Official Budget Thread

[Sicknote]

Farmers are losing their shit, but not unexpected

[Mr Nice 2.0]

A record £40 billion in tax hikes, yet the OBR forecasts only 1.5% growth by decade's end. Yikes.

Annoyingly, the OBR's website still links to the Marxh 2024 forecast when looking at tge new one published today to review this in detail.

But, I believe that 1.5% quoted is real growth, not nominal.

I'm also interested more in productivity numbers.

[Barnet Ben]

Electrification of the Wigan to Bolton line!

[Dave (Barra)]

Farmers are losing their shit, but not unexpected

Farmers moaning.

Well I never.

[Shanghai]

NI the same, PAYE the same, VAT the same, tax thresholds unfrozen after 2028, Fuel Duty the same, Beer duty down, changes to IHT not impacting the majority, compo for victims of the blood scandal and post office scandal, bigger pensions for miners, Minimum wage up, Carer allowances up, much more investment in the economy and public services....

With the above paid for by medium to big business, non Doms and the wealthy.

What's not too like for an average geezer like yourself?

I don't like her tone. I feel she's talking down at me. Makes many of her policies moot.

[Dover and Dover]

Electrification of the Wigan to Bolton line!

Big news but already being done, like all the other rail announcements lol

[Sicknote]

Farmers moaning.

Well I never.

A couple have hung themselves in the last few days to try and beat the changes coming in. Sad, as the changes don’t come into effect until 2026 I think?

[Dover and Dover]

Listening on the radio it could do without all those sheep

[Pugwash]

Big news but already being done, like all the other rail announcements lol

Bit like the £63 billion of investment supposedly gained at that recent Investment Summit - most of it had already been announced under the previous government.

[Mr Nice 2.0]

My initial reaction....I think they've gone a bit too far in moving a lot of the tax liability on business. This could impact employment, wage growth etc. For me, one of the NI decreases should have been reversed so some of the burden fell on the public. But, that was never gonna happen due too promises made in the election.

But, overall this is a big budget of change...after many accusations of them just being Red Tories they've shown that's not quite true. It isn't a big lefty dream budget of introducing wealth taxes and nationalising everything but it does increase spending on vital public services, has huge increases in capital investment, higher wages for public sector, minimum wage earners and carerers and it includes compensation for various scandals (plus the government will no longer pinch from miners pensions). And, its all being paid for by businees (mainly big as smaller business protected to a degree), the oil industy, non Dom's and then the wealthy via IHT, second home stamp duty and CGT changes. It's definetly not a conservative party budget that's for sure.

On a personal level, my bottom line is largely unchanged. I neither benefit or am hit by anything announced to any large degree (personally I think that's wrong and I should pay higher NI). The bus cap increase is probably the biggest thing. But, increased employer NI costs, higher CGT overall and on carried interest will have a large impact on my my firm's UK operations so it will be interesting to see what impact that has long term e.g. moving our jobs to cheaper locations at its worst.