Chancellor Rachel Reeves: Her Time Is Up!

[brogdale]

Dropped off an absolute cliff at quarter past three.

Small blip and back down by close. Why would the markets be spooked by the prospect of £72bn extra spending that will come they way and based on £30bn (ish) extra borrowing from capital. kerching

 

[PR1Berske]

Some people have taken it very well indeed

 

[brogdale]

Some people have taken it very well indeed

View attachment 449023

those poor fuckers that have to get the bus to the airport for their private jets

 

[wemakeyousoundb]

those poor fuckers that have to get the bus to the airport for their private jets

considering the rise in airport duty they will suffer not surprising

 

[brogdale]

If they'd put the bus fares up to £12 that would have paid for the divers' petrol subsidy...

 

[smmudge]

Yeah how was it painful?

I have a question with bringing pensions within your estate when you die. So you'll have your nil rate band then taxed at 40%. But does that surely mean they're dropping the income tax liability on pension income to beneficiaries when the pensioner is over 75 when they die. Are they sure this is going to bring in more in tax than they will lose??

 

[Bobby Notches]

Some people have taken it very well indeed

View attachment 449023

Well, Allister clearly has great economic insight and an unnerving ability to forecast.

 

[Sue]

So did I miss something cos after all the hype, that seemed like a damp squib?

 

[hitmouse]

Not happening in Manchester where as if by magic the local bus company is publicly controlled:

Andy Burnham issues statement on £2 bus fares as price cap rises across country

Labour leader Kier Starmer has announced the fare cap across England would rise by 50 per cent to £3

www.manchestereveningnews.co.uk

Just wanted to pop up and add on this point that Manchester having regulated buses isn't something that's just randomly happened, it only came about after years of campaigning by Better Buses for Greater Manchester, a campaign that was backed by Unite, Unison, GMB and Acorn among others:

Make your buses better. Sign the petition now.

Our buses are just not working, but we have a chance to change that. We need public control. Sign the petition to fix the bus system in Greater Manchester.

betterbusesgm.org.uk

Other factors at play there as well, like Burnham is, I think, a fairly savvy opportunist who'll go with whatever he thinks will be popular, which depressingly makes him much better than the likes of Reeves, Streeting or Starmer who seem to have a real ideological commitment to always doing the most free market thing possible. But a better regulated bus system in Greater Manchester was at least in part won by passengers organising to demand it, which is something that could be achieved elsewhere.

 

[mx wcfc]

Yeah how was it painful?

I have a question with bringing pensions within your estate when you die. So you'll have your nil rate band then taxed at 40%. But does that surely mean they're dropping the income tax liability on pension income to beneficiaries when the pensioner is over 75 when they die. Are they sure this is going to bring in more in tax than they will lose??

The rich were pumping money into pension funds that they never needed to take income from, simply as a means of avoiding inheritance tax.

They were right to close this loophole that the tories deliberately left open for the very rich,

 

[JimW]

Small blip and back down by close. Why would the markets be spooked by the prospect of £72bn extra spending that will come they way and based on £30bn (ish) extra borrowing from capital. kerching

It was just a joke, as that was when the timeline ended.

 

[BusLanes]

That's the problem with people like Heath. Everything is the worst ever or the best. There no moderation at all so why would you care what he thinks about anything except to have a feeling for what the ultra Tories might be thinking

 

[redsquirrel]

Just wanted to pop up and add on this point that Manchester having regulated buses isn't something that's just randomly happened, it only came about after years of campaigning by Better Buses for Greater Manchester, a campaign that was backed by Unite, Unison, GMB and Acorn among others:

Make your buses better. Sign the petition now.

Our buses are just not working, but we have a chance to change that. We need public control. Sign the petition to fix the bus system in Greater Manchester.

betterbusesgm.org.uk

Other factors at play there as well, like Burnham is, I think, a fairly savvy opportunist who'll go with whatever he thinks will be popular, which depressingly makes him much better than the likes of Reeves, Streeting or Starmer who seem to have a real ideological commitment to always doing the most free market thing possible. But a better regulated bus system in Greater Manchester was at least in part won by passengers organising to demand it, which is something that could be achieved elsewhere.

Same campaign is now being organised by trade unions in West Yorkshire - if any U75er from WY wants to get involved I can get them a contact (basically contact the local trades council).

 

[LakieLady]

Both shocking low and I would have thought at least increasing SSP to match the other statutory payments would have been a start. But then again if you’re sick you’re not “working people” so don’t count.

It's a bizarre situation where you can have a job but not count as a worker imo.

UC work coaches have been following this principle since UC started. If you're off on SSP and need to claim UC as a result, they expect you to look for work, even though you have a job.

 

[smmudge]

The rich were pumping money into pension funds that they never needed to take income from, simply as a means of avoiding inheritance tax.

They were right to close this loophole that the tories deliberately left open for the very rich,

I'm not saying it's wrong I'm simply questioning whether this genuinely generates more income from tax than they would lose from changing the existing rules. To tax after a potential zero rate band then 40%, as opposed to potentially from the first pound and up to 45%.

Pensions yes will avoid IHT but pretty poor at avoiding tax in general with them taxed with death after age 75 and over the lifetime/death benefit allowance. In my experience rich people pump money into offshore trusts and use family offices rather than pensions.

 

[A380]

 

[two sheds]

although I'm not sure those are the people who've been most affected?

 

[two sheds]

Mind you the money for NHS is welcome, that's something the tories avoided for 14 years.

Rachel Reeves has announced a £22.6bn increase in day-to-day spending on the NHS in her budget as she promised to "invest invest invest".

The chancellor said the Tories had overseen "the most austere decade" in the health service's history and her plans, including an additional £3.1bn in capital spending, amount to the "largest real term growth" in its funding outside the pandemic since 2010.

Budget 2024: Biggest day-to-day increase in NHS spending since 2010 announced

The chancellor said the cash injection into the NHS will deliver repairs to hospitals, increase procedures and fund more beds and diagnostic tests.

news.sky.com

Will be interesting to see how much is diverted into private pockets. They also quite seem to like a figure of £22 billion: carbon capture, 'black hole' and extra NHS funding.

Eta: plus £11 billion for infected blood victims and £1.8 billion for victims of Horizon,

 

[eoin_k]

Is that public sector investment or a subsidy for private sector investment that will transfer more of the NHS into the hands of multinational corporations?

 

[ska invita]

Allowing social landlords to raise their rents above inflation....ffs sake the whole point of being in social housing (as i am) is that we cannot afford private rents. my rent is already not far off half my take home pay

Yes this really stood out to me as the worst of it....I mean Why? What does the state gain? Increased tax off landlordism?

 

[brogdale]

Mind you the money for NHS is welcome, that's something the tories avoided for 14 years.

Budget 2024: Biggest day-to-day increase in NHS spending since 2010 announced

The chancellor said the cash injection into the NHS will deliver repairs to hospitals, increase procedures and fund more beds and diagnostic tests.

news.sky.com

Will be interesting to see how much is diverted into private pockets. They also quite seem to like a figure of £22 billion: carbon capture, 'black hole' and extra NHS funding.

They'll be a fair few US health software (snake-oil) peddlers who will be delighted with this news.

 

[Serge Forward]

Is that public sector investment or a subsidy for private sector investment that will transfer more of the NHS into the hands of multinational corporations?

The devil's in the detail, but as Labour are a bunch of shills for the latest neo liberal shite, we can make a good guess.

 

[brogdale]

Is that public sector investment or a subsidy for private sector investment that will transfer more of the NHS into the hands of multinational corporations?

The neoliberal consolidator state acting as a vehicle for regressive transfer of wealth from taxes on earned income to the unearned income from asset-management owned/managed infrastructure. If they comply they're guaranteed the revolving door largesse when the next set of state actors take over.

 

[Boo Radley75]

The analysis of yesterdays budget that no one takes seriously or cares about - Liz Truss has her say on Twitter -

"25 years of economic consensus has failed Britain. Today's Budget accelerates the doom loop of decline."

 

[Larry O'Hara]

Is that public sector investment or a subsidy for private sector investment that will transfer more of the NHS into the hands of multinational corporations?

The latter

 

[Smokeandsteam]

View attachment 449076

Got to be honest. That's an utterly abysmal take.

Corporation Tax - untouched
Unearned income - remains taxed at far far lower levels that earned income (and is where all of the people above will derive large parts of their wealth from)
Wealth tax - there isn't one
Increased income tax on the super rich - nope

In reality, Toby and Co will be relieved that the 'tough choices' don't apply to them and also thank their lucky stars that they don't need to employ anyone or make or do anything to maintain their elite position and wealth.

 

[The39thStep]

The neoliberal consolidator state acting as a vehicle for regressive transfer of wealth from taxes on earned income to the unearned income from asset-management owned/managed infrastructure. If they comply they're guaranteed the revolving door largesse when the next set of state actors take over.

Have you got any T-shirts with that on

 

[Smokeandsteam]

Have you got any T-shirts with that on

Isn't it a lyric from a Sleaford Mods song?

 

[emanymton]

The analysis of yesterdays budget that no one takes seriously or cares about - Liz Truss has her say on Twitter -

"25 years of economic consensus has failed Britain. Today's Budget accelerates the doom loop of decline."

Well she isn't realy wrong about that part.

 

[kabbes]

If nothing else, I’m enjoying today how apoplectic the Telegraph seems to be about it all.