Budget 2024

LizzieDrip

*Why would the same government who have frozen the personal allowance til 2028, remove this freeze in 2024?*

They’ll do it just before a GE simply to win votes. TBH, after today’s shambles I feel pretty disgusted with those in power in this country. Everything is about chasing votes and political oneupmanship; it feels like nothing is about actually making the country better for ordinary people.

Lizzie, what did you expect? There has been a further reduction in NI which will benefit working people. The VAT threshold for small businesses has been raised, which will assist those businesses and people buying services from them. The support scheme for the poorest and most vulnerable, due to end on 31 March, has been extended. Fuel and alcohol duty remain frozen. The NHS is being supported in the delivery of AI for clinical and administrative efficiency. All these things benefit ordinary people. And don’t forget that pensions and benefits will rise next month.

Perhaps you could explain what, within the bounds of fiscal responsibility, you wanted to be done to make the country better for ordinary people.

A lot of this was a party political shout out- just criticising the party opposite as having no plan when they just pinched some of their plan! Jeremy Hunt is simply robotic spouting of pre digested soundbites.

The pension increase next month will probably drag me and thousands of others into paying tax on their state pension. I’m just glad that interest rates on my savings have increased but I feel sorry and angry for those who only have their state pension and are not eligible for pension credits.

Those who will have to start paying tax as a result of the pension increase will, in effect, receive 80% of however much of their income is above the tax threshold and 100% of their income up to the threshold. As I have already said, if there was not sufficient headroom to dispense with the freeze maybe it will happen in the autumn statement.

Or perhaps you would rather not have a pension increase? Do you expect to have it every which way? Working people don’t have that benefit.

Susie42

The pension increase next month will probably drag me and thousands of others into paying tax on their state pension. I’m just glad that interest rates on my savings have increased but I feel sorry and angry for those who only have their state pension and are not eligible for pension credits.

I’m already over the threshold on my state pension because of previously paid SERPS, so I get clobbered for tax on my private pensions. Thankfully, the interest rates on my savings prop it all up.

CoolCoco

A lot of this was a party political shout out- just criticising the party opposite as having no plan when they just pinched some of their plan! Jeremy Hunt is simply robotic spouting of pre digested soundbites.

It’s not an election winning budget. Even the right wing media sycophants are pulling it apart.

But, hey, ho, on to an election at some point.👍

I do find it odd that on another thread there was an overwhelming number of posters advocating for higher taxes, and now we have complaints about posters moving into the tax bracket…

Martin Lewis explaining what the NIC cuts mean. Note that because of fiscal drag, most people earning between the tax threshold and £26,000 will be marginally worse off even when the latest cut is factored in.

www.bbc.co.uk/programmes/p0hgzxgf

GrannyGravy13

I do find it odd that on another thread there was an overwhelming number of posters advocating for higher taxes, and now we have complaints about posters moving into the tax bracket…

Ah, taxes are for other people to pay.

The goverment is always talking about the need for economic growth.

This is what AccountingWeb has to say about the Budget increase in the VAT threshold.

The VAT threshold has been at £85,000 since April 2017, and this has resulted in fiscal drag bringing in more businesses into the VAT regime by virtue of increased inflation, cost of living and minimum wage rises.

Has this £5,000 increase resolved the cliff edge issue? Not really. Will it keep smaller traders out of the VAT system? Possibly. But then the cliff edge issue is that many businesses artificially keep their turnover below the VAT threshold. This stifles growth and long-term innovation, two aspects a struggling economy should want to focus on.

Why not go big and move the threshold to say £100,000? A nice round figure which moves the cliff edge quite some distance for those smaller businesses that just creep over the £85,000 threshold but aren’t able to scale up sufficiently enough to justify a VAT registration.

In other words, Hunt hasn't done enough.

awful and boring drawn-out budget speech. The shouting out was encouraged by Hunt and his stupid puerile jokes. The whole performance was shameful

I'm already worse off! I was driving whilst listening to the budget on the car radio instead of listening to the sat nav, missed my turning which meant I went at least 20 miles out of my way and arrived home late and hungry.

Germanshepherdsmum

GrannyGravy13

I do find it odd that on another thread there was an overwhelming number of posters advocating for higher taxes, and now we have complaints about posters moving into the tax bracket…

Ah, taxes are for other people to pay.

I don’t know. I didn’t want anyone’s taxes to rise, including my own. 😗

The shouting was from all sides, tho of course worse from the opposition. I agree felt that Hunt's delivery was shallow with too many snide remarks and digs at the opposition. He didn't deserve to be taken seriously.

Question (I've got a bit behind): is the use of AI in hospitals and care homes really ready to roll out now, without investment that will wipe out the economies? Imposing it on the care sector without robust testing would just make bad worse. When are the savings predicted for?

DiamondLily

Germanshepherdsmum

GrannyGravy13

I do find it odd that on another thread there was an overwhelming number of posters advocating for higher taxes, and now we have complaints about posters moving into the tax bracket…

Ah, taxes are for other people to pay.

I don’t know. I didn’t want anyone’s taxes to rise, including my own. 😗

I just don’t think anybody should be paying taxes at the highest level since 1948 when we are getting sweet FA for them, and public services are so underfunded that they are collapsing.

DiamondLily

Susie42

The pension increase next month will probably drag me and thousands of others into paying tax on their state pension. I’m just glad that interest rates on my savings have increased but I feel sorry and angry for those who only have their state pension and are not eligible for pension credits.

I’m already over the threshold on my state pension because of previously paid SERPS, so I get clobbered for tax on my private pensions. Thankfully, the interest rates on my savings prop it all up.

Don't forget you will be taxed on the interest from savings as well. HMRC will send you a bill for any tax owing, automatically generated from analysis of the information they receive from your banks and building societies.

Only if you have used up you starting rate for savings of £5000 and your Personal Savings Allowance of £1000.

Note you are not not eligible for the starting rate for savings if your other income is £17,570 or more.

Dempie55 anyone on 20% tax doesn’t pay tax on the first £1,000 of interest earned, it goes down to £500 at 40% and zero at highest rate.

ISA’s and Premium Bond wins are tax free.

HousePlantQueen

GrannyGravy13

I think the behaviour of the opposition parties is more akin to a pantomime than the H of P.

To be fair, the noise was coming from all sides of the house, those supporting the Chancellor were making as much noise as those who were not. I agree that it was a circus though

We weren't there but the Deputy Speaker was and she seemed to be remonstrating more with Opposition Members, in particular a Mr Perkins.

Stupid lot, it made it difficult to listen.

winterwhite: Question (I've got a bit behind): is the use of AI in hospitals and care homes really ready to roll out now, without investment that will wipe out the economies? Imposing it on the care sector without robust testing would just make bad worse. When are the savings predicted for?

This is what Hunt said:

We will slash the 13 million hours lost by doctors and nurses every year to outdated IT systems.

We will use AI to cut down and potentially cut in half form filling by doctors.

We will digitise operating theatre processes allowing the same number of consultants to do an extra 200,000 operations a year.

We will fund improvements to help doctors read MRI and CT scans more accurately and quickly, speeding up results for 130,000 patients every year and saving thousands of lives –something I know would have delighted my brother Charlie who I recently lost to cancer.

We will improve the NHS app so that it can be used to confirm and modify all appointments, reducing up to half a million missed appointments annually and improving patient choice.

We will set up a new NHS staff app to make it easier to roster electronically and end the use of expensive off-framework agencies.

And as a result of this funding, all hospitals will use electronic patient records, making the NHS the largest digitally integrated healthcare system in the world.

Today’s announcement doubles the amount the NHS is investing on digital transformation over three years.

The BBC is reporting that the Treasury is hoping that the proposed technological reforms will deliver as much as £1.8bn worth of benefits to public sector productivity by 2029.

Germanshepherdsmum

They will argue that the economic situation has improved, Cossy - and of course they will be courting votes. The chancellor has today extended measures which were due to come to an end and he can, if it is fiscally responsible in the autumn, end the freeze or bring forward the date on which it is scheduled to end.

Yes, I guess that makes sense politically

TinSoldier

*winterwhite*: Question (I've got a bit behind): is the use of AI in hospitals and care homes really ready to roll out now, without investment that will wipe out the economies? Imposing it on the care sector without robust testing would just make bad worse. When are the savings predicted for?

This is what Hunt said:

We will slash the 13 million hours lost by doctors and nurses every year to outdated IT systems.

We will use AI to cut down and potentially cut in half form filling by doctors.

We will digitise operating theatre processes allowing the same number of consultants to do an extra 200,000 operations a year.

We will fund improvements to help doctors read MRI and CT scans more accurately and quickly, speeding up results for 130,000 patients every year and saving thousands of lives –something I know would have delighted my brother Charlie who I recently lost to cancer.

We will improve the NHS app so that it can be used to confirm and modify all appointments, reducing up to half a million missed appointments annually and improving patient choice.

We will set up a new NHS staff app to make it easier to roster electronically and end the use of expensive off-framework agencies.

And as a result of this funding, all hospitals will use electronic patient records, making the NHS the largest digitally integrated healthcare system in the world.

Today’s announcement doubles the amount the NHS is investing on digital transformation over three years.

The BBC is reporting that the Treasury is hoping that the proposed technological reforms will deliver as much as £1.8bn worth of benefits to public sector productivity by 2029.

The NHS computer systems have cost billions across the years and still don’t work! Ditto many of the DWP systems! I’ll be interested to see what happens!

That’s all pie in the sky dreams though TinSoldier, the only one that’s potentially achievable by 2029 is the reading of MRI and CT scans, provided there is adequate investment. Some of them are laughable - how do they think electronic rostering will end the use of off-framework agencies for example, do they think the current rostering is so bad that miracles can be worked, when there aren’t enough staff to cover the shifts? Forgive my cynicism, but they must think we were born yesterday.

Casdon

BBC reporting:

The overall level of taxation last year was the highest for more than 70 years.

And it is forecast to get higher.

The Office for Budget Responsibility (OBR) - the independent body which makes forecasts for the government - predicts that it will collect 37.1p of every pound generated in the economy in 2028-29.

That would be the highest level in 80 years.

That is total tax take including all personal and business taxes.

TinSoldier

Casdon

BBC reporting:

The overall level of taxation last year was the highest for more than 70 years.

And it is forecast to get higher.

The Office for Budget Responsibility (OBR) - the independent body which makes forecasts for the government - predicts that it will collect 37.1p of every pound generated in the economy in 2028-29.

That would be the highest level in 80 years.

That is total tax take including all personal and business taxes.

I know.
This is interesting, a view from the Telegraph.
www.youtube.com/watch?v=KGu2xjxqIr4