The autumn fiscal statement....

[C R]

It’s political.
Kick the can down the road, beyond the next election.

Poisoned chalice for whoever comes after.

 

[Fab Foodie]

Unless I've missed something, I don't seem to be going to pay any more into the national pot than I was when I woke up, which seems odd.
How as this impacted others?

 

[Beebo]

Unless I've missed something, I don't seem to be going to pay any more into the national pot than I was when I woke up, which seems odd.
How as this impacted others?

It’s all stealth taxes.
Allowances have not risen. So you pay more without realising.
If average pay is up 4% then tax free allowances should go up 4% too.

 

[Deleted member 49]

Poisoned chalice for whoever comes after.

What do Labour offer....good to see the sensible centre in charge.

View: https://twitter.com/faisalislam/status/1593204069669212161?t=KmzG-fOeG2Y5wcdvcFL8bA&s=19

 

[C R]

It’s all stealth taxes.
Allowances have not risen. So you pay more without realising.
If average pay is up 4% then tax free allowances should go up 4% too.

Yep, as far as I can see a lot of people at the bottom are going to pay significantly more income tax.

For me there's not a lot of change, but my wife will likely be caught now in the higher income band.

There should have been a more thorough overhaul of the capital gains taxes, which is how the real high earners get their income.

 

[stowie]

i'd like to know why the tories are making decision for years after the next general election, when they may not even be in power then......

I think planning beyond the next election is reasonable and allows the OBR to forecast for medium term.Budget planning over an economic cycle should help with stability.

Any new incoming government may or may not decide to continue with the plan.

It’s political.
Kick the can down the road, beyond the next election.

Or there is that motivation of course . Kick it to past the election they aren't expected to win and then moan at Labour when they have to pick up the pieces.

 

[Fab Foodie]

Yep, as far as I can see a lot of people at the bottom are going to pay significantly more income tax.

For me there's not a lot of change, but my wife will likely be caught now in the higher income band.

There should have been a more thorough overhaul of the capital gains taxes, which is how the real high earners get their income.

It's madness.
I'm unaffected but in an earnings bracket where am sure most could afford to pay a little more and save those at the bottom.

 

[jowwy]

I think planning beyond the next election is reasonable and allows the OBR to forecast for medium term.Budget planning over an economic cycle should help with stability.

Any new incoming government may or may not decide to continue with the plan.



Or there is that motivation of course . Kick it to past the election they aren't expected to win and then moan at Labour when they have to pick up the pieces.

The reason asked was because one of the items in the budget statted….”personal tax thresholds will not be raised until after 2028”……how can they say that when they are only in power until at the latest 2025?..

 

[C R]

It's madness.
I'm unaffected but in an earnings bracket where am sure most could afford to pay a little more and save those at the bottom.

Same with us.

 

[stowie]

The reason asked was because one of the items in the budget statted….”personal tax thresholds will not be raised until after 2028”……how can they say that when they are only in power until at the latest 2025?..

Yes, it isn't something they can enact now. I take it as short hand for "if this government is in power and we haven't changed our mind and the economic circumstances are as forecasted then..".

It allows the OBR and others to forecast beyond 2025 and model the effect of the government's intentions beyond elections. It also allows the government to say that their plan would have the following medium term effect etc.

As an aside, the personal tax thresholds remaining static until 2028 introduces enormous tax drag. Quite clever in its own way since the full effect is cumulative so they can introduce it and let Labour take the flack (if they win in 2024/25) when it starts to really hit later in the cycle.

 

[Bazzer]

Unless I've missed something, I don't seem to be going to pay any more into the national pot than I was when I woke up, which seems odd.
How as this impacted others?

Yet to look at the detail, but I'll be hit with the 'lecy car charge.
I really don't get why road pricing is not introduced. Anecdotal evidence suggests the price of energy is making some people think about their use of gas and electricity. Why would this not translate to car use?

 

[stowie]

It's madness.
I'm unaffected but in an earnings bracket where am sure most could afford to pay a little more and save those at the bottom.

With the static personal tax allowances then we will all be paying more, but you are correct - this will proportionally affect poorer households most. It is a somewhat regressive way to raise money. Especially when those better off with disposable portion of income may simply use salary sacrifice (eg pension payments) on more of their income to be more tax efficient. Not an option if you need every penny every month.

 

[stowie]

Yet to look at the detail, but I'll be hit with the 'lecy car charge.
I really don't get why road pricing is not introduced. Anecdotal evidence suggests the price of energy is making some people think about their use of gas and electricity. Why would this not translate to car use?

Politically highly charged and maybe practical / technical issues around infrastructure. Certainly paying per mile with variations based on road congestion (that would be the ideal choice to raise money and reduce road congestion) would need infrastructure that I don't think is present currently.

The easy and rough and ready way would be to road-price indirectly through fuel tax escalation. After all, this would not only encourage fewer journeys but for people to think harder about efficiency of cars. But then I would expect any government doing this would get roundly kicked out at the next election after facing angry truckers, cabbies etc. blocking roads.

 

[BoldonLad]

Yet to look at the detail, but I'll be hit with the 'lecy car charge.
I really don't get why road pricing is not introduced. Anecdotal evidence suggests the price of energy is making some people think about their use of gas and electricity. Why would this not translate to car use?

I am sure it would “work”, but, is rationing by price “fair”?, ie, wouldn’t it hit the poorest the hardest?

 

[stowie]

I am sure it would “work”, but, is rationing by price “fair”?

Are you talking specifically about road pricing? We have it for other forms of transport such as rail, tube and aviaton. You pay more at peak times and the further you go.