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

[PILTDOWN MAN]

Posh totty in the studio

 

[Bozza]

Wasn't he sat next to Reeves

No, that was Keir Starmer.

 

[PILTDOWN MAN]

No, that was Keir Starmer.

Stupid boy

 

[Bozza]

Posh totty in the studio

I'm not sure that's going to save her from the mauling about to happen.

 

[ROSM]

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.

He was sat next to reeves. As chief secretary of the treasury he co authored the budget. Actually thought he handled himself well and paul johnson from the ifs did accept his point on reserves

 

[LamieRobertson]

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

How nice

 

[PILTDOWN MAN]

I'm not sure that's going to save her from the mauling about to happen.

She could whisper her thoughts into my ear, I'd not be listening.

 

[Westdene Seagull]

Well Labour have truly screwed those looking for work ( of which there are quite a lot of IT workers made redundant ). Two employers I was speaking to about a new role in their organisations had put the hiring process on hold until the budget - unsurprisingly BOTH today have now come back and said they no longer plan to create the new roles. Thank you Reeves !!!!!

Edit - and the daft thing is that I would have paid far more income tax if I got either role than the extra she has added to ENIC. Stupid.

 

[Weststander]

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.

I used to attend tax updates where the renowned speaker explained that Gordon Brown was behind all the incorporations from unincorporated’s. Because tax compliance is far better and HMRC’s ability to see fraud (long before ixbrl which helps too).

 

[Professor Plum]

I'm told it has excellent puzzles.

NY Times all day long. Best £3 a month I spend.

 

[ROSM]

I'm not sure that's going to save her from the mauling about to happen.

Can't help thinking that Dame Laura Trott would do a better job than Laura Trott MP

 

[Weststander]

Posh totty in the studio

She likes riding.

 

[LamieRobertson]

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.

I remember Brown making it zero corporation tax for the first ten k of net profit ..with the personal allowance at 4500? …you could earn a fair bit (back then) with zero tax (no tax on div) ..year later because so many one man bands went Ltd …he made it 10% …some of the advantages have been steadily eroded

 

[hart's shirt]

...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.

As an outsider who hasn't lived in the UK for 16 of the last 20 years and isn't planning on doing so for much longer, this is it.

Conservatives delivered Brexit.
Labour ignore Brexit.
Lib Dems aren't prioritizing Brexit.

At the risk of a rather simplistic analogy, if you've realised that you've turned down the wrong road, do you:
a. Admit that you've made a mistake and reverse the direction, albeit with some temporary embarrassment, inconvenience and time lost?
b. Continue to drive down the wrong road choosing the hope of circumstances improving despite all evidence to the contrary over correcting a mistake?

IMHO it continues to be the greatest single act of self-sabotage in the nation's recent history. Why pretend otherwise? Change it now or suffer longer.

Political party popularity should never be more important than a country's welfare.

 

[Pavilionaire]

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.

The young are getting higher National Minimum Wage / apprentice wages but it is clear big business has been hit by these costs and extra Employer's NI costs. The worry is this will fuel inflation and leave less profit to fund future wage increases.

The OBR are indicating inflation will rise back to 2.6% / 2.7% but we need interest rates to decrease to kick start the housing sector and help encourage investment, and that may not happen.

There is also the small matter of a labour shortage that is holding back growth.

What we need is a change in external factors, and that will either come by better trade deals, breakthroughs in emerging markets or - more significantly - tech leading to new growth, i.e. AI changing the game, in the same way that the internet helped Blair in his first 2 terms and Thatcher was helped by the emergence of home computers in the 80s.

 

[Peacehaven Wild Kids]

I knew I voted for them for a reason. When I get back from Liverpool Saturday night/Sunday morning with an extra 18p in my pocket that’s certainly gonna appease old lady PWK and certainly save my ears getting chewed off

 

[LamieRobertson]

The cost of government borrowing fell after the chancellor promised to balance the books early, with the OBR forecasting that the government would spend less than it gathers in tax by 2027.

Budget 2024 live: Rachel Reeves says Budget will raise taxes by £40bn

The chancellor says "economic stability must be restored" as she attacks the Conservatives' handling of public finances.

www.bbc.co.uk

Don’t know how it’s looking now ..but just after she sat down I saw this …maybe wait a few days to see how it all settles

 

[Pavilionaire]

I remember Brown making it zero corporation tax for the first ten k of net profit ..with the personal allowance at 4500? …you could earn a fair bit (back then) with zero tax (no tax on div) ..year later because so many one man bands went Ltd …he made it 10% …some of the advantages have been steadily eroded

Yes, he created clear blue water between the tax a director/shareholder would pay on profits versus a sole trader / partnership, although how much that contributed to growth vs improvements to technology is a matter for debate.

 

[Tubby Mondays]

Well Labour have truly screwed those looking for work ( of which there are quite a lot of IT workers made redundant ). Two employers I was speaking to about a new role in their organisations had put the hiring process on hold until the budget - unsurprisingly BOTH today have now come back and said they no longer plan to create the new roles. Thank you Reeves !!!!!

Edit - and the daft thing is that I would have paid far more income tax if I got either role than the extra she has added to ENIC. Stupid.

A similar thing happened to many public sector workers from 2010 onwards. Thank you Osborne!!!

 

[Professor Plum]

Chancellors always deliver triumphal, tub-thumping budget speeches that make us feel great about most things. Even Tory budgets FFS.

But then, over the following day or so it always starts to unravel a bit, doesn’t it? So perhaps let’s wait and see what the fallout is. Even watching Paul Johnson in the studio feels a bit like a bucket of cold water over the head.