaction which seemed to be a fairly predictable "tax cuts for millionaires".
What are your hopes, guesses and expectations? There seems an abnormal amount of press on it, that's for sure!
The odd thing about the minimum wage is not that it uplifts those at the bottom but rather it means those at the next few rungs up likely don't get a similar uplift so the premium for their skills is diluted. Still people have to be able to eat etc.
What do I expect from the autumn statment as an upper rate tax payer....probably to get screwed further
What do I expect from the autumn statment as an upper rate tax payer....probably to get screwed further
king retard. 
Remove the f****** ridiculous effective 62% tax rate on earnings between 100k and 125k. Replace it with a straight 47% (the rate you’d pay on the next billion quid if you took it via PAYE, which is truly mental) and watch the tax take increase dramatically when people stop sacrificing all those earnings into their pension.
As a result, increase tax take via VAT as these people spend that cash. That spending provides a boost to struggling businesses too.
Not a chance of it happening (for various reasons) but that would be my one wish from this budget.
As a result, increase tax take via VAT as these people spend that cash. That spending provides a boost to struggling businesses too.
Not a chance of it happening (for various reasons) but that would be my one wish from this budget.
Edited by The Ferret on Tuesday 21st November 22:36
Gecko1978 said:
The odd thing about the minimum wage is not that it uplifts those at the bottom but rather it means those at the next few rungs up likely don't get a similar uplift so the premium for their skills is diluted. Still people have to be able to eat etc.
What do I expect from the autumn statment as an upper rate tax payer....probably to get screwed further
Screw toothpaste caps onto tubes : £11.44What do I expect from the autumn statment as an upper rate tax payer....probably to get screwed further
Lowest band for a nurse : £11.45 (https://www.nhsemployers.org/articles/pay-scales-202324)
The Ferret said:
Remove the f****** ridiculous effective 62% tax rate on earnings between 100k and 125k. Replace it with a straight 47% (the rate you’d pay on the next billion quid if you took it via PAYE, which is truly mental) and watch the tax take increase dramatically when people stop sacrificing all those earnings into their pension.
As a result, increase tax take via VAT as these people spend that cash. That spending provides a boost to struggling businesses too.
Not a chance of it happening (for various reasons) but that would be my one wish from this budget.
Yeah, it would be nice if they could fix some of the egregiously stupid parts of the system. The 60% band, the child benefit taper, there's at least one other one that I've forgotten, but all the bits where there's a really stupid threshold effect that creates a disincentive. None of them actually need to cost money in tax, they could all be made nominally neutral, plus there would be a saving if you removed the need to do a self assessment despite all your income being PAYE, and as you say they might well result in more tax being paid because behaviour will change. As a result, increase tax take via VAT as these people spend that cash. That spending provides a boost to struggling businesses too.
Not a chance of it happening (for various reasons) but that would be my one wish from this budget.
Edited by The Ferret on Tuesday 21st November 22:36
Pretty sure this is too sensible for this government though.
snuffy said:
Screw toothpaste caps onto tubes : £11.44
Lowest band for a nurse : £11.45 (https://www.nhsemployers.org/articles/pay-scales-202324)
I am not entirely sure that is for a nurse, as another guide I saw said that it is Band 5 for a newly qualified nurse. I think the NHS has bandings for all staff who are not doctors.Lowest band for a nurse : £11.45 (https://www.nhsemployers.org/articles/pay-scales-202324)
In broad terms though you do have an issue that with rises in the minimum wage that pay differentials are eroded. However the government is increasing topping up the pay of the low paid and will be keen to shift that burden onto employers.
A quick skim of the headlines shows how much of it all gets revealed in advance. It's amazing how so many theatres seem to struggle when England, in particular, appears to live on a stage...
Some amusement for the other bench already clear:
Mr Hunt will say: "Conservatives know that a dynamic economy depends less on the decisions and diktats of ministers than on the energy and enterprise of the British people".
Some amusement for the other bench already clear:
Mr Hunt will say: "Conservatives know that a dynamic economy depends less on the decisions and diktats of ministers than on the energy and enterprise of the British people".
E63eeeeee... said:
The Ferret said:
Remove the f****** ridiculous effective 62% tax rate on earnings between 100k and 125k. Replace it with a straight 47% (the rate you’d pay on the next billion quid if you took it via PAYE, which is truly mental) and watch the tax take increase dramatically when people stop sacrificing all those earnings into their pension.
As a result, increase tax take via VAT as these people spend that cash. That spending provides a boost to struggling businesses too.
Not a chance of it happening (for various reasons) but that would be my one wish from this budget.
Yeah, it would be nice if they could fix some of the egregiously stupid parts of the system. The 60% band, the child benefit taper, there's at least one other one that I've forgotten, but all the bits where there's a really stupid threshold effect that creates a disincentive. None of them actually need to cost money in tax, they could all be made nominally neutral, plus there would be a saving if you removed the need to do a self assessment despite all your income being PAYE, and as you say they might well result in more tax being paid because behaviour will change. As a result, increase tax take via VAT as these people spend that cash. That spending provides a boost to struggling businesses too.
Not a chance of it happening (for various reasons) but that would be my one wish from this budget.
Edited by The Ferret on Tuesday 21st November 22:36
Pretty sure this is too sensible for this government though.
Stats for September business insolvencies were sobering. We have yet to see the data for October, but with a 31.6% rise in corp tax due last month, I expect something of a bloodbath. In construciton, it's as bad as 2009 already. No doubt many other industries are hit.
I was discussing with BIL at weekend that the funny thing is, when there is inflation in materials or goods, e.g. fuel for transport or building materials, firms will put prices up. Coversely, when there is a tax hike, few account for it and none discuss it, but it has to be paid, in cash.
I was discussing with BIL at weekend that the funny thing is, when there is inflation in materials or goods, e.g. fuel for transport or building materials, firms will put prices up. Coversely, when there is a tax hike, few account for it and none discuss it, but it has to be paid, in cash.
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