Autumn Budget 2022

I agree nuclear isn't the future. But at the pace that we seem to operate with the infrastructure already underway we might as well finish it AND deploy world leading tidal power. You stimulate employment, engineering, SMEs, academia, and create a world-wide centre of excellence that the DIT (department for international trade) can commoditise and strengthen our economy.

Then you put on top of that the social value element and the reduction of carbon and potentially cheaper energy it's win win surely? I doubt the government are willing to be that ambitious.

And the problem is whoever comes in next will probably scrap all of the infrastructure projects anyway.
 
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Ahleckz said:
No one’s talking about how expensive nuclear is. The idea we can build very very expensive nuclear to bring down inflation caused (in part) by high energy costs just doesn’t hold water.

It’s also a dying industry. We have an opportunity to become (even more) world leaders in wind and become world leaders in tidal. But instead we keep going back to obsolete and very expensive energy forms.

Nuclear has a place, but it isn’t going to lower our bills. And we offshore the money spent building it. Better to get on with promoting our own industries and exporting our knowledge and skills. We need to stop worrying about what the surfers think and get on with tidal. I’d also suggest every new build estate should have a turbine built on it. As well as every new build having solar.
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I don't think the idea of nuclear is to bring down inflation myself, it compliments renewables no reason we can't do both. Nuclear can bridge the gap to fully renewable energy supply. Not sure on turbines on new build estates (noise?) but solar absolutely, it just makes sense. Some new builds have gone up near me with solar integrated roofs, looks good just a shame they have no gardens on 4 bed detached houses. Looks like a true concrete jungle.
 
Ahleckz said:
No one’s talking about how expensive nuclear is. The idea we can build very very expensive nuclear to bring down inflation caused (in part) by high energy costs just doesn’t hold water.

It’s also a dying industry. We have an opportunity to become (even more) world leaders in wind and become world leaders in tidal. But instead we keep going back to obsolete and very expensive energy forms.

Nuclear has a place, but it isn’t going to lower our bills. And we offshore the money spent building it. Better to get on with promoting our own industries and exporting our knowledge and skills. We need to stop worrying about what the surfers think and get on with tidal. I’d also suggest every new build estate should have a turbine built on it. As well as every new build having solar.
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The cost of Nuclear has always been a drawback but historically for the UK we've done ourselves no favours by pushing ahead with unproven technology (ARG) which took decades to resolve and get reactors fully working when we could have used proven French designs instead. Also the main benefit of nuclear is energy security not lower bills (although in theory overtime if the bulk of electrical generation is Nuclear the cost of relative to peoples income will fall).
 
i think the majority of middle ground / professional working are going to really pull back on spending too much, either way hospitality will take a massive hit. Already seeing local florist close down due to the cost of living.

what we will be left with is shops that are overpriced but due to supply and demand they will make profit. They have pretty much admitted that we are in a recession so i expect the housing market to stagnate or drop this in turn will see a massive influx of repossessions and debt multiply as people are pushed to the brink, things like credit cards and debt will be at all time high as people choose to either have food on the table or pay off credit cards especially over Christmas.

I cannot see that 2023 will be better year for most will the sting yet to come in April, hopefully by that time the war is over in Ukraine.
 
delta0 said:
I don’t get this budget either. It is decimating the middle classes. The fall in living standards will be too much for most.
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And at the same time actively reduces spending, leading to loss of businesses. I just don’t get how that promotes growth. It just delays the inevitable decline when yet again they’ll need more money from us down the road. When will our politicians accept we aren’t a super power and need to be more careful with our money across the board.

I’ve already decided against several purchases I was going to make this month. I’ll just enjoy what I have. Back to gaming this winter, cheap and enjoyable fun.
 
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Sorry I don't understand what the fuss is about for the middles, the only thing they did was freeze tax codes and allow council tax to go up didn't they. Was there anything else?
 
Freefaller said:
I agree nuclear isn't the future. But at the pace that we seem to operate with the infrastructure already underway we might as well finish it AND deploy world leading tidal power. You stimulate employment, engineering, SMEs, academia, and create a world-wide centre of excellence that the DIT (department for international trade) can commoditise and strengthen our economy.

Then you put on top of that the social value element and the reduction of carbon and potentially cheaper energy it's win win surely? I doubt the government are willing to be that ambitious.

And the problem is whoever comes in next will probably scrap all of the infrastructure projects anyway.
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the problem is this is a bit of a sunk cost fallacy. A new nuclear plant being built now if it is not nearly finished is largely just wasting money that would be better spent on building wind farms that will reduce our energy costs in a much shorter time.

It is a combination of both the costs and the timeline that doesn't work.

The other problem is nuclear is exactly the wrong type of power to support renewables. What is needed is peeking power stations, that might need to turn on quick and run for a day or 2.
 
Slam62 said:
Sorry I don't understand what the fuss is about for the middles, the only thing they did was freeze tax codes and allow council tax to go up didn't they. Was there anything else?
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Council tax, energy price cap removal, fuel duty in April. Funding everyone else whilst eating the inflation costs ourselves.
 
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D.P. said:
the problem is this is a bit of a sunk cost fallacy. A new nuclear plant being built now if it is not nearly finished is largely just wasting money that would be better spent on building wind farms that will reduce our energy costs in a much shorter time.

It is a combination of both the costs and the timeline that doesn't work.

The other problem is nuclear is exactly the wrong type of power to support renewables. What is needed is peeking power stations, that might need to turn on quick and run for a day or 2.
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Nuclear can feed into the SI cycle for red hydrogen production so it's not all useless. It's also very efficient. I agree it's slow to ramp up for peaks hence why it's supported by fossil fuel power at the moment.

The area we need to explore is storing energy that is over produced or sell it to Europe. And that seems more complicated than it should be from the work in this field that I've been involved in (I'm not an expert! Just involved in the industry).
 
Slam62 said:
Sorry I don't understand what the fuss is about for the middles, the only thing they did was freeze tax codes and allow council tax to go up didn't they. Was there anything else?
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If inflation wasn't at 10pc I would agree.
But the double whammy of interest rates and inflation rocketing there are no positives for the middle.
 
413x said:
If inflation wasn't at 10pc I would agree.
But the double whammy of interest rates and inflation rocketing there are no positives for the middle.
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Inflation and interest rates are just normal hiccups, energy prices are unprecedented though
 
Slam62 said:
Inflation and interest rates are just normal hiccups, energy prices are unprecedented though
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Its just all massive change within 12 months.

I can't believe it was only last October 5p a unit was an expensive fix for gas.

Everything massively up. Very hard to escape it too.
 
200sols said:
I said they are no longer at war.
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Yea i get it now, they should not be at war, so what would you change about the current budget?

CaptainRAVE said:
And at the same time actively reduces spending, leading to loss of businesses. I just don’t get how that promotes growth. It just delays the inevitable decline when yet again they’ll need more money from us down the road. When will our politicians accept we aren’t a super power and need to be more careful with our money across the board.

I’ve already decided against several purchases I was going to make this month. I’ll just enjoy what I have. Back to gaming this winter, cheap and enjoyable fun.
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The government are spending too much, so this needs to happen, there is no avoiding it.

If i recall on this forum, the majority were in support of lockdown, and now the majority seem to complain about this budget.
 
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Freddie1980 said:
Those changes to capital gains taxes are brutal. I have a load of money tied up in my firms stock which I'll have to sell before April otherwise I'll get clobbered on CGT.
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The changes to CGT will punish the middle earners yet again. It's a fallacy to suggest anyone liable to CGT is rich. The government have worked out changing the threshold (or not) is a better or more sneaky way of receiving revenue rather than raising the tax itself.
 
Freefaller said:
It'll be interesting to see how the black Friday sales do and how it correlates with the squeeze on the middle earning majority.

I dare say that sales will undoubtedly be high and as such "we don't see a problem" will be the party line, i.e. look at the buoyant recovery we've created......
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Nvidia just confirmed they've already sold 150,000 RTX4090's. How the hell do people get this kind of money, they go for £1500 each!
 
EddScott said:
The changes to CGT will punish the middle earners yet again. It's a fallacy to suggest anyone liable to CGT is rich. The government have worked out changing the threshold (or not) is a better or more sneaky way of receiving revenue rather than raising the tax itself.
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I wouldn't say it will punish the middle earners. More the upper middle
 
413x said:
I wouldn't say it will punish the middle earners. More the upper middle
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I would say higher rate tax payers and above are the ones getting hit really hard by this. IFS has been pretty brutal about this budget and has said it hits the middle earners too much.
 
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