Budget 2024

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BobKowalski said:
It’s the Tory equivalent of the ‘magic money tree’ where we spend £3.4 billion and watch it ‘magically’ generate ten times that in savings.

In reality, we spend £3.4 billion and…well, that’s it. In other news the guy who won the contract buys a private island and ends up on the cover of Private Eye.
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It will no doubt end up costing more than £3.4bn, and the estimated savings are of course nebulous, but if it produces an IT system across the NHS that actually works it will be money well spent and it would represent a meaningful reform.

To quote Wes Streeting, “You can’t just keep on pouring ever-increasing amounts of money into a leaky bucket, you’ve got to deal with the bucket itself.”
 
Brewster's millions said:
It will no doubt end up costing more than £3.4bn, and the estimated savings are of course nebulous, but if it produces an IT system across the NHS that actually works it will be money well spent and it would represent a meaningful reform.

To quote Wes Streeting, “You can’t just keep on pouring ever-increasing amounts of money into a leaky bucket, you’ve got to deal with the bucket itself.”
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In order:

It will.

Nebulous as in fictitious.

It won’t. Didn’t last time, either.
 
Brewster's millions said:
Things move fast in the world of Twitter know-nowts.

At lunchtime the Chancellor announces £3.4bn of funding for the NHS digitisation programme, and by dinner it’s turned into a £35bn contract, all signed over to Rishi Sunak’s father-in-law.

Anyone would think they’re just making this shit up.
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InfoSys have made a fortune last year https://www.theregister.com/2024/02/13/infosys_uk_government_contracts/

£3.4bn for the digital transformation that the NHS needs is not huge, considering they told NHS to pull back £1bn under 6 months ago and blamed it on strikes, it's all smoke and mirrors imo. I've been part of at least 2 DT programmes, one huge and one medium size, they take years of planning and analysis. Depending on where the NHS are with that, the reported £35bn productivity savings they are estimating might be a way off..
 
mr t said:
If National Insurance contributions are scrapped then how will the NHS / Retirement Pensions be funded?
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Most comes out of mainstream taxation which is going up anyway, to record levels as has been pointed out. The NHS doesn't get funding from just NI, and NI is not ringfenced just for the NHS.

People may save £64 next month, but will have more taxable income in higher thresholds.
 
The experts suggest the middle earners have done best, with high earners losing a bit and low earners losing the most. Not right policy in my view.
Surely low earners should fare best?
 
KS55 said:
The experts suggest the middle earners have done best, with high earners losing a bit and low earners losing the most. Not right policy in my view.
Surely low earners should fare best?
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Low to moderate earners don't tend to vote Tory, middle earners can sway either way so are the target audience while the wealthy generally are the core Tory voters
 
law74 said:
Low to moderate earners don't tend to vote Tory, middle earners can sway either way so are the target audience while the wealthy generally are the core Tory voters
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The budget is a crass attempt at a voter grab. Shameless and obvious. That’s not the actions of a party with the countries best interest at heart it’s the actions of a government with their own interest at heart and cuts right through to why they need to go.
Disingenuous , inept leadership. It’s what we’ve become used to so nobody should be too surprised.
 
Phil1 said:
The budget is a crass attempt at a voter grab. Shameless and obvious. That’s not the actions of a party with the countries best interest at heart it’s the actions of a government with their own interest at heart and cuts right through to why they need to go.
Disingenuous , inept leadership. It’s what we’ve become used to so nobody should be too surprised.
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What confuses me is… if that was an attempt to bribe the electorate… is that really the best they could come up with?

I find that infinitely more telling than the shallow politics of it all. They knew this was their final chance to win back voters and this is what they come up with? They really are completely out of ideas aren’t they? Either that or they’re even more out of touch than any of us could possibly imagine.

It’s like trying to secure a job by sliding the interviewer a 20 pence piece and winking at them.
 
Bump
I know this was for Hunts budget but given the title assume also covers Reeves' budget. Is there anything you are hoping for/Dreading in this budget rumours so far are around tobacco, fuel and pension reform for me it has pushed me into taking my 25% tax free earlier than planned assuming it completes in time.
 
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ganganvince said:
Bump
I know this was for Hunts budget but given the title assume also covers Reeves' budget. Is there anything you are hoping for/Dreading in this budget rumours so far are around tobacco, fuel and pension reform for me it has pushed me into taking my 25% tax free earlier than planned assuming it completes in time.
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I think its going to be brutal.
Hits on Capital Gains Tax. Inheritance Tax on pensions. Increase in employers NI pension contributions. Reduction in personal pension tax relief to a flat 30% (maybe even 25%) Reduction of the 25% tax free lump sum pension allowance. Increases on duty for fuel (both petrol and especially diesel). The reduction or complete removal of the dividend tax. Cut the ISA allowance to circa £100K. Increase in council tax. Increase in tobacco & alcohol duties and a possible windfall tax on banks and energy companies.
Apart from that we should be OK...
 
PPT said:
I think its going to be brutal.
Hits on Capital Gains Tax. Inheritance Tax on pensions. Increase in employers NI pension contributions. Reduction in personal pension tax relief to a flat 30% (maybe even 25%) Reduction of the 25% tax free lump sum pension allowance. Increases on duty for fuel (both petrol and especially diesel). The reduction or complete removal of the dividend tax. Cut the ISA allowance to circa £100K. Increase in council tax. Increase in tobacco & alcohol duties and a possible windfall tax on banks and energy companies.
Apart from that we should be OK...
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Do you really think they will do all that in one budget?
 
PPT said:
I think its going to be brutal.
Hits on Capital Gains Tax. Inheritance Tax on pensions. Increase in employers NI pension contributions. Reduction in personal pension tax relief to a flat 30% (maybe even 25%) Reduction of the 25% tax free lump sum pension allowance. Increases on duty for fuel (both petrol and especially diesel). The reduction or complete removal of the dividend tax. Cut the ISA allowance to circa £100K. Increase in council tax. Increase in tobacco & alcohol duties and a possible windfall tax on banks and energy companies.
Apart from that we should be OK...
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But if you earn less than £50k that would be an INCREASE in pension allowance, so a good thing for the majority of workers.It's interesting you only see it from the perspective of someone who is getting a bigger benefit. Would a reduction from marginal rate to 30% or 25% put people off investing in their pension?-I very much doubt it.

By energy companies who do you actually mean. For example Octopus have just made their first profit at a margin of 1.6%-they are hardly ripping us off at that rate. I would like to see some change to standing charges though as it is a scandal that the first £380 we all pay buys us not one Kwh of gas or electricity.
 
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