This weeks budget

[Rockettvr]

Not been much discussion on Wednesdays budget
So despite labour promising to fund thier manifesto pledges through growth , Rachel’s first budget was a massive tax raid ( and arguably anti growth) and her second despite saying that she’d balanced the books and wouldn’t need to come again - indeed did come again for more.
Last month saw uk gov borrowing even more money 24.5bn , debt hitting 3 trillion, and all reports seem to be talking of a 20bn black hole in government finances to be filled
It would seem that Labour are extremely adept at spending money quicker than the uk taxpayer can earn it.

So what are we looking at on Wednesday?
Big tax rises again - and from where ?
A bit of a “holding” pattern
Or some giveaways to lay the foundation of an early election

I know what my moneys on …..,

[Getragdogleg]

Fuel duty rise for petrol

Cost of doing business for smaller businesses will rise by various little things.

Road taxes rise, especially evs.

Grab taxes like capital gains and inheritance tax rises.

Or am i too cynical?

[gotoPzero]

Given who is in charge now I expect they will tax

House owners
Cars owners
Savings

Just how they will do it I don't know, but our kid loves taking from those who work and giving to those that don't.

As they are not going for a snap election they have a lot more space for bigger changes.

I expect they will argue for growth and stability and "fairer for everyone".

Rather than focus on debt and defence they will focus on benefits and social care.

[FiF]

My money is on a nothing much boring holding budget.

A few very few little titbits targeted at specific demographics that will sound well but be in reality square root of bugger all, eg something around tax allowances for pensioners that sounds more significant than it is but nothing about some other changes buried deep in the budget notes.

Something smallish to throw red meat to their supporters to continue the hit those rich bar stewards narrative.

But nothing sufficiently significant such that they can say we're not so bad are we. Cue early election.

If so hope they get slaughtered. Might be talking utter horse droppings.

[gotoPzero]

If they do very little I agree we are looking at a GE.

I doubt it though.

[KingNothing]

Talks on the news of the personal allowance changing to match the new pension level until end of parliament. Wouldn’t it have been about £17,000 now if it had kept up with the rate of inflation instead of being frozen constantly as a stealth tax rise?

[oddman]

Alan Milburn's report on NEETs suggests there are some very difficult choices around welfare for young people.

The final report hasn't been published ahead of the budget which suggests to me it'll join a long list of reports addressing pensions, welfare, social care etc. which are not enacted due to political cowardice.

[Greenmantle]

FiF said:

My money is on a nothing much boring holding budget.

A few very few little titbits targeted at specific demographics that will sound well but be in reality square root of bugger all, eg something around tax allowances for pensioners that sounds more significant than it is but nothing about some other changes buried deep in the budget notes.

Something smallish to throw red meat to their supporters to continue the hit those rich bar stewards narrative.

But nothing sufficiently significant such that they can say we're not so bad are we. Cue early election.

If so hope they get slaughtered. Might be talking utter horse droppings.

I'm in the same boat. I think the voters are quickly learning that Andy is a smooth operator when it comes to politics (well he did learn a few things when he was in government last time) but as an effective PM - Nah just as bad as SKS.

Given this we are looking at a snap election. He's hoping that enough people can be fooled / bribed and we can't get rid of this clown government for another five years.

[Tom8]

It is clear what is needed but that flies in the face of the welfare party. Rewarding the undeserving at the expense of those who strive is the labour way. And everyone's mate, Andy, is far to helium to go against anything even when it is blindingly obvious.

[SDK]

Currently, pre budget, fuel duty is doing this:

-> Rise by 3p to 55.95p on 1st January
-> Rise by a further 2p on 1st March,
-> From April, fuel duty is set to rise in line with the rate of the Retail Prices Index (RPI) of inflation, currently 3.9%. [about 2.2p]
-> So about +7p per litre on fuel duty by April

Rumours are circulating some of these increases could be delayed in the Budget this week

Also a new ‘green fuel tax’ could be introduced which would be a new carbon tax on imported refined fuels, such as petrol & diesel.

Edited by SDK on Monday 26th October 10:04

[gruffalo]

I doubt too much will actually change after the budget, everything announced will be 2030 after the next general election so it becomes the headache for the next government.

Labour will fight the next election stating that they stuck to their tax and spend promises and then if they win the election get a full 5 years shafting people.

[Tom8]

gruffalo said:

I doubt too much will actually change after the budget, everything announced will be 2030 after the next general election so it becomes the headache for the next government.

Labour will fight the next election stating that they stuck to their tax and spend promises and then if they win the election get a full 5 years shafting people.

We thought (and hoped) Starmer wouldn't do much when he got into office and look where that went. 2 massive tax inflicting budgets later and we now hope Healy won't do much. Labour is the party of welfare which is mostly unaffordable so they tax, tax and tax again. How anyone thinks this is worth voting for needs their heads looking at.

[Double Fault]

Tom8 said:

We thought (and hoped) Starmer wouldn't do much when he got into office and look where that went. 2 massive tax inflicting budgets later and we now hope Healy won't do much. Labour is the party of welfare which is mostly unaffordable so they tax, tax and tax again. How anyone thinks this is worth voting for needs their heads looking at.

You’ve forgotten that the Tories increased corporation tax from 19% to 25%?

[Tom8]

Double Fault said:

Tom8 said:

We thought (and hoped) Starmer wouldn't do much when he got into office and look where that went. 2 massive tax inflicting budgets later and we now hope Healy won't do much. Labour is the party of welfare which is mostly unaffordable so they tax, tax and tax again. How anyone thinks this is worth voting for needs their heads looking at.

You ve forgotten that the Tories increased corporation tax from 19% to 25%?

And look where that took them.

[dxg]

I reckon they're going to do something with pensions. Not with tax relief when contributing (as they need to keep people investing - too many lobbying fund managers require it), but with income tax when drawing down.

They've been working to slowly vilify (okay, maybe not that much) pensioners, so I sense them as being the next "have it too good" group to be targeted.

If only they'd reduce spending. PIPs should be means tested, for example.

I'm also interested to see what they do with education. It would be good if they got rid of the charitable status of universities, for example. That would kick-start their vocational training reform...

[GT9]

gotoPzero said:

Given who is in charge now I expect they will tax

Southern House owners
Car owners
Savings

EFA

[TheInternet]

Rockettvr said:

Not been much discussion on Wednesdays budget

Here you go: https://www.pistonheads.com/gassing/topic.asp?h=0&...

[Getragdogleg]

GT9 said:

gotoPzero said:

Given who is in charge now I expect they will tax

Southern House owners
Car owners
Savings
Small business owners
Prudent people

EFA

EF even more A

[moanthebairns]

SDK said:

Currently, pre budget, fuel duty is doing this:

-> Rise by 3p to 55.95p on 1st January
-> Rise by a further 2p on 1st March,
-> From April, fuel duty is set to rise in line with the rate of the Retail Prices Index (RPI) of inflation, currently 3.9%. [about 2.2p]
-> So about +7p per litre on fuel duty by April

Rumours are circulating some of these increases could be delayed in the Budget this week

Also a new green fuel tax could be introduced which would be a new carbon tax on imported refined fuels, such as petrol & diesel.

Edited by SDK on Monday 26th October 10:04

It'd be political suicide to increase tax on fuel just now.

[Josemartinez]

gotoPzero said:

Given who is in charge now I expect they will tax

House owners
Cars owners
Savings

Just how they will do it I don't know, but our kid loves taking from those who work and giving to those that don't.

Like a st Robin Hood.

I agree though if you work to buy anything you are in the crosshairs, and if you don't work you will be given more.

I also think pensions are a target, how dare you work, pay tax, and save your money for your future.