Non-partisan mini-budget predictions thread

dunstonh

Millyonare said:

Today's budget is a disaster. As bad as feared.

Tax and axe.

A middle manager on ~£60k is set to pay ~£15k more tax over 5 years.

The war on wealth has just begun 😒

A company owner on a similar amount is around £5000 a year worse off just from Corp tax and dividend changes.

billy2shots

Millyonare said:

Exodi said:

sammyjammy said:

I wonder how many people will end up on NMW that aren't now.  Its depressing, we have a race to the bottom.  

MA260 said:

The Living wage is rising to £10.42 per an hour. This would mean someone on full week would be earning over 20K per Year. There will be a lot of people who will now be affected by the minimum wage increase that were just 3/4 years ago well above it, even though they will have received average salary increases in the meantime.

As an employer with around 30 staff, the increases proposed by the government are scary. We used to pay a decent chunk above minimum wage, but after the past couple of years of relentless cost increases, we are now expecting to finally have our production staff drop onto minimum wage.

We are now staring down the barrel at a possible 9.7% wage increase for minimum wage workers, following a 6.6% wage increase proposed last year. Our managers and senior managers certainly will not be receiving 9.7% increase, nor did they receive a 6.6% increase last year. We're also mindful of the future issue of managers thinking "why am I accepting all these additional responsbilities, when I'm no longer being paid a reasonable amount more".

I don't know what the answer is, keep putting up our prices up I guess? Our gross margin has already taken a battering this year.

For me, I'd be looking at trimming staff levels by 10-20%. The absurd minimum wage and tax onslaught look a major threat to business. If costs are forced up 10-20%, I need to bring costs down 10-20%.

Not advice, etc.

Fine in some sectors. I have  minimum staff number requirements on each shift (24/7, 365) so can't trim. 

This whole budget has hit me personally hard. 

Cost and stress of carrying on the business is getting unsustainable.

 If I sell then my plan was to invest the proceeds (GIA between wife and I) then we would live off circa £30k - £35k. Bed and ISA 
That CGT change will cost us £5k a year (very rough historic returns) so now looks less palatable. 

Feeling screwed every which way. 

talexuser

Millyonare said:

The war on wealth has just begun 😒

Yes, but not on Bankers Bonuses, the reversal of the cap has been forgotten? Nor on FTSE CEOs average 23% rise, even the right wing economic commentators in the Telegraph can't believe their recent productivity justifies that. So any tax increases are well compensated for there.

Personally I would not complain about more tax if I could see benefits in no food banks needed, no homeless on the streets, burglary and car crime actually prosecuted, pot holes repaired etc, but it all just seems to get worse not better.

NedS

Millyonare said:

Today's budget is a disaster. As bad as feared.

Tax and axe.

A middle manager on ~£60k is set to pay ~£15k more tax over 5 years.

The war on wealth has just begun 😒

So who would you prefer to see paying for the cost of Covid, furlough and the war in Ukraine? Those with the broadest shoulders should expect to pay more. The more you earn, the more you will pay - that's always been how PAYE tax systems work.

I earn less than half that, and worked throughout Covid in an essential service keeping the country going whilst many were paid to sit at home. Any hope of a decent pay rise has been capped and I will be paying more tax as a result, but we always knew someone would have to pay for the handouts eventually. The time of reckoning has come - time to pay up buttercup.

Millyonare

billy2shots said:

Millyonare said:

Exodi said:

sammyjammy said:

I wonder how many people will end up on NMW that aren't now.  Its depressing, we have a race to the bottom.  

MA260 said:

The Living wage is rising to £10.42 per an hour. This would mean someone on full week would be earning over 20K per Year. There will be a lot of people who will now be affected by the minimum wage increase that were just 3/4 years ago well above it, even though they will have received average salary increases in the meantime.

As an employer with around 30 staff, the increases proposed by the government are scary. We used to pay a decent chunk above minimum wage, but after the past couple of years of relentless cost increases, we are now expecting to finally have our production staff drop onto minimum wage.

We are now staring down the barrel at a possible 9.7% wage increase for minimum wage workers, following a 6.6% wage increase proposed last year. Our managers and senior managers certainly will not be receiving 9.7% increase, nor did they receive a 6.6% increase last year. We're also mindful of the future issue of managers thinking "why am I accepting all these additional responsbilities, when I'm no longer being paid a reasonable amount more".

I don't know what the answer is, keep putting up our prices up I guess? Our gross margin has already taken a battering this year.

For me, I'd be looking at trimming staff levels by 10-20%. The absurd minimum wage and tax onslaught look a major threat to business. If costs are forced up 10-20%, I need to bring costs down 10-20%.

Not advice, etc.

Fine in some sectors. I have  minimum staff number requirements on each shift (24/7, 365) so can't trim. 

This whole budget has hit me personally hard. 

Cost and stress of carrying on the business is getting unsustainable.

 If I sell then my plan was to invest the proceeds (GIA between wife and I) then we would live off circa £30k - £35k. Bed and ISA 
That CGT change will cost us £5k a year (very rough historic returns) so now looks less palatable. 

Feeling screwed every which way. 

Can the staff be replaced with (cheaper) robots or AI bots?

It's a cruel budget, that punishes success, and (needless) taxes that shove the country toward self-inflicted recession.

Millyonare

talexuser said:

Millyonare said:

The war on wealth has just begun 😒

Yes, but not on Bankers Bonuses, the reversal of the cap has been forgotten? Nor on FTSE CEOs average 23% rise, even the right wing economic commentators in the Telegraph can't believe their recent productivity justifies that. So any tax increases are well compensated for there.

Personally I would not complain about more tax if I could see benefits in no food banks needed, no homeless on the streets, burglary and car crime actually prosecuted, pot holes repaired etc, but it all just seems to get worse not better.

It's time to move away from the hysteria of envy politics.

Banking finance is Britain's last remaining major industry. Bankers today make up just 3% of the UK workforce, but pay a huge 10% of all tax. They are among the most overtaxed groups on Earth. Abuse it, we lose it.

It's also time to move away from the hysteria of socio-economic propaganda.

UK poverty rate is down-30% this century. Homelessness has shrunk -60% this century. Car theft is down -65% this century. Burglary is down-70% this century.

Millyonare

NedS said:

Millyonare said:

Today's budget is a disaster. As bad as feared.

Tax and axe.

A middle manager on ~£60k is set to pay ~£15k more tax over 5 years.

The war on wealth has just begun 😒

So who would you prefer to see paying for the cost of Covid, furlough and the war in Ukraine? Those with the broadest shoulders should expect to pay more. The more you earn, the more you will pay - that's always been how PAYE tax systems work.

I earn less than half that, and worked throughout Covid in an essential service keeping the country going whilst many were paid to sit at home. Any hope of a decent pay rise has been capped and I will be paying more tax as a result, but we always knew someone would have to pay for the handouts eventually. The time of reckoning has come - time to pay up buttercup.

Need to check the stats.

UK has the fastest-growing economy in the G7 (for 2 years straight), the second-lowest debt in the whole G7, state debt payments are relatively near their lowest levels in the past century, no other major country on Earth is raising major taxes after Covid, many are cutting them.

This is a reckless budget, with a reckless tax raid, shoving the country toward (needless) self-inflicted recession.

Millyonare

dunstonh said:

Millyonare said:

Today's budget is a disaster. As bad as feared.

Tax and axe.

A middle manager on ~£60k is set to pay ~£15k more tax over 5 years.

The war on wealth has just begun 😒

A company owner on a similar amount is around £5000 a year worse off just from Corp tax and dividend changes.

Ouch.

The red Tories have just taxed themselves out of power in 2024.

MK62

Millyonare said:

Today's budget is a disaster. As bad as feared.

Tax and axe.

A middle manager on ~£60k is set to pay ~£15k more tax over 5 years.

The war on wealth has just begun 😒

How did you work that out?

talexuser

Millyonare said:

It's time to move away from the hysteria of envy politics.

I'm not the chancellor who boasted that those with the broadest shoulders naturally should take the most strain, as always the reality does not tally with the rhetoric.