Budget 2023

[strung out]

So they could have changed the formula of the NHS pension overall pot?

Exempted NHS pensions from the cap?

Or exempted SIPPs from the new limit.

Presumably better targeting what they claimed they wanted.

Cheers for the detailed info.

Not an expert (though I have a DB pension myself, so have basically done my own research on how the caps work), but yes, I'm guessing there are a range of ways they could have helped NHS doctors specifically.

Different caps, or calculations for NHS staff/all DB pension holders, alternative methods of remuneration for NHS consultants etc. My guess though is that they wanted to be 'fair' to all high earners, rather than just NHS doctors, along with a misguided belief that rich people want to work for longer, rather than just squirrelling even more money away for retirement and then packing it in at the same age they always have.

 

[Serge Forward]

Blimey; 10 Cadets for 10p out of the vending machine on the way to school seems a long time ago.

View attachment 366946

I seem to remember 20 No 6 for 12p... or was it them titchy No 10s?

 

[Smangus]

You can put commercial property interests into a SIPP too, mega money saved.

 

[Karl Masks]

Err, the independent office for budget responsibility has forecast inflation will drop to just 2.9% by the end of this year.

What I mean to say: the current and prior levels of inflation have already had the effect on the cost of living. Prices are unlikely to come down and so this halving of inflation just means the continued direction of the cost of living only gets slower. It doesn't change direction.

That's clearer isn't it

No

 

[Sue]

What I mean to say: the current and prior levels of inflation have already had the effect on the cost of living. Prices are unlikely to come down and so this halving of inflation just means the continued direction of the cost of living only gets slower. It doesn't change direction.

That's clearer isn't it

No

Yeah so essentially the increase in how much things cost has slowed but that's on top of the increase in prices that's already happened.

So if something cost £10 a year ago, it may now cost £11. By the end of the year, it'll cost £11.30 say. Which is better than the £12.10 if inflation had stayed at 10% but still more expensive than it is now and a lot more expensive than it was two years before that.

 

[cupid_stunt]

Yes, I get that, but it's still good news that it's going to be lower than halving it as the government was planning, it means interests will also start coming down too, and all the pain and suffering will be for a fairly short period compared to what happened in the late 70s and early 80s.

 

[Karl Masks]

Yeah so essentially the increase in how much things cost has slowed but that's on top of the increase in prices that's already happened.

So if something cost £10 a year ago, it may now cost £11. By the end of the year, it'll cost £11.30 say. Which is better than the £12.10 if inflation had stayed at 10% but still more expensive than it is now and a lot more expensive than it was two years before that.

And the Tories want to persuade us that the difference between £11.30 and £12.10 is a price cut because that's how they want people to view a drop in inflation.

 

[brogdale]

Also important not to overlook the word the word "forecast" in post #20

 

[PR1Berske]

Entered my details in the budget calculator

You will be £0.00 better off

Meh

I'm a gay man with no children and I have only ever rented properties so those things always tell me that it's no change regardless

 

[King Biscuit Time]

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