Rachel Reeves’ disastrous budget

[@doct0rnic0]

I think you provide the most objective analysis on economics I've seen on KZbin. Thanks.

[@keithpp1]

John McDonnell on the evening of the Budget, and I will paraphrase, it will need another Budget to correct this Budget.

[@keithpp1]

Excellent analysis Richard.

[@scarlettspear7447]

The dreadful has already happened. Thank you, R.J. Murphy.

[@henrypassfield]

Unfortunately,the budget has exposed the vacuity of the starmer project. Just being less corrupt and less useless than the Tories will not really impact economic growth and therefore government finances. It needs policies and ideas. There are none here.

[@clovermark39]

Not sure they were less anything than the cons. More useless and corrupt in my opinion.

[@OghamTheBold]

The rise of 🤔 Fiscal Apartheid Starmer Corporate Interest & Subsidised Monopoly - the only thing that has potential to mus🍄hroom is clouds

[@billB101]

@@clovermark39 lol

[@indricotherium4802]

The thin support they have will slowly ebb away as people stay confused as to what Labour are for. It will go the way of the Blair/Brown regime which ended up appointing ministers like John Reid who was indistinguishable from an authoritarian Tory.

[@JohnPark-xf2gq]

​@dotcom4389 taking freebies strikes me as being potentially corrupt,you would have to be very naive to not conclude that the donors are not expecting something back.wes streeting has been reported as having taken donations from private health providers.they all seem to think that merely recording these receipts make it OK.

[@chillitotes]

As a disabled person the budget increased my anxiety

[@paulking2039]

Existing claimants will apparently be less affected, or so they say. New claimants will get almost nothing, lowering the overall bill, with the rules significantly changed to stop many getting higher awards, or claiming at all.

[@abstractdrumz]

The truth is, we don't actually know what's coming yet. Personally, I don't think it's going to be as bad as it's been made out to be. One thing we do know for sure is that existing claimants won't be effected so try not to worry too much. Don't believe everything you read in the press or see online, there's a lot of sensationalist journalism and fear mongering out there atm.

[@MotherFarquhar]

The words 'work capability assessment' that has led to the extermination of so many.. if you survived 14 years of Tories you are like a Vietnam vet that survived the entire war. If the handful of dishonest people can survive it so should the vast majority it's finding a way to satisfy their curiosity as to what disability actually looks like. Many will be broken by the system and become dependant..

[@DarrenSmith-tq2xz]

I really can't believe that people didn't exsspect to see the budget this is nothing compared to what is coming in the coming years we are going to see 1929 on steroids banks are insolvent no deals no loans and no deposits last week the bank of Lindey in oklahoma USA went bust and they bailed inn the account holders look up the dod Frank act

[@DarrenSmith-tq2xz]

​@@abstractdrumzyou are going to see a global hyperinflationary depression by design banks are insolvent no deals no loans and no deposits at some point they are going to allow the debt market to implode when this happens all credit cards and ATM merchines will stop working and there solutions to this is a cbdc tokenised slavery system you'll own nothing and be happy

[@cszrwi]

Murdoch wins again, honestly I dispair at the power he and Rothermeer wield over the UK. Why on earth is Murdoch, from the very beginning, setting the parameters for a new Labour gov with a historic majority.

[@AliAli-iq6zu]

Murdoch's doesn't have much in the UK anymore he sold a lot of his assets off.

[@paulking2039]

@@AliAli-iq6zu His fangs are still in the UK, his shrills are everywhere, many on prime time tv doing his bidding. Perhaps the UK can move forward when he passes ? although he seems reluctant to leave us.

[@AliAli-iq6zu]

@@paulking2039 I would be more worried about Paul Marshall than Murdoch

[@Hickalum]

Councils, who actual provide the services, are going to face a massive increase in wages/NI bill.

[@BeaHindebars]

And they will pass those costs on to us

[@therealrobertbirchall]

So is the NHS the biggest employer in England

[@davidgncl]

Which goes straight back to the treasury, so the gov could pass it back if they like. They should, and more

[@indricotherium4802]

@@davidgncl : that's buying into the "balanced household budget" myth. Actually, the government can create as much money as it needs for any specific purpose - as happened for the Crash and Covid - completely independent of any existing monetary flows.

[@janeknight3597]

But they can’t pass the costs on to us because the council tax increases are capped. I don’t think that changed in this budget. It means fewer services surely

[@shaunmiller7370]

Post office scandal I agree totally with that commentator. This should come from the private company that are running the post office and from there is a computer tech company that ran the horizon faulty system that people took their lives over. No why is the British taxpayer paying

[@BeaHindebars]

@@shaunmiller7370 I deleted my comment because i agree it doesn't apply to the blood scandal, I apologise for any offence I caused. 🧡

[@JamesRicketts-y7y]

Because the tax payer is the owner of the company.

[@richardboldbrooker6327]

Because it was the British legal system that jailed and bankrupt these people. They are rightfully owed compensation from the government. And yes, Fujitsu should be looking at bankruptcy but this is one of the reasons why you don't dissolve institutes and let them be run by foreign commercial interests. Why should Canadians and the French be bothered if the trains are late and the rivers polluted, and what legal culpability can be enforced on a company from Japan?

[@BeaHindebars]

@@shaunmiller7370 in 30 years time we'll be paying out for the harms caused by certain medical interventions forced on us over recent years while those who knew and profited will never be held accountable.

[@jamesking2530]

As someone in the agricultural industry, the inheritance tax on farm land is at the same time a bias to rich people who buy farms to hide money. But an extremely devastating impact on the whole agricultural industry and has the potential to completely wipe out the agricultural sector in England. Something has to be done about people like Dyson etc. and rich business owners buying farm land to stop inheritance tax, but this one thousand percent was the wrong way. Farms are asset rich and cash poor and the asset only ever becomes available if you decided to quit farming, but when it comes to family farms this big asset is basically irrelevant if they plan to continue farming, for generations to come. When it comes to farms there yearly profit after all the expenses thrown at them, can some years be running at a loss, the last two years with extremely wet winters would have a massive effect on farms even breaking even and not being in debt. Now inheritance tax added to this would mean a 500 acre farm after the mil is free, with land at 10,000 an acre would then have a bil of £800,000, which I can promise you now farms do not have the ability to pay. Meaning farm land will have to be sold and most likely be then bought up by the government for net zero purposes or rich people, from the farming forums there’s already been 3 cases of farmer committing suicide on the 29th, so that they could pass the farm onto the next generation.

[@inh415]

Most farms larger than a hobby farm will now pay some IHT with the value of the farm buildings, machinery etc.

[@jamesking2530]

@@inh415 yeah didn’t wanna waffle too much, but by the time the bloody farm house is put into account that’s the mil right off out the window let alone sheds and machinery. The only hope really is that this budget has a drastic impact on land price going down, but can’t see that happening.

[@BeaHindebars]

@@jamesking2530 is that true about the suicides? that's so very sad 😭 add that to protestors dying in prison and elderly people freezing. Thank you Starmer.

[@Redf322]

How do you feel about Brexit now? I think that is the black hole in the economy.

[@mrradman2986]

It's a terrible policy. FKS.

[@taipizzalord4463]

The £2 bus fare cap was one of the best tory polices and actually did much to rejuvenate bus ridership post-covid. Increasing it 50% is highly illogical. Now £6 for a return journey. Meanwhile SUVs get away scot-free.

[@MyKharli]

beyond belief

[@skyblazeeterno]

Yes it's now made my local regular journey £6 rather than 4 and it's now cheaper to use the train

[@AaaaandAction]

It’s such a small amount of raised cash and will probably deter many people from bussing it use car instead that you have to wonder if it was just spiteful. Although she did leave OAP free bus pass alone (I think).

[@quyenlam4890]

£6 return is common in Edinburgh and surrounding areas before this budget.

[@skyblazeeterno]

@@quyenlam4890 I think you're missing the point

[@battybibliophile-Clare]

When it comes down to it, this is yet more austerity and is little different to the Tories. Interest rates and tax will remain high. this government is in thrall to the super-rich, just like the last. Change? What change? Just another smack in the eye for poor and small companies. Where is she going to spend the money? As far as I can see she's no economist, tame and unimaginative and pro-rich, she's no socialist.

[@DarrenSmith-tq2xz]

Interest rates are historically low thats because of the high levels of debt to GDP 150 percent banks are insolvent no deals no loans and no deposits and we only have 1 percent of purchasing power left in the UK pound governments always choose inflation over austerity if you think this is austerity you haven't seen enything yet wait until the banking bust happens and the debt market implodes

[@daftcarrot8035]

I would look into the knock on effect of the agricultural inheritance policy. This budget has effectively hammered the death nail into Britains ability to produce food into the future. Expect cost of living, food prices to increase dramatically over the next few years. Farmers tend to be asset rich cash flow poor, many barely scratching a living. The £1m threshold should be raised much higher. The £1m threshold will include most farms in the UK. A massive budget mistake which will come back to bite her in the arse making the NI changes look minor in comparison.

[@shaunmiller7370]

The United States should pay compensation for the blood scandal taking blood from drug addicts, sex workers, prisoners alcoholics, all at higher risk of having blood disorders, but because America paid these people, these were the people where the blood came from. There’s a source. I’m not saying though because Britain would take blood from prisoners for rehabilitation, and I bet the Americans refused any compensation for this country the right country should be paying for this, not our country

[@JamesRicketts-y7y]

The scandal is because the government knew that there was a problem but didn’t do anything

[@CJBradley]

Huge spending, huge borrowing, increase taxes, cuts in benefits, higher Nat insurance but no reduction in Imigration or overseas spending or cost of living.

[@chrismckenzie6629]

Excellent as usual Richard.

[@indricotherium4802]

You'd think a Labour Party coming to power would have something immediately tangible to offer to those hardest hit by 14 years of unhinged Toryism. Instead Labour spread confusion as to what they've come to do, what they stand for and what is really motivating their policy. I would love to get a look behind the scenes and see how and from where they are getting their direction.

[@Redf322]

Mandelson is their advisor.

[@hazelwray4184]

The WEF, IMF - corporate and financial elites.

[@macflod]

Yeah, given the extreme course we have been put on you would think labour would try to offer more, more difference. But to be honest, the budget is just a tool against huge problems. I wouldn’t worry too much about the budget. They are slways just little changes and tweaks

[@indricotherium4802]

@@macflod : this budget was pre-billed, from when they won the election, as of great significance and a defining moment for Labour's administration. Thus it will be all the more memorable for producing nothing for those in most need.

[@markwelch3564]

​@@hazelwray4184don't just repeat lazy conspiracies, it makes you easy to dismiss as a crackpot. Name them properly so you have evidence to fall back on It's Quadrature, and the Green(washing) Finance Institute. They donated, and now they're having their say on policy

[@garysmith5025]

I'm in the fortunate position of being one those who could be described as having "broader shoulders" but can't really see that I'll be carrying much in the way of an increased burden. A small increase in CGT which will cost me £400-£500/year. Even that change defies logic, why do I pay just 4% more CGT but a standard rate tax payer will pay 8% more? Although in reality CGT should be treated no different to earned income, I'll happily pay 24% but I'd have had no objection to paying 42%.

[@alecdurbaville6355]

CGT should be treated differently to earned income. Why? Because it is no longer indexed. You can realise a ‘gain’ that is in fact less than inflation. You are being taxed on an inflationary loss and in that case it’s nothing but theft.

[@alecdurbaville6355]

@Rob_Davidson82that’s fine as long as they bring indexation back and only tax the real terms gain and not just the inflation they’ve created.

[@alecdurbaville6355]

@Rob_Davidson82that’s fine as long as they bring indexation back and only tax the real terms gain and not just the inflation they’ve created.

[@garysmith5025]

@Rob_Davidson82 Actually, I would have no objection, isn't that what I said? I can choose how much risk I wish to take, I can offset gains against losses from previous years, and the rewards from investing can be considerable. The simple fact is investing is a choice, paying the same level of tax I pay on my PAYE income would not stop me.

[@1414141x]

There should be no CGT. You have already paid tax on what you have earned to buy shares, property, whatever. Why should you be taxed on it ?

[@MotherFarquhar]

The NI reducing the level at which it's paid makes it a direct tax on jobs..

[@JagdgeschwaderX]

If you think that's bad wait till we get 8-9% interest rates

[@michaelmcnamee533]

As I suspected, Labour has delivered a 'Tory lite' budget. Absolute disaster for working people and the economy as a whole. No imagination or bravery, just more 'austerity', simply on a reduced scale. 😢

[@JohnPark-xf2gq]

They have produced a budget to keep the tory media happy(although that will never happen until they have a very right wing goverment)the danger is that they will not achieve enough to convince the majority,which the media will use to make it likely that we end up with a right wing tory goverment or even worse a reform goverment. If this looks likely whilst starmer still has a working majority I suggest he changes the voting system to pr,which should either stop this type of goverment or at least diminishes their power.

[@janetmalcolm6191]

How do you think Tories would have done it? Showered us all with money? Remember what they did when they got in. Austerity that just continued on and on and huge benefit cuts plus cutting everything else they could. If anyone thinks they would have been the goodies. Delusional.

[@xAKIMBOCURLYx]

These people don't understand that public "investment" can decrease growth by allocating scarce resources away from useful projects towards the vanity projects of politicians. Motorways to nowhere. Things like HS2.

[@chrisjourneyman]

Even the ordinary person in the street with no knowledge of economics can work out the truth of what you have to say, so why can't the people running the country?

[@229andymon]

Given us Scots had the temerity to use devolved power to chuck Labour out of power in Scotland, I’m not surprised Labour is “hesitant” regarding further devolution.

[@Phil-n7c]

In addition to the free prescriptions and free tuition fees, you now receive public spending per head which is 20% higher than in the rest of the UK and you're still feeling sorry for yourselves?

[@229andymon]

Yes, isn’t the Scottish Parliament working for Scots far better than your rubbish one is working for you? Anyhow, what did I say that made you come to the impression I was “feeling sorry for myself”? I said we used Holyrood to chuck Labour out (which we did). That’s not me feeling sorry, it’s me feeling happy and glad!

[@macflod]

@@Phil-n7cyou could have more public spending per head too if you voted in better people in Westminster.

[@Moosevideostoday]

Uninspiring and depressing first budget from RR. Saw nothing on grid infrastructure investment. Nothing decent on housebuilding. No tax simplification. Completely bizarre to slap more costs on business whist trumpeting growth as a policy driver. My take is they are frozen in the supercar headlamps of FX traders, Finance Consultants and Land Barons. We can only hope that now they are in power they will dust off a few text books on governing a country.

[@Truth_above_everything]

Literally all this budget was is petty taxes slapped onto both working class and business just to scrape in more pennies to fund public sector spending. Although it may help balance the budget in the short term, it’s definetly gonna stifle growth in the long term.

[@cooliodee9033]

Hey Richard, really interesting take here! I’d love to see a video from you on what you’d do to raise taxes differently, given the challenges Reeves is tackling. There’s a fair bit of positive investment here-£22.6 billion more for the NHS, £2.3 billion for schools, £5 billion for affordable housing, and additional funds for green energy and regional growth. These aren’t small numbers, and over time, they could make a real difference in public services and local economies. It’d be great to hear your thoughts on how you’d approach the tax side while focusing on these kinds of improvements, and with how much you’d invest

[@johncarney9049]

I'll tell you a big number £2.7 trillion in total in the last financial year (was higher before brexit) you know what that number is? It is the amount of money the UK treasury took in in the last financial year. So In the examples you gave which total £29.9 Billion in "investment" - sounds like money that fell down the back of the couch. This is not investment at all it's a clueless budget from a clueless chancellor. I am here in Scotland and Scottish Labour are lauding the fact that labour are going to invest £1.4 billion here over 10 years. You know that equates to £140 Million a year. assuming that they invest some of that 140 million in all constituencies of which there are 73 here in Scotland, that means investing around just under £2 million per constituency per year when south of the border East Anglia gets 2 billion a year, London and all it's suburbs get a combined total of 15 billion a year, and almost every area south of the border gets either billions or at least £750 million minimum a year. The point I am trying to make here is that the number she gave always sound impressive as a number £26 BILLION, wow it is so much , but when you break it down, it's pennies. This is a strategy that the Tories used to pull all the time, sad to see Labour using it now as well.

[@chrisseal1467]

The UK economy is in a death spiral.

[@Elizabethpacey]

No land tax, no property tax, the Royals and landed gentry still avoid IHT. No cut to the massive Royal costs. No attacks on 2nd homes. Failure on green issues. No one off wealth tax on the very richest in our society.

[@macflod]

Think disastrous is a bit extreme. The country been Fcuked for years. This budget is just tinkering around as all budgets are, they are all slow small changes. The budget was never going to fix everything or screw everything. People just need to chill out and accept things will be screwed up for years yet to come

[@dennismccarthy7032]

Thank you Richard ❤

[@carguyuk7525]

I agree with your assessment 100%

[@metalhead2550]

They should've coupled the NI changes with some form of business rates cut to avoid the knock on to employment

[@william_marshal]

What give the millionaires involved in tax evasion/avoidance yet another tax break. Millionaires pay on average 8% tax today when they should be paying 45%. Why feel sorry for greedy people!!!

[@metalhead2550]

@william_marshal Yes but the majority of people in the UK are employed by small and medium businesses which this will impact the most, don't be surprised when several small businesses cease trading

[@skyblazeeterno]

@@metalhead2550 small businesses and their owners are as bad as the people running big businesses

[@iangelling]

@@metalhead2550those businesses are protected in the budget.

[@johndoyle4723]

Thanks, well said. There is a lot of counting your chickens and selling the eggs before you get the chickens. People react to tax changes and make decisions to avoid them, wealthy people leave the UK, Non Doms register somewhere else,IHT planning moves up a gear, motorists stop buying expensive cars, people stop selling assets or moving house, employers stop recruiting etc. So the expected tax revenue does not come in. I think we are past peak Laffer.

[@davidgriffiths7811]

Thank you Richard. Clear and concise as ever.

[@jeffreyalmond7376]

I get the impression she doesn't know what she's doing ? Seems to be a theme running through the Labour government.

[@shamanahaboolist]

lol seems to be a theme running through the Tory ones too. But the truth is they know what they're doing. What their overlords tell them and is in their favour and not in yours.

[@nickryder9669]

Jeffry almond bubbles bom bom Blair & Brown had the best economy of modern times 43 consecutive quarters of economic growth the bankers crash then continued economic growth untill the right wing gave us austerity ! Tice is still on about it

[@RossBirch-c4e]

We have to claim incompetence because the alternative is being a crazy conspiracy theorist, which is crazier than believing in ancient aliens it seems

[@billrigg1324]

Yes bring back the Tories

[@billrigg1324]

Obviously that was a joke - I just wish people would stop complaining because we have a Labour government!

[@fastestkid]

NI threshold and rate increase was disaster as described. Which will push automation/AI, hiring self employed, subcontractors along with a reduction in employment and many business closing down. The other hit for regular people was 5% SDLT for buy to lets, this will further kill transactions and reduce the number of rental houses available increase rents and increasing pressure on local authorities and homelessness.

[@OneAndOnlyMe]

The CGT changes were designed to target the people who are aggressively avoiding income tax by taking a basic rate salary and paying themselves the rest as dividends. Those paying themselves a higher rate salary and taking dividends are still paying higher rate income tax. So it does work out fairer. Interest rate remaining high is no bad thing.

[@PootisHasBeenEngaged]

Rail was absolutely pitiful, every project they talked about in the budget had already been announced by the tories, and some electrification projects have *already been finished*. I would like to see at least hs2 to Crewe, so we get the capacity it was built for, and *new* electrification, as it saves money in the long run anyway.

[@vipertoasties8017]

It’s really not though is it… Not great. But not Disastrous. More sensationalism is definitely what we need in this country 😒👍

[@robertmaitland09]

Why is it called the Labour Party?

[@LDaQuirm]

The Conservatives was already taken ..

[@Redf322]

Originally because it was set up to represent trade unions. Yes i know.

[@janetmalcolm6191]

Mainly a party for workers who do labour. Tory means much worse. Robbers I think? Mind you they have been called even worse. Last couple of years we have seen why.

[@keycuz]

Now it represents pregnant goldfish.

[@federicoprice2687]

Because they're perpetually pregnant but struggle to deliver

[@saveandinvestwithgiorgiolo8375]

You say the rich but they are leaving in droves. Briatin is the country in Europe which is losing the most millionaires and is second in the world for losing millionaires. I personally think that Britain is finished with Brexit and high taxes. Britain is possibly the worst country in Europe in which to live.

[@bernieburrows3731]

I'm sure prying into mp's and business accounts, would retrieve a hell of a lot more fraud, than those on benefits. 🙄

[@macflod]

Well there were several government ministers found in recent years who simply forgot to declare few million here and there….. just honest mistakes you know. Never were they chancing there hand or being dishonest!

[@ward_303]

No budget can solve our problems easily today, because the problems run deep. Unfortunately I believe the reasons we are here today were formulated at the least decades ago - maybe even much further back. Sure, the adoption of a largely deregulated neoliberal economic model and selling anything and everything of national interest did not help us. However, ensuring that our children cannot afford quality education and healthcare in the future really seem like strange acts of self sabotage. So maybe we can stop the grand delusions and start some national soul searching. Maybe we can discuss our national identity and what does Britishness mean, what are our values? Who do we want to be? What type of economy do we want? Who should our government serve?

[@kevbrown2532]

To quote a 1970's TV character, "we're doomed, doomed i say". The Budget should have been held today, Halloween, its a monstrous spectre that will haunt the country for decades to come.

[@OneAndOnlyMe]

Is this merely the first of TEN budgets to come over the course of the parliament? Yes. Why are we expecting everything to be sorted in one budget?

[@junehawker2364]

As we seem to be in line with the American economy One thing seems to be happening Mc Donald's are in serious trouble Maybe the fast food industry is in great decline For one I dont mind 👍

[@tenfour2215]

But Donald is the biggest burger eater ever! No one else, they never had that. His eats were bigger.

[@keithpp1]

Tough choices: elderly to eat or turn on the heating.

[@MrBerry67]

A ridiculous budget that unsurprising Labour voters seem to think wont affect them, how nieve. This budget didn't target the wealthy , it targeted the average employee worker - lower stamp duty allowance removed, freeze on personal tax thresholds and the really big one IHT allowance frozen for another 2 years and pensions now in IHT, plus another big one increased NI for employers will lead to reduced wage growth and redundancies - a grotesque budget

[@Hickalum]

@@MrBerry67 ; She doesn’t care about Labour voters or anybody else. What she is doing is garnering her credentials as a progressive, neo-liberal globalist for her next job as a high-up in some international bank, the WEF, or any one of a number of NGIs.

[@neilhaughey6869]

I agree, I am in my 50s and this is one of the most regressive budgets I have seen.

[@markwelch3564]

It was targeted at the retired and the nearly retired... again Both Labour and Tories are building up a future demographic that will loathe the big two - who neglected them for their entire lives

[@neilhaughey6869]

@@markwelch3564 Assuming they stay in the country, if you're young talented but not due to inherit substantial wealth, you're better off leaving this country if you can.

[@abstractdrumz]

@@neilhaughey6869 more regressive than Liz Truss?

[@funkimunky1]

Wealthy people moaning about having to pay tax, again.

[@realcapitalist1462]

I didn't see that coming either!

[@vevey75]

Where is the plan for growth and to attract foreign investment?

[@Truth_above_everything]

Nowhere. Economic mastermind Rachel Reeves can think a maximum of a few months ahead, so she’s slapping on a bunch of new petty tax increases in a desperate attempt to balance the budget.

[@MartinCarty]

Labour are for some strange electoral reason ignoring the elephant in the room, BREXIT. That act of utter stupidity.

[@janetmalcolm6191]

Who started that stupidity? Cameron remember.

[@cliffhughes6010]

As the NHS is the UK's largerst employer, won't it's higher rate of NI contributions negate the funding increase?

[@WarrenPeaceOG]

Largely, RM discussed this in the previous video

[@kevingavin4116]

Theres a storm coming i feel!

[@200405InVision]

The markets dictate UK economic policy. Every politician has to gain their approval or else.

[@malcolm8564]

We know a massive cost on the NHS is many people trapped in hospital beds because there are no safe care or rehab places to go to. There was nothing to solve this in the budget.

[@lat1419]

There is also the massive cost on the NHS of malnutrition, a serious problem now for millions of all ages but especially the elderly.

[@marianhunt8899]

And the massive rents the NHS has to pay to the private investors who financed the building of new hospitals under Blair. The PPI financiers extract huge rent from taxpayer money which should be going to direct patient care, training of staff etc.

[@lat1419]

@marianhunt8899 100%. The PFI contracts have run their course, and any sensible course of action would be to take them back, and never write another. Sadly.......

[@playcloudpluspc]

Labour are too frightened of the Daily Mail and too invested in failed neoliberalism. It's very significantly better than the Conservatives, certainly, but that is a low bar.

[@AndiWard]

NHS get extra funding, but it is almost all eaten up by pay rises and extra NI for the NHS.

[@58JMG]

Yeah, bloody nurses, wanting their pay to keep up with inflation ? Greedy bastards.

[@suecharnock9369]

And don’t forget - no reforms. The manager of the variable lunch break has won ( because no one can manage to take variable lunch breaks in their department without a manager overseeing it at the highest level possible of course).

[@RolandMcguire-e8w]

The NHS pays out billions for compensation due to incompetent staff

[@zetectic7968]

@@RolandMcguire-e8w What's your point? Humans are no risk free. In the US all doctors pay a fortune for malpractice insurance. Maybe you insinuation is that the NHS deliberately employs incompetents. Where is your data to back up your argument.

[@gdok6088]

@@RolandMcguire-e8w Indeed it does pay out billions for failures in care, made even more costly because the NHS Litigation Authority (NHSLA) employs lawyers who follow the NHS culture of cover-up, deny, obfuscate and obstruct even when their case is hopeless, their liability is undeniable and in the face of determined claimants and good lawyers they will ultimately lose, having to fund the NHSLA's own legal costs and those of the claimant / victim. This maximises costs of litigation to the NHS. lines NHSLA lawyers pockets and further traumatises people who have already suffered from NHS incompetence, failures of care and negligence. Only the most resolute claimants can survive this process and even then they emerge from it utterly traumatised and further damaged, but with some financial compensation. The rest who are simply unable to navigate this gruelling process get no justice and no compensation whatsoever - if they did the 'bill' for NHS failures would many billions more. If the NHSLA stopped trying to defend the indefensible millions could be saved. They also pursue their current 'fight the indefensible' approach cynically and cruelly because they know that many claimants will simply give up. The NHS and the NHSLA is practising the modern equivalent of medieval torture on people already harmed by the NHS. The culture of the NHS is rotten to the core.

[@zetectic7968]

No good building 20k new houses is they are then sold under "right to buy" at a discount. Bus fare cap up 50% & railcards up by £5 but no rise in fuel duty: public transport 0, drivers 2. Oh there was an increase in VED but nothing about provision of more charging points for all the electric vehicles we are supposed to buy.

[@william_marshal]

The rules on "Right-To-Buy" have been changed dramatically .... wake up dopey !!!

[@keithtt7798]

Looks like quality clothing, Taylor Swift tickets, designer glasses etc. seems to have been an incredibly good investment for the 🤑 Pensioners, bus users, sole traders with limited companies and people at entry level employment particularly the young have all been shafted by a Labour (haha) government. Richard please try and get yourself on mainstream media. More people need to hear this message.

[@willspost]

So its awful that: 1. Reeves wants to balance the books 2. Inflation may increase If Reeves relied on borrowing (given she's the government that's effectively printing money) to fund more investment the immediate effect would be higher inflation.

[@DileepaRanawake]

Thanks for this analysis. Looks like a disaster budget. Also I wonder what the ‘NHS’ increases look like when you subtract the increases in employer NI they will have to pay. It’s like they gave the NHS some money, and found a veiled way to take back any increases and more.

[@andrewkeen7828]

Let's wait and see. Compared to years and years of Tory austerity it's a step in the right direction. Bottom line is if public services including the NHS aren't markedly better at the time of the next election Labour will be kicked out.

[@tgee66]

Starmer is a B&M version of Tony Blair

[@inguzwulf]

Gee, thanks for that image. Now I need to get my mind scrubbed!

[@servicekid7453]

Gosh, it’s almost as if you crush businesses with higher taxes you strangle off growth. Who would have thought it?

[@Trasnochando]

Well since none of the taxes that she could (by her rules) increase were broad based then she had absolutely no chance to invest large sums. The only thing that made this budget credible were the changes to the debt classification.

[@Kropotkin2000]

Given that tax rises are overall technically deflationary, will the NI changes only counteract that in the affected sectors?

[@stevencalvert9454]

No cuts to the civil service either that's so over bloated it's unbelievable savings are not taken from that

[@gwynlee5925]

Keep up the good work, you might get tories back next time round.

[@OneAndOnlyMe]

Automation and AI will take over much of the repetitive toil in administrative work. This is not nonsense as Richard dismisses it as. This is already happening in the private sector, and the public sector is next. We need to take the robot out of the human to free up the humans to do the more value added work, without needing to employ more humans.

[@leecornwall8381]

Absolutely no ambition!

[@shadrana1]

The female version of Philip Snowden,making a strong fiscal economy but that depends upon the outside world economy being friendly for growth.The growth will be a failure and the number of houses built will be relatively small.

[@PeteBlakemore]

TLDR; Labour bad, Truss good

[@lordprotector3367]

It was an OK, but boring budget.

[@fastestkid]

The CGT example is a moot point in practical terms. Most people in the basic rate tax bracket would only have their main residence and ISA as assets but both of these are outside the scope of CGT. So their effective rate is 0%. Having exempted the majority of people the remaining issue is make it globally competitive. Private Equity CGT was increased to 32% and from 2026 this will probably apply only to money invested directly not Special Interest. 350,000 CGT payers - 1/2 are businesses closing down, only 2500 make a gain every year, most only make it less than once in 10 years, 4% make up 2/3 of the collected tax. Overall CGT doesn't and can not raise much tax but does slow down and stop potential transactions.

[@davidmaynard1284]

Disappointingly.... it's an extra padlock on the poverty trap. Sadly, it is a major disincentive on employment and growth. Now the Labour Party didn't promise that in their manifesto.

[@JamesRicketts-y7y]

It’s an extra 1.2% tax on big business and if they couldn’t afford a 1.2% pay raise for their employees then they are in trouble anyway

[@gavinwinter8757]

What's inheritably wrong with targeting a modest current account surplus (and the stability rule)? If there wasn't already a ~98% debt/gdp ratio you presumably wouldn't raise current account spending on the basis that debt is a bit lower than it could be? Servicing the debt costs more than education so how is 98% good? Is the argument that deficit current account spending would significantly increase GDP growth and lower it that way - if so when has that worked?

[@Ulysees3131]

Fuel duty remains frozen too, delivering more per-mile cost savings to the drivers of the largest and most polluting vehicles at a time when we clearly need to move to more sustainable forms of transport. Madness.

[@charleswillcock3235]

Road tax on more polluting vehicles is much higher. Maybe that is not so obvious. If you have a well paid job and a company car switching to an electric car will put about £500 per month into your bank account. £6k per year. More and more company car drivers are switching.

[@dl-vb4vm]

I absolutley agree with everything you said except the 12:00 per hour increase, honestley a 2:00 increase is nothing and we shouldnt tolerate it. Ceos and billonares are earning millions everyday but low income people get 2 more lmao. Its a absolute joke and we shouldnt be grateful for 2 more peanuts on our plate of 10.

[@mohammadsiddiqui3564]

Another Lizzy Wizzy Budget, good luck Britain.

[@ynwa5xinistanbul]

Agree a Budget surplus will guarantee a recession.

[@triphopdrop5]

Borrow, tax, spend. Nothing new. I stopped voting (Labour) when I was a teenager after their failed promises. This budget is pretty much the same. Government are the worst at investing and they aren’t exactly opening their arms to private investment with this budget. I was thinking of starting a small business but CGT increases means I pay a lot more on my capital and end up being stingy. That plus all the extra red tape as an employer. £20+bn on green? That would make more spent elsewhere and reduce the tax burden on businesses and workers. Bleeding idiot Miliband. Carbon capture? There’s a reason why we are world leaders, … because everyone else gave up. Good luck to the UK.

[@paulwilson7234]

Oh dear how sad never mind.

[@nickclarke2599]

The national insurance hike on employers, will only vindicate what the tories always accuse Labour of ! , " they can't run the economy" What an own goal, i reckon the next by election, will be a Labour loss 🤦

[@JustinThorts]

If AI and technology arte going to help government departments then that means job losses and more unemployed.

[@anllpp]

War criminals too

[@RolandMcguire-e8w]

This is a disgrace to our citizens they make claims of job increase in certain areas but nothing about the job losses due to this travesty of a budget im proud that I never voted for them I have sympathy for all who's job is now in jeopardy I have much more to say but I will leave it there thank you

[@CuriousCrow-mp4cx]

Rage Farming is relying on the ignotance of the reader. The irony is that the rage farmer normally fails to inform themselves about the subject they pretend to be raging about.

[@RolandMcguire-e8w]

@CuriousCrow-mp4cx unfortunately I agree people where I live just vote Labour and don't know why lol most of them nowadays don't remember the 80s when Margaret Thatcher privatised many of our amenities I understand why this was done the government subsidised it but now it's privatised they can charge the reality of providing our energy and water but still the fat cats get the cream

[@RolandMcguire-e8w]

@@CuriousCrow-mp4cx nah we all know what we rage about

[@DNAhypnotherapy]

Richard, I agree with a lot of your criticisms, but is it fair to say there are no positives at all? The budget does provide a 14% increase in funding to the NHS with a £22.6 billion boost, which keeps it ahead of typical inflation. The £5 billion for housing may only cover about 6.6% of the estimated annual need, but it’s still a step forward for affordable housing. For small businesses, the Employment Allowance has been doubled from £5,000 to £10,500, which provides significant help by offsetting employer National Insurance costs, especially for smaller businesses. And for carers, the budget raises the earnings limit on Carer’s Allowance by 16%, allowing carers to earn more without losing their support. Do you think that there should be more here?

[@grantbeerling4396]

So, not a fan?

[@inguzwulf]

And again I ask: Anyone remember what happened to Chilè? We might not be there yet but if you squint you can see it from here.

[@william_marshal]

Personally I think you're far to hard with your criticism. Most of todays workers have no motivation left to work because their wages have been totally eroded over 14 years of Tory government. Bosses have used every dirty trick in the book to reduce wages including introducing zero-hour-contracts, scam employment, not paying overtime and other tricks. They've had it too good for too long turning flexibility into a one way street for employers. Amazon earned $33.5billion in the UK last year but paid less than 2% in tax. Sure not every company is as big as Amazon but it's a fact that most business people are millionaires who have got richer and richer over these past 14 years as the Tories dismantled the social state, which everyone benefits from. It's time the rich started paying their fair share and Reeve's budget of moving £40Billion from the rich into the state's coffers was at least a positive start.

[@SmithyD86]

Unfortunately though, freezing the tax threshold til 2028 is a huge issue for working people. Fiscal drag means that if it doesn't increase by the rate of inflation each year we effectively lose year on year. It should already be up from £12.5k to £15k but has been frozen for years years already, meaning by 2028 it should have been around £17k, but will be sat down at £12.5k... Unbelievable really. We're effectively being taxed on an additional £4.5k come 2028 meaning working people lose out on nearly £1000 a year in their back pocket PER YEAR. That's enormous, and it isn't being spoken about enough. They didn't raise NI they just screwed us with this instead.

[@SmithyD86]

Just to add I voted Labour and it's still think they're better than the Tories, but this tax threshold needs adjusting year on year. Pensioners get the triple lock and we get this.... It's ridiculous. If both people in the household work, £2000 from your home budget is too much to lose, and by 2028 we'll never be able to raise that up to £17k as the cost of that would be so high by then they'll never do it.

[@David-bi6lf]

Totally agree. Everyday we see articles about the benefits bill being too high and there are people playing the system in order to maximise those benefits. They are labelled as scum and the government puts effort into combatting it. When are we going to see daily articles about all the tax avoidance going on, the levels of which dwarf benefit fraud? When are they going to be labelled as scum and when are the government actually going to put the same level of effort into combatting it?

[@pauldandurandboots]

With unemployment at 4%, which is approximately 1.4 million individuals out of work. Looks like non of her budget policies will be funding growth enough to hire 1.4 million people. The UK has 768,000 young people between the ages of 16 and 24 who are considered unemployed. This group has an unemployment rate of 12.8%. Imagine giving these young people low-skilled jobs to construct new homes, build more childcare centers, etc. Sure, most don't want to do that kind of work, but if the pay is right, they will. And if they still don't want to, then that's where immigrants can help fill the gap. I believe based on the numbers that Rachel Reeves' has the available resources for much more spending. I don't know about productive capacity, but I suspect there's plenty to cover the limited spending in her budget. If she were to increase her spending budget, then the question will be is there enough productive capacity and resources. When Labour screws up the economy with Rachel Reeves' budget, then the liberals wonder why the voters switches back to the Tories or even further right populists. If Trump wins in the US, it will be fault of the Democratic Party for not doing enough for the poor, working class, and middle class, especially for white males in the midwest.

[@abstractdrumz]

34.8 million?

[@pauldandurandboots]

@ Sorry, you are correct. I was way off. It was a gen AI response that I either misread or it gave wrong info. The correct number is 1.4 million. Thanks for the catch

[@simonpannett8810]

More for NHS & Schools but no real help for new houses or bringing empty homes into use! No dial changer for Climate Change or Inequality??

[@phoneticau]

Labor needs to fund its programs, just tax people not so worse off as they vote tory anyway

[@AaaaandAction]

Ifor the life of me I can’t understand why she didn’t LOWER taxes for earners up to £40k, no tax up to £20k and raise taxes above £40k earnings. She has essentially killed off pay rises for most people for years to come. I can predict that a lot of farmers will sell their farms before they die and move abroad with their heirs. If not most farms will either be in trusts or will be taken by the State or will be swallowed up by mega landowning businesses. It really looks like this ‘people’s party’ is kicking the poorer, easy target citizens whilst really looking after those who are in a position to hand out bungs to her and her echelon. Corruption laid bare!

[@mrradman2986]

That's what the WEF and BlackRock want. It will mean higher food prices and shortages.

[@mbak7801]

Active farms are free of inheritance tax. No need to use trusts or do anything other than to pass onto your heirs.

[@inh415]

​@@mbak7801 not anymore. Any farm larger than a hobby farm will have to pay IHT.

[@inh415]

Historically, starvation follows farmland being taken from farmers

[@goodlookinouthomie1757]

@inh415 We import most of our food and I suspect this government would like us to import all if it.

[@charleswillcock3235]

Farming - I follow KZbin channels like Wardy's Waffle and applying inheritance tax to the traditional British farm is going to radically change farming. Destroy it might be the simplest word. I think to confuse your typical farmer with some of the wealthiest families in the UK is a big mistake.

[@JupiterThunder]

Labour want to destroy British farming and import 100% of our food requirements. Then they will then plaster all our prime agricultural land with windmills, pylons and shitbox new builds to house their immigrant settler-colonilaists, who will be given the right to vote and hence keep Labour in power for ever.

[@michaelmcnamee533]

There are two categories of farmers in the UK. Small family operated farms and industrial scale farms run by corporate bodies or extremely wealthy individuals.It is the very latter that, in theory, will pay more IHT. I say I theory because, like the winter fuel allowance, many small farmers will fall under the cliff edge scenario given the miserly threshold. £1m for a farm isn't as big as an amount as people think 😮

[@MrDoyley35]

Large corporates don’t die! No inheritance tax involved! They will however buy out more small farms. Most of their profits will then go offshore or through loopholes. Big Ag takeover courtesy of our WEF operatives. We will own nothing and be happy!😢

[@inh415]

​@michaelmcnamee533 A £1 million farm is a tiny hobby farm

[@charleswillcock3235]

@@michaelmcnamee533 £1m is not a lot, I believe that because of some other allowances it is £2m which sounds a lot until you become aware that a combine harvester new is £700k. The farmhouse AKA offices could be £700k and you need hundreds of acres to have a even half viable business. If this is not intended to destroy the traditional British family farm the number needs to many times higher than £1 to £2 million.

[@heatherlinnette189]

Employment NI is tax deductible. It’s counted as a business cost, before any profit is counted so as long as the business is solvent, it means that the business will pay slightly less than in there tax bill, because the business running costs have increased mean, and then the profit margin decreased slightly, which results in a smaller tax bill as long as the bills no.

[@rebeccarouth6116]

It's common sense a huge populated country like American should have 2 if not 4 leader's , For 4 diff higes state's No one person can run a huge country with such strong views , both leader's half 1 side off American half the other side It's no brianer, winwin

[@shaz7132]

I thought the budget was all right. I am not that effected by the budget, and I don't expect growth or the Country to improve greatly. The World has changed and it will be at least another 20 to 30 years until things settle down into a new order. So, you must be expecting too much.

[@highpath4776]

I dont think there was any room any chancellor had to make significant differences. Those changes made as you said on NI I agree with all your economic arguements. I would have increased the road fuel duty ( noting the rural area problems of reliance on cars ) and cut VAT to zero on home electric charging (and indeed home fuel) and 5percent on electric charging elsewhere. Maintain the OAP winter fuel allowance, but make it taxable. I wouldnt have fiddled with the capital gains tax ( since MOST capital gains are either from an investment risk - dont we want that ?, or inflationary gains ) IHT gains too are mainly inflationary or acquired from taxable income and land owning for agriculture/woodlands and so on should be exempt if we want to maintain our countryside and food reliance. Development gains of land of course should be taxed at income tax rates (difficult if undeveloped land sold at a profit above its inflation gain - maybe making gains within five years of owning land based only on the undeveloped value when acquired rebased for inflation?). By running a surplus though it effectively gives bigger wriggle room beyond contingencies as I think there are going to be more calls on govt monies ( and a tax giveaway in Year 4/5 of government )

[@GeorgeHargrave-w4n]

What did Reeves do whilst employed at the bank...Janitor or tea lady maybe lol!

[@fearinwaves]

To be fair we can be fairly confident that Manchester City will be top of the premier league for the next 5 years