[Politics] The Labour Government

[Weststander]

I won’t hear a bad thing said about Martin, he’s one of Mrs Bold’s favourites!

I love consumer affairs and finances bods in the media. MSE has been forever helpful to us.

 

[Bold Seagull]

I've been out for much of the day.

I don't have Sky TV - I merely embedded a couple of tweets I found when scanning down my list of news commentators I have.

I wouldn't choose to watch ITV, right now, but I'm sitting next to my mum and I won't win the battle for the control. It's also like a sauna in here, but she's one of the lucky ones.

I’ve had the day off, meant to be DIYing - hence the number of posts today!!

I couldn’t go to my Dad’s today, it would be like spending an evening with PotG after a Labour budget.

 

[Bry Nylon]

He's a loud shouty sort, certainly. Not sure I'd want to go to the pub with him.

“Bozza has just ordered a pint of cider, for him, and a glass of sparkling water for me.

BUT - here’s the THING…

Bozza didn’t specify which cider he wanted. The AVERAGE price of a pint of draught FRUIT cider is £3.32 - lower than the AVERAGE price of a pint of APPLE cider which is £3.36. The bar staff have served Bozza APPLE cider - NOT fruit, costing him an extra FOUR pence. Now I can’t TELL Bozza what to do - I can only advise. But my advice would be always specify the FRUIT cider and put the four pence difference in an Investment ISA. Quiet in here tonight?”

 

[amexer]

What a load of bollocks. ML is a twat in spades on a good day.

Never heard this criticism of Martin Lewis before. I always listen to him with intent. Why do you think he is a twat.

 

[Greenbag50]

Is that NSC’s response?
Biggest tax burden since WW2
22bn burden on business on NIC’s
Record 38% of all UK economic output is by Government
business builds growth, not government.
Not in manifesto…..
Quoting OBR below…. You don’t grow economies by taxing growth producers. It better work or we are all screwed.
‘The Budget increases spending by £70 billion annually, with two-thirds on current and one-third on capital spending. Half is funded through tax increases which raise £36 billion annually and push the tax take to a record 38 per cent of GDP. The rest is funded by £32 billion more borrowing annually which temporarily boosts GDP growth to 2 per cent in 2026, but leaves output unchanged in the medium term. New fiscal rules, to balance the current budget and get net financial liabilities falling relative to GDP in five years, are met by small margins of £10 and 16 billion respectively.’

 

[Greenbag50]

Is that NSC’s response?
Biggest tax burden since WW2
22bn burden on business on NIC’s
Record 38% of all UK economic output is by Government
business builds growth, not government.
Not in manifesto…..
Quoting OBR below…. You don’t grow economies by taxing growth producers. It better work or we are all screwed.
‘The Budget increases spending by £70 billion annually, with two-thirds on current and one-third on capital spending. Half is funded through tax increases which raise £36 billion annually and push the tax take to a record 38 per cent of GDP. The rest is funded by £32 billion more borrowing annually which temporarily boosts GDP growth to 2 per cent in 2026, but leaves output unchanged in the medium term. New fiscal rules, to balance the current budget and get net financial liabilities falling relative to GDP in five years, are met by small margins of £10 and 16 billion respectively.’

Link for reference

Home - Office for Budget Responsibility

obr.uk

 

[Curious Orange]

My response is:
1) I'm glad I'm not an elderly farmer.
2) I don't expect I'll get a pay rise anytime soon.

 

[cunning fergus]

Is that NSC’s response?
Biggest tax burden since WW2
22bn burden on business on NIC’s
Record 38% of all UK economic output is by Government
business builds growth, not government.
Not in manifesto…..
Quoting OBR below…. You don’t grow economies by taxing growth producers. It better work or we are all screwed.
‘The Budget increases spending by £70 billion annually, with two-thirds on current and one-third on capital spending. Half is funded through tax increases which raise £36 billion annually and push the tax take to a record 38 per cent of GDP. The rest is funded by £32 billion more borrowing annually which temporarily boosts GDP growth to 2 per cent in 2026, but leaves output unchanged in the medium term. New fiscal rules, to balance the current budget and get net financial liabilities falling relative to GDP in five years, are met by small margins of £10 and 16 billion respectively.’

Looks like the only good news in any macro economic context for this budget (as it stands) is that it’s not as bad a the Truss/Kwaerteng edition.

When our politicians/commentariat are looking at such a low bar for vindication of really important financial decisions then you know we are in the abyss.

People often say that the electorate gets the politicians it deserves; I just can’t accept that anymore, with this lot in charge it’s more like we have been occupied.

 

[KZNSeagull]

GPs, care homes and hospices have voiced concerns about the impact of the rise in employer National Insurance contributions announced in the Budget.

The NHS and rest of the public sector are exempt from the tax rise - but that does not cover private care homes or hospices which provide NHS services.

There is also confusion over the impact on GPs, many of which are run as small businesses.

The Department for Health and Social Care said further details for GPs will be confirmed in due course - but a Treasury minister told Question Time they will have to pay the tax hike.

GPs, care homes and hospices voice concern over Budget tax rises

The NHS is exempt from the rise in employer National Insurance contributions, but private providers are not.

www.bbc.co.uk

 

[papachris]

Just watched Darren Jones, Treasury secretary being interviewed re - the budget by Naga on BBC breakfast.
Never seen him before but clearly an intelligent guy who knows his stuff but also answered her questions, not changing the subject like most politicians

 

[fly high]

My response is:
1) I'm glad I'm not an elderly farmer.
2) I don't expect I'll get a pay rise anytime soon.

Don't think enough has been said about farmers. OK get they want to get the super rich but what truly functioning family farm is worth less than £1m? Pokey small hobby farms favoured by their mates not your average productive family farm. Who's going to buy the land to pay the tax? Big ltd company conglomerates who give a shit about animal welfare or the countryside.

 

[Titanic]

Bond yields rise, sterling falls, rate cuts revised down, employment costs up; GPs, hospices and charities all facing increased costs, farmers and the food supply facing uncertainty, bus and train faces up, highest tax burden since WW2.

Is there any good news?

 

[Norman Potting]

The Potting offspring must be exceptions. Oldest just graduated from OU and working hard in the hospitality sector whilst seeking vacancies for jobs more suited to her degree. Youngest in final year at Uni and her summer employee is happy to have her back for Christmas.

Both their "young gentlemen" are also gainfully employed and I am. sure some of you have offspring in similar situations.

 

[dsr-burnley]

Bond yields rise, sterling falls, rate cuts revised down, employment costs up; GPs, hospices and charities all facing increased costs, farmers and the food supply facing uncertainty, bus and train faces up, highest tax burden since WW2.

Is there any good news?

I believe that the "good news", which is the reason it has been trailed since election day, is that wealthy pensioners (ie. those with over £12k per year) are losing their winter fuel allowance.

 

[Diablo]

I believe that the "good news", which is the reason it has been trailed since election day, is that wealthy pensioners (ie. those with over £12k per year) are losing their winter fuel allowance.

Do you seriously believe that pensioners getting £12k year are wealthy ??

 

[pb21]

Bond yields rise, sterling falls, rate cuts revised down, employment costs up; GPs, hospices and charities all facing increased costs, farmers and the food supply facing uncertainty, bus and train faces up, highest tax burden since WW2.

Is there any good news?

Bond yields down and sterling up today.

 

[Guinness Boy]

Bond yields rise, sterling falls, rate cuts revised down, employment costs up; GPs, hospices and charities all facing increased costs, farmers and the food supply facing uncertainty, bus and train faces up, highest tax burden since WW2.

Is there any good news?

Presumably it's that we all now know we're screwed instead of having it hidden from us

But as a serious answer, and to add to the above, yes; people who have been waiting decades for compensation due to the infected blood scandal or the Post Office scandal will now get paid with actual money rather than promises.

Otherwise it's quite bleak, but no one said this budget was going to be anything but.

 

[Bodian]

My response is:
1) I'm glad I'm not an elderly farmer.
2) I don't expect I'll get a pay rise anytime soon.

Don't think enough has been said about farmers. OK get they want to get the super rich but what truly functioning family farm is worth less than £1m? Pokey small hobby farms favoured by their mates not your average productive family farm. Who's going to buy the land to pay the tax? Big ltd company conglomerates who give a shit about animal welfare or the countryside.

The elderly farmers won't be the ones paying the tax though - it will be whoever the farm is left to.

The initial views seem to be that it will actually only be the biggest estates that end up having to pay the IHT with something like an IHT free £3m for many

‘It’s massive’: farmers shocked at budget – but is concern over inheritance tax overblown?

Countryside defenders from NFU to Clarkson are up in arms – but experts say only richest estate owners will be affected

www.theguardian.com

Also, one of the criticisms of farming here is that the smaller farmers are being driven out by big conglomerates. Well - if the bigger you get, the more IHT you pay, then that should be a step in the right direction towards farms not growing ever bigger. And if some of the bigger estates have to sell off bits of farmland to new and younger farmers - then that is also to the good. At the moment, younger folk who want to get into farming can't - because the land is overpriced because large estates and organisations and people like Clarkson are buying the land purely to avoid paying IHT.

So, a mixed bag really.

 

[Curious Orange]

Don't think enough has been said about farmers. OK get they want to get the super rich but what truly functioning family farm is worth less than £1m? Pokey small hobby farms favoured by their mates not your average productive family farm. Who's going to buy the land to pay the tax? Big ltd company conglomerates who give a shit about animal welfare or the countryside.

Farmers can quite easily be asset rich, but are very easily cash poor.

 

[Guinness Boy]

"We must close those tax loopholes!"

"NO! Not THOSE loopholes!"