[Other Sport] *** 2024 Autumn Budget Official Thread ***

[Sid and the Sharknados]

Armchair lefties had spent a few weeks licking their lips that SME’s would be attacked with much greater taxes.

I don't read the Mirror or anything, so maybe I've missed stuff, but most of the lick lipping I've seen/heard has been from old right wing people (i.e. my Dad) looking forward to having something to moan about.

Not that the amount or quality of moaning about Labour that I get from him has any relation whatsoever to anything Labour have actually been doing or planning to do. They could enact the entire Conservative manifesto to the letter and he'd still be complaining about people wanting "proper conservative policies".

 

[Papa Lazarou]

Whilst raising bus fares, not the right thing to do IMHO

They raised rthe fossil fuel windfall tax, which at least taxes the producers, not the working people / consumers

 

[raymondo]

Sunak is putting in a very energetic performance for someone who can’t really have much conviction for any of this now.

His last opportunity for a big Commons performance I guess.

Has he booked his flight

 

[Weststander]

I don't read the Mirror or anything, so maybe I've missed stuff, but most of the lick lipping I've seen/heard has been from old right wing people (i.e. my Dad) looking forward to having something to moan about.

Not that the amount or quality of moaning about Labour that I get from him has any relation whatsoever to anything Labour have actually been doing or planning to do. They could enact the entire Conservative manifesto to the letter and he'd still be complaining about people wanting "proper conservative policies".

Another reason not to read the papers, my Mum likes the Mail!

 

[Sid and the Sharknados]

Another reason not to read the papers, my Mum likes the Mail!

I'm told it has excellent puzzles.

 

[Pavilionaire]

Good Budget, well done Rachel.

However, it is sad that we as a nation have a media that would have tore Labour to shreds had they detailed all of this in their pre-election manifesto. That is why Labour kept quiet, and they were right to do so. Starmer's tactics have been fully vindicated.

Yes, this is the highest tax burden in everyone's lifetime, but they've done the right thing on the post office and infected blood scandal compensation, they've had to pay to put public sector works back to work to get the country moving again.

We couldn't go on as we were with low investment, low growth, high tax. The investment is the key.

However, the elephant in the room is still Brexit and the lack of Single Market access and Customs Union. No mention of Brexit from either side of the House today, no mention of how we can take advantage of our newfound sovereignty to get better trade deals outside of the EU 'yolk', so the conspiracy of silence remains. Yet that is the only way to turbo charge growth.

 

[Weststander]

I'm told it has excellent puzzles.

I did used to like the quick crossword if they hadn’t done it.

 

[Bozza]

Here's the table from the OBR analysis detailing the impacts on the NI raise that Reeves alluded to...

In short, the change raises a lot less once the impacts of that change on business behaviour are factored in.

Full document here for those who need some riveting bedtime reading: https://obr.uk/docs/dlm_uploads/OBR_Economic_and_fiscal_outlook_Oct_2024.pdf

 

[Weststander]

Good Budget, well done Rachel.

However, it is sad that we as a nation have a media that would have tore Labour to shreds had they detailed all of this in their pre-election manifesto. That is why Labour kept quiet, and they were right to do so. Starmer's tactics have been fully vindicated.

Yes, this is the highest tax burden in everyone's lifetime, but they've done the right thing on the post office and infected blood scandal compensation, they've had to pay to put public sector works back to work to get the country moving again.

We couldn't go on as we were with low investment, low growth, high tax. The investment is the key.

However, the elephant in the room is still Brexit and the lack of Single Market access and Customs Union. That is the only way to turbo charge growth.

How do you feel about no increase in corp tax and dividends income taxes?

Really sensible by RR. SME’s drive over half the economy.

Osborne et al had already introduced dividends taxes below £50,270. With CT combining to a sizeable proportion.

 

[Machiavelli]

And may I say, brilliantly, boringly sane and targeting the right people. After recent insanity this is exactly what I want from government. Boring, sensible, slow and calm change. Happy with that.

You've got plenty of plaudits for this post, so I'll be the one to break from the fit of harmony that has broken out on the politics threads on NSC.
This isn't 'boring, sensible, slow and calm', it's the most significant budget since at least 2010. I've just heard Faisal Islam describing it as a 'mammoth' budget. This is a significant reset.

 

[nicko31]

They raised rthe fossil fuel windfall tax, which at least taxes the producers, not the working people / consumers

Quite liked the removal of business rate relief on private schools. Can see a few going to the wall

 

[Dave the OAP]

So they have brought your pension pot value into the IHT calculation when you die and pass it on to your spouse ?

 

[KZNSeagull]

OBR says inflation will go up. IFS say most of these tax rises are effectively going to be paid for by working people through lower wages.
Doesn't sound too marvellous so far.

 

[Weststander]

Quite liked the removal of business rate relief on private schools. Can see a few going to the wall

The small nurturing schools great on SEN. The elite will still thrive.

 

[Bozza]

BBC2 worth a watch.

The iFS boss is taking on a Labour MP.

You've got to feel for this Labour MP, whoever he is.

He didn't get to sit in the Commons, cheer loudly and wave his paper in the air and, instead, he gets torn a new one on live TV.

 

[Stato]

Ed Conway on it already, as he was for Hunt’s last budget…

Yep, the talk of all economists at the election was that whoever won would have to break the promises they were all making not to raise taxes. The only alternative was to pursue the Trusslike wishful thinking policies that Reform were proposing and we all saw what the market did the last time that was done. It's the right general direction, but this government is so far the equivalent of one bloke with a mop and bucket turning up to give the place a bit of a tidy after the Glastonbury festival.

We need to be very patient. A combination of Brexit, pandemic and idiotic self serving mismanagement mean that we are further up the creek than we were after winning WWII and it took nearly two decades to get over that. This at least shows that this lot think it might be an idea to go on Amazon and type in the word 'paddle'.

 

[Pavilionaire]

How do you feel about no increase in corp tax and dividends income taxes?

Really sensible by RR. SME’s drive over half the economy.

Osborne et al had already introduced dividends taxes below £50,270. With CT combining to a sizeable proportion.

I think she's done the right thing.

Any increases in CT or div tax would have skewed the tax system back in favour of sole trades / partnerships paying lower tax than Ltd co.s and so resulted in closure of small companies = a lot of bureaucracy for minimal gain, but with a danger that if you DISINCENTIVISE incorporation then you are likely to be surpressing future business growth.

Here, limited liability status is a factor in people taking the plunge as their own personal assets aren't at immediate risk as compared with being a sole trader or partnership. Also, sole traders / partnerships are more likely to stay small than a Ltd co that will already form a PAYE scheme for director's salary and so be in a better place compliance-wise to take on staff.

 

[PILTDOWN MAN]

You've got to feel for this Labour MP, whoever he is.

He didn't get to sit in the Commons, cheer loudly and wave his paper in the air and, instead, he gets torn a new one on live TV.

Wasn't he sat next to Reeves

 

[ROSM]

Sunak is putting in a very energetic performance for someone who can’t really have much conviction for any of this now.

His last opportunity for a big Commons performance I guess.

He did appear to be responding to a different budget speech than the rest of us heard. He also seemed to misread what the obr said about his govts lack of openness about the state of the reserves.

 

[Weststander]

You've got to feel for this Labour MP, whoever he is.

He didn't get to sit in the Commons, cheer loudly and wave his paper in the air and, instead, he gets torn a new one on live TV.

Turns out he’s a treasury minister.

Jo Coburn and Paul Johnson put him through the mincer. Johnson is so intelligent.