is anyone else worried about the budget?

funkyfish586 · 21 June 2010 at 7:10PM

appologies if this has been done already but i am pooping myself lol

I am on a DMP with payplan & we just about scrape by now but its really tough. By the looks of it we will be losing our tax credits as we are over the income bracket the media are suggesting it is (£25,000)

Obviously i know its all speculation until 2moro but i am so concerned that if they take the tax credits away we will be screwed. I have friends panicing about the child benefit supposidly being cut too, but im trying not to think about that as if they took that away i would have to go bankcrupt.

Is this just my pregnancy hormones making me worry

? or is anyone else a bit edgy x

Butti · 21 June 2010 at 7:29PM

I haven't got a job. I am working on a housing project voluntarily. I am waiting to see if there will be any jobs out there and whether my project will survive. Could be over-reacting but it's looking like the North East will be beaten up.

B

savingwannabe · 21 June 2010 at 7:31PM

Hi i am a teacher and am worried about job cuts that will be made as the government tries to get debt into a controllable state. The Conservatives have a habit of cutting spending on education and don't really like us teachers. Two unions that Mrs Thatcher hated were the NUM and NUT. Look what has happened to the mining industry and the teaching unions have been smashed into smithereeens. Not a good time for us either methinks. Gulp.

Two9A · 21 June 2010 at 7:39PM

Oh, there's gonna be trouble, in my opinion. We know almost for a fact that tax credits are being cut down at least a bit, and VAT's rising to 20%; mix in the fact that an increasing number of people in the Bank of England want to raise the base rate, and a lot of people are going to have issues.

I'm borderline as it is: though I don't get credits, with the base rate at 0.5% my mortgages leave me no disposable income. Any change for the worse, and I'll have to do some serious thinking...

Aspiring_Writer · 21 June 2010 at 7:42PM

I dont have children so I can't really comment on tax credits. In general terms, we all know now that there will be serious cuts, we will all be affected one way or another, for example, if food loses its VAT exemption, so we are going to have to grin and bear it.

Life is going to be tough I suspect, but then a lot of people have been borrowing like mad and spending even more madly, off the back of equity in their homes, on some mis-guided notion that interest rates can never go up and, more worryingly, convincing themselves they deserve easy credit and that its ok to borrow shed loads of money. Wrong.

Our previous Government presided over and fuelled this massive lie and also spent shedloads of money they didnt have. Now, we have to start paying it back.

So yes, lots of people will suffer, some deservedly so and others unfortunately so.

Nitha · 21 June 2010 at 7:49PM

I'm really worried it will mean I can't go back to work after having my second as I would need the childcare element of tax credits to prevent it from actually costing me money to go to work. In turn that would put my family below the £25k bracket and make us benefit dependant for longer. We'd also be under the bracket for claiming housing and council tax and would therefore cost the state more!!!

Don't get me wrong I love my son to bits (and son to be

) but in my experience going back to work was a good thing for me. He loves his nursery and I enjoy using my brain!!! I can't bear the thought of being a home maker full time. I'm terrible at cleaning and not a brilliant cook either! I guess I'd have to deal with it, but it makes me angry that the choice might not be there for me any more. So much for women's lib - lol.

I hope that some support and advice will be offered to those who get 'cut'. At the moment we'd lose nearly £200 a month, which is a good chunk to come out of a budget. Are we going to get some advice as to where to save this money? Because even with a £10k tax break for both of us, we'd still not even get near that amount back.

barbiedoll · 21 June 2010 at 7:55PM

I think a lot of us are worried about the budget. The most scary thing is that suddenly, ordinary so-called "working class" people, such as myself and OH (both working, combined income roughly £30,000) seem to now be the new middle-class. Therefore, the government thinks that we can do without child benefit, tax credits, etc etc. I personally don't spend my child benefit on skiing trips, my child doesn't have private education or a nanny, I don't have a car and we haven't been on holiday for 8 years. But I have a nasty feeling that we are going to get well and truly stuffed tomorrow. Worse of all, I work in the NHS. They say the money is "ring-fenced" but at my hospital, there have been many budget meetings over the past few months, we all know the axe is swinging above our heads. Good luck to all DFW's, we're gonna need it! :eek:

(I've just realised that I sound like a real whinger, I know we're lucky to have a roof over our heads and jobs to go to. But we also have a BIG debt, OH has been made redundant 3 times in the last 5 years and we're just about keeping our heads above water. If you ask me, it's all the banks fault :rotfl: )

whatatwit · 21 June 2010 at 8:00PM

I don't think that tomorrow will bring good news for many people.

But, I do wonder what would have happened if Labour had been re-elected, quite how they were expecting to finance the country I'll never know....maybe they were hoping for a EuroMillions win.

Nitha · 21 June 2010 at 8:08PM

whatatwit I agree, and I am angry at Labour for getting the country in such a mess, especially after hearing how much they had intended to borrow to fund the plans they had. Gordon Brown needed to get his rear over to the DFW board a long time ago.

crystyl · 21 June 2010 at 8:17PM

I am really worried about the budget tomorrow and its affects on our family. I have three kids and hubby works for the NHS, I am a student due to be going into my second year this September. If the budget signals the end of child tax credits and child benefit I may well have to think about not completing my degree and take a lower paid job as a consequence to make ends meet and to top it off be in debt (which i know I would have been anyway) for the course fees, but i was hoping to get a well paid job at the end of the degree.

I also don't know how they expect families to make ends meet? Just thinking about those who are starting off on the property market how are they supposed to afford a mortgage? I live in the south and nowhere is there property for less than 100k. Surely there will be more people trying to get government housing thus causing the government to spend more money rather than trying to reduce costs??

It just all a load of pants if you ask me. If they make the cuts they will have more people will less money to spend and thus cause an even greater problem to the economy!!

Butti · 21 June 2010 at 9:01PM

whatatwit wrote: »

I don't think that tomorrow will bring good news for many people.

But, I do wonder what would have happened if Labour had been re-elected, quite how they were expecting to finance the country I'll never know....maybe they were hoping for a EuroMillions win.

I think their principle was that you don't cut until you are out of recession. If we and other governments cut and then expect growth from exports, who is buying our exports?

I know we need to get on top of the debt but we didn't pay off our WW2 debt to America until about 2004.

is anyone else worried about the budget?

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