Chancellor delivers plan for stability, growth and public services

[joglynne]

snippet....
Chancellor unveils a plan for stability, growth, and public services.

Tackling inflation is top of the priority list to stop it eating into paycheques and savings, and disrupting business growth plans.

To protect the most vulnerable the Chancellor unveiled £26 billion of support for the cost of living including continued energy support, as well as 10.1% rises in benefits and the State Pension and the largest ever cash increase in the National Living Wage.

Necessary and fair tax changes will raise around £25 billion, including an increase in the Energy Profits Levy and a new tax on the extraordinary profits of electricity generators.

Decisions on spending set to save £30 billion whilst NHS and Social Care get access to £8 billion and schools get an additional £2.3 billion reflecting people’s priorities. -To deliver prosperity, he’s also committed to infrastructure projects including Sizewell C and Northern Powerhouse Rail, along with protecting the £20 billion R&D budget.

https://www.gov.uk/government/news/c...ublic-services

[1andrew1]

From Paul Johnson, Director of the Institute for Fiscal Studies

Simply staggering numbers in OBR report. Real Household Disposable Income per person to fall more than 7% over next two years. Biggest fall on record. Taking incomes down to 2013 levels.

More remarkable OBR numbers. Tax hitting record levels as a fraction of national income

Interest spending going through the roof. Responsible for most of the deterioration in public finances. High interest rates, high borrowing, high inflation, and huge amounts of debt held by Bank of England, cost us very dear.

https://twitter.com/PJTheEconomist

[Dave42]

Originally Posted by 1andrew1

From Paul Johnson, Director of the Institute for Fiscal Studies

https://twitter.com/PJTheEconomist

Britain cant afford a tory government tories now lost all claims to be party of fiscal competence

Originally Posted by Dave42

Britain cant afford a tory government tories now lost all claims to be party of fiscal competence

Right, because Labour are always so much better at it.

The rise in the energy cap (£2500 to £3000) wasnt as bad as I had feared.
The tax rises are not really rises as such, just a freeze on the current 'free' levels.

Taking incomes down to 2013 levels ?
Dont really understand what that means ?
My income will still be higher than 9 years ago.
[ My expenditure will be higher though ]

[jfman]

Originally Posted by Paul

Right, because Labour are always so much better at it.

The rise in the energy cap (£2500 to £3000) wasnt as bad as I had feared.
The tax rises are not really rises as such, just a freeze on the current 'free' levels.

Taking incomes down to 2013 levels ?
Dont really understand what that means ?
My income will still be higher than 9 years ago.
[ My expenditure will be higher though ]

It means you lose more in your last sentence in the square brackets than you gain in the one before

[Kursk]

Well, baby boomers are golden: a 10% increase in the state pension; the energy price guarantee; the energy bills support scheme; the winter fuel payment and the pensioner cost of living payment.
Labour aren't a shoe-in by any means

[Jaymoss]

£900 cost of living support April to March I believe.

https://www.gov.uk/government/public...port-factsheet

Originally Posted by Kursk

Well, baby boomers are golden: a 10% increase in the state pension; the energy price guarantee; the energy bills support scheme; the winter fuel payment and the pensioner cost of living payment.
Labour aren't a shoe-in by any means

Once again complete BS about 'baby boomers'.
A 10% increase in pension is meaningless if you dont get it until 2029 (or later).
Getting really tired of these ill informed comments, and in future they will be removed.

Originally Posted by Kursk

Well, baby boomers are golden: a 10% increase in the state pension; the energy price guarantee; the energy bills support scheme; the winter fuel payment and the pensioner cost of living payment.
Labour aren't a shoe-in by any means

I’m in the cohort you mention -

10% increase in the state pension - just qualified for State Pension, so next April I will get £18 more per week; better than a poke in the eye with a sharp stick, but not exactly "golden"…

energy price guarantee - everyone gets this, not just "baby boomers"

the energy bills support scheme - everyone gets this, not just "baby boomers"

the winter fuel payment - not eligible this year

pensioner cost of living payment - not eligible

So, from this budget, the only difference between me and everyone else will be £18 per week in six months time - "golden"?

Perhaps "one size fits all" generalisations may not be as accurate as you may believe…

[Sephiroth]

Buried in the OBR report §61

https://obr.uk/docs/dlm_uploads/CCS0...ACCESSIBLE.pdf

The planned 23 per cent increase in the fuel duty rate in late-March 2023, which adds £5.7 billon to receipts next year. This would be a record cash increase, and the first
time any Government has raised fuel duty rates in cash terms since 1 January 2011. It
is expected to raise the price of petrol and diesel by around 12 pence a litre.

Did the Chancellor mention this?

Originally Posted by Sephiroth

[COLOR="Blue"]Buried in the OBR report §61

https://obr.uk/docs/dlm_uploads/CCS0...ACCESSIBLE.pdf



Did the Chancellor mention this?

Apparently not…

https://www.forbes.com/sites/carlton...h=216229072ee7

[Ms NTL]

Originally Posted by Paul

The tax rises are not really rises as such, just a freeze on the current 'free' levels.

If you earn £125,540 (funny number, wondered why?) you lose ALL free allowances.

Anyone between £100,000 -125,540, loses £1 free allowance for every £2 above £100,000.

If you are between £125,540-150,000, extra 5% tax.

Originally Posted by Ms NTL

If you earn £125,540 (funny number, wondered why?) you lose ALL free allowances.

Im not going to worry about that, ever.

[Pierre]

Which bit, is the growth bit?

[Kursk]

Originally Posted by Paul

Once again complete BS about 'baby boomers'.
A 10% increase in pension is meaningless if you dont get it until 2029 (or later).
Getting really tired of these ill informed comments, and in future they will be removed.

Originally Posted by Hugh

I’m in the cohort you mention -

10% increase in the state pension - just qualified for State Pension, so next April I will get £18 more per week; better than a poke in the eye with a sharp stick, but not exactly "golden"…

energy price guarantee - everyone gets this, not just "baby boomers"

the energy bills support scheme - everyone gets this, not just "baby boomers"

the winter fuel payment - not eligible this year

pensioner cost of living payment - not eligible

So, from this budget, the only difference between me and everyone else will be £18 per week in six months time - "golden"?

Perhaps "one size fits all" generalisations may not be as accurate as you may believe…

Keep your hair on loves I was trying to be positive. The Government is being criticised endlessly and few acknowledge the good things they’re doing. And even if you’re not getting the full benefit now, you can look forward to the future. The Government has made provision for seniors; it’s not their fault if you’re too young to have all the benefit now but keep yer peckers up eh?