The Budget

We are still going to be worse off with the pension rise - 10% of very little is still very little. Fuel duty is going up 23% next April - that will be the death knell for lots of businesses.

LizzieDrip

Felt like all smoke and mirrors to me - very low on detail. I feel somewhat torn about the pension triple lock actually - unpopular view, I know. As a pensioner (who had to wait 6 years for her state pension) I will benefit. However, there are many pensioners who genuinely don’t need the pension rise - some of them very well-off indeed. I thought Hunt might limit the rise to those at the lower end of pensions eg. those on pension credit etc. Whilst this would have excluded me, I wonder if it would have saved the country some money? Of course, Hunt didn’t want to p** off the rich Tory voting pensioners! Not sure about it all at the moment - I’ll wait for Martin Lewis to explain.

You could only limit who gets pensions by having all state pensions paid on a means test. I'm not sure that would be very popular although I think the right wing of this government might go for it.

I think I've found out how Hunt thinks the UK is going to become a science superpower. It's to do with something called Solvency II, which is an EU directive to make sure that insurance companies and banks, etc reduce risk. Solvency II has been scrapped, so the theory is that financiers can take more risks when investing in science and tech. Hmmm ... I guess he thinks somebody is going to come up with a new Amazon, Twitter or Tesla.

maddyone

Whitewavemark2

We are all paying for Tory mismanagement.

No. We’re paying for the Covid expenses and in particular furlough. And we’re paying for the war in Ukraine and everything that entails, including the huge rise in energy.

It's a package, lots of factors- You forgot to mention Brexit.

I don't know the answer either. I guess the best solution is to claim it back through the tax system.

I'm extremely glad the increase wasn't limited to those on Pension Credit! My total income is just above the Pension Credit threshold, so I wouldn't have received anything. I most certainly do need an increase.

I know what you mean growstuff. I’m also just above the threshold for any benefits so currently get nothing (apart from pension). On a personal level, yes those in our situation do need the increase. I really don’t know what the answer is to make the system fairer - I was merely posing the ‘pension credit’ idea. I’m sure you will agree that many wealthy pensioners will benefit from this rise - is that fair? As I say, I don’t have an answer myself.

GrannyGravy13

maddyone

Whitewavemark2

We are all paying for Tory mismanagement.

No. We’re paying for the Covid expenses and in particular furlough. And we’re paying for the war in Ukraine and everything that entails, including the huge rise in energy.

I agree maddyone

And Brexit, Trussonomics, 12 years of public sector austerity, etc.
More head burying.

I'm just a bit (a lot?) miffed about people writing that there's loads of support for the poorest. There really isn't.

Pittcity

growstuff

Pittcity As biglouis pointed out, people on "certain" benefits will get £900. Those receiving Housing Benefit but no other benefits aren't eligible. Housing Benefit isn't being increased either.

I was quoting Martin Lewis. He said that he was writing hurriedly and that there would be corrections made in due course.

No problem. I expect somebody will make the point to Martin Lewis before long.

Grantonow
In the city it is said that she passes the sniff test
In case there’s any confusion, that’s a good thing as far as the money men/women are concerned.

growstuff

Pittcity As biglouis pointed out, people on "certain" benefits will get £900. Those receiving Housing Benefit but no other benefits aren't eligible. Housing Benefit isn't being increased either.

I was quoting Martin Lewis. He said that he was writing hurriedly and that there would be corrections made in due course.

More from Martin Lewis here
m.youtube.com/watch?v=Q-nkEKaylQE

maddyone

Whitewavemark2

We are all paying for Tory mismanagement.

No. We’re paying for the Covid expenses and in particular furlough. And we’re paying for the war in Ukraine and everything that entails, including the huge rise in energy.

I agree maddyone

Whitewavemark2

We are all paying for Tory mismanagement.

No. We’re paying for the Covid expenses and in particular furlough. And we’re paying for the war in Ukraine and everything that entails, including the huge rise in energy.

Whitewavemark2

If you pay tax, we will all be paying more.

Fuel bills will be higher.

Yes.

Suffolk is getting an elected mayor, along with Sizewell C.

Other mayors elsewhere, including one for the North East ... precise area to be announced - they need a bone or two to throw at those Red Wall areas!

Even The Spectator refers to Rachel Reeves as the coming woman and potentially the first female Chancellor. She certainly did well at the despatch box today roasting the Tories for incompetence. Of course she had a career as an economist so she is an expert (one of the despised class during the Brexit fiasco).

LizzieDrip I'm extremely glad the increase wasn't limited to those on Pension Credit! My total income is just above the Pension Credit threshold, so I wouldn't have received anything. I most certainly do need an increase.

Pittcity As biglouis pointed out, people on "certain" benefits will get £900. Those receiving Housing Benefit but no other benefits aren't eligible. Housing Benefit isn't being increased either.

Felt like all smoke and mirrors to me - very low on detail. I feel somewhat torn about the pension triple lock actually - unpopular view, I know. As a pensioner (who had to wait 6 years for her state pension) I will benefit. However, there are many pensioners who genuinely don’t need the pension rise - some of them very well-off indeed. I thought Hunt might limit the rise to those at the lower end of pensions eg. those on pension credit etc. Whilst this would have excluded me, I wonder if it would have saved the country some money? Of course, Hunt didn’t want to p** off the rich Tory voting pensioners! Not sure about it all at the moment - I’ll wait for Martin Lewis to explain.

From Martin Lewis on energy bills:

"Energy maths (on typical bills for illustration)

This winter: £2,500/yr - £400 universal cost of living payment = £2,100

Next winter (unless big drop in wholesale prices): £3,000/yr (no universal payment) so 41% higher

Even to get prices this low likely involves some state subsidy (as price guarantee is lower than price cap)

Those on benefits will have some of this mitigated as their cost of living help rises from £650 this year to £900 next

Pensioners (£300) and disabilities (£150) stay same"

I'm struggling to understand how the fuel support will be a benefit. It would appear that bills are expected to rise by £500pa, which is the same as I will receive in support.

Meanwhile, food bills are forecast to rise much more steeply than the 8% I'll receive in increased pension. I don't really buy much with my disposable income other than fuel, food and transport/fuel.

He's deferred a lot of tax pain till after the 2024 General Election.

Urmstongran

I think the one big difference between us and other European countries is that a good percentage of our working age people have decided not to go to work any more. I don’t mean those on benefits. A lot of folk have looked at their work/life balance since Covid and if they feel they can afford to get by have sacked off work. Much less so abroad and apparently our economy is suffering as a whole because of it.

Where on earth did you get that idea from?

biglouis is correct. I receive Housing Benefit, which is means tested, but I'm not eligible for any extra support