Budget 2024

D

Danny Ocean

Well-known member
The budget is this week, are we going to get the typical conservative budget that targets the people who vote either Labour or Conservative in

an election and control who wins? Or are we going to see something that will get the economy going, such as a rise in the tax threshold? A rise in

the tax threshold will give a real boost to the poor and least well-off, and create spending in the economy.
 
The insitute for fiscal studies, say, whatever he gives, will have to be recinded by whoever wins next election..
 
IF I was in charge I wouldn't tinker too much but I would do the following.

Raise thresholds across the board by 5%

Change the taper on child benefit to start at £70k.

As those changes would stimulate spending rather than saving.

I'd introduce a vape tax as that's easy to sell it as "pricing out kids" which would be used to pay for the above.

And not much else as it's a bit tight at the minute and you wouldn't want to spook the market.
 
There is a big danger that if the tax threshold isn't raised soon then people only receiving the basic state pension by 2026 will be paying

income tax if inflation remains high, which is a crazy situation. The new state pension will rise to £ 11,500 per year from April 2024 and the

current tax threshold is £ 12,570.

My gut feeling is that Tories will cut income Tax by 2%, increase the threshold for inheritance tax to £ 1,000,000, and maybe increase the

threshold that people pay 40% tax to £ 60,000 or even higher. I think the Tories will call an election for May on the back of this Budget,

certainly, before we get a fresh new set of illegal immigrant figures in the summer.
 
Danny Ocean said:
There is a big danger that if the tax threshold isn't raised soon then people only receiving the basic state pension by 2026 will be paying

income tax if inflation remains high, which is a crazy situation. The new state pension will rise to £ 11,500 per year from April 2024 and the

current tax threshold is £ 12,570.

My gut feeling is that Tories will cut income Tax by 2%, increase the threshold for inheritance tax to £ 1,000,000, and maybe increase the

threshold that people pay 40% tax to £ 60,000 or even higher. I think the Tories will call an election for May on the back of this Budget,

certainly, before we get a fresh new set of illegal immigrant figures in the summer.
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You may be right, but with current fiscal figures, that would spook the markts a la Truss. The surplus that looked good in January has now largely vanished, down to £16B
 
TSSeasider said:
IF I was in charge I wouldn't tinker too much but I would do the following.

Raise thresholds across the board by 5%

Change the taper on child benefit to start at £70k.

As those changes would stimulate spending rather than saving.

I'd introduce a vape tax as that's easy to sell it as "pricing out kids" which would be used to pay for the above.

And not much else as it's a bit tight at the minute and you wouldn't want to spook the market.
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Reduce VAT by 2%. It's a regressive tax and a cut would partly pay for itself in increased consumer demand. It doesn't favour workers over pensioners or rich over poor.
 
The papers are reporting national insurance cuts and a vaping tax. Vaping shops and nail bars are the only small businesses that are surviving on the high st.

If the papers are true I just cannot see this being enough for the Torys to have any chance of winning at the election.
 
Danny Ocean said:
The papers are reporting national insurance cuts and a vaping tax. Vaping shops and nail bars are the only small businesses that are surviving on the high st.

If the papers are true I just cannot see this being enough for the Torys to have any chance of winning at the election.
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2% off NI apparantly nothing off income tax.
 
Danny Ocean said:
The papers are reporting national insurance cuts and a vaping tax. Vaping shops and nail bars are the only small businesses that are surviving on the high st.

If the papers are true I just cannot see this being enough for the Torys to have any chance of winning at the election.
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Plus “a promise” of more spending on defence and the NHS which means less spending for other departments and local councils. Which translates into more potholes. And even fewer libraries.
 
The chancellor is guided by the OBR forecasts and I’ve just read an Ed Conway article which points out that their last five year forecast was out by 15% of GDP, or £415 billion, enough to fund 70 aircraft carriers and its double the current NHS budget. Makes you wonder why this organisation exists.
 
My business partner is a hard core Tory. His budget desire is:

1. Remove super tax and reduce higher earning tax to 25%
2 Abolish Inheritance tax
3. Remove child benefit completely (life choice)
4 New Vape tax on par with cigs
5 Corporation tax reduced to 10%
6. Dividends tax reduced to 10%

Real socialist stuff 😁
 
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Matesrates said:
The chancellor is guided by the OBR forecasts and I’ve just read an Ed Conway article which points out that their last five year forecast was out by 15% of GDP, or £415 billion, enough to fund 70 aircraft carriers and its double the current NHS budget. Makes you wonder why this organisation exists.
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Maybe Covid and the Ukraine had something to do with that?
 
Walthamstow_Seasider said:
Time to end the pension triple lock and use the savings to help young, first time buyers get on the housing ladder.
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Yes , that pittance of a pension , one of the worst in Europe, for example a third of what the Spanish old uns get . We need many more of these increases to bring us into line with other countries .
 
NI cut of no benefit to me, unless the reduction is also applied to the voluntary contributions I need to pay to make up the shortfall in my state pension, due to start in 2025.
 
CCFskiver said:
NI cut of no benefit to me, unless the reduction is also applied to the voluntary contributions I need to pay to make up the shortfall in my state pension, due to start in 2025.
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NI cut is of no help to over a third of the population, the poorest end of the unemployed and pensioners.

Meanwhile the failure to increase tax thresholds has cost the average householder around £1500 a year, double this 'cut' in NI.
 
The best thing the chancellor could do tomorrow is announce Dave Fishwick will be taking over at the bank of England and that he is resigning and Martin Lewis will now be the new chancellor.
 
Not relevant to most but a suggested vaping tax is disgraceful.

Yes ban disposables but vapes already incur vat, to put an additional tax like with cigs would be shocking. I, like most, stopped smoking by using vapes. 👎
 
It would cost so much money but they need to increase the tax thresholds. Surely it can't be frozen until 2028. More and more people slipping into the 40% tax bracket. Needs updating to at least £50k.
 
Chunkylad said:
Biggest tax by a distance that has been levied on the working people of the UK was Truss’s disaster budget leading to a massive hike in interest rates. They’re crippling home owners of working age and as a knock on have overinflated rental costs.
What a mess.
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She was a disaster of epic proportions; but interest rates are about where the long term average should be - the trouble is it happened in months and not years.

You are right though; it is a mess.
 
Chunkylad said:
My business party is a hard core Tory. His budget desire is:

1. Remove super tax and reduce higher earning tax to 25%
2 Abolish Inheritance tax
3. Remove child benefit completely (life choice)
4 New Vape tax on par with cigs
5 Corporation tax reduced to 10%
6. Dividends tax reduced to 10%

Real socialist stuff 😁
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Is your boss Kwasi Kwarteng?
 
Chunkylad said:
He’s my co-owner in our tech company. We are like Silk and Steel 😂
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My lad has just completed his Masters working for an Electech company at Lancaster. He`s now very right-wing...;)

I half expect the government to throw the kitchen sink at this budget today....
 
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spudgun said:
My lad has just completed his Masters working for the Electech Innovation Cluster at Lancaster. He`s now very right-wing...;)

I half expect the government to throw the kitchen sink at this budget today....
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That’s brilliant Spud.

We partner up with Bristol Uni and Barcelona uni to get post grads with expertise in Machine vision and AI.

It’s amazing how fast tech is moving. I used to think I was an expert. I now stare blankly in most of our internal meetings thinking “please let the pain stop”. The kids are genius!
 
Chunkylad said:
My business partner is a hard core Tory. His budget desire is:

1. Remove super tax and reduce higher earning tax to 25%
2 Abolish Inheritance tax
3. Remove child benefit completely (life choice)
4 New Vape tax on par with cigs
5 Corporation tax reduced to 10%
6. Dividends tax reduced to 10%

Real socialist stuff 😁
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Not thinking all about himself then? What's his name? Me-me?
 
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