Spring Budget 2023

[EddScott]

You can still increase your pot for retirement once you pass the LTA you just don't get the same generous tax benefits for it.

And get taxed at 25% and 55% depending on how you receive your pension in excess of the LTA. And that's before income tax.

 

[CaptainRAVE]

I'd rather it had gone up consistently for the last 12 years but, yes, it should go up. Fuel prices are very effective way to promote fuel efficient cars and you only need to glance at the SUV and Crossover crap cluttering the average car dealer forecourt to see that there isn't enough incentive for that.

Screw that. We’re screwed across the board by this country enough as it is.

 

[adam cool dude]

I fail to see why so many people (presumably most of them parents) seem to think it's EVERYONE ELSE's responsibility to help pay for THEIR kids?

YOU made the choice to have children, YOU should pay for their childcare.

Why the hell should you keep getting handout after handout while those who choose NOT to have kids just get screwed over paying for everyone elses?

In the old days the choice was simple... If you chose not to have kids, you typically ended up with much higher disposable income to spend on yourself...

Now because everyone is getting handouts from the Government, those who chose not to have kids are subsidizing those of you who did, it's a ***** disgrace.

Pay for your own damn kids or don't have them. Take some bloody responsibility in your lives.

Are you related to that guy who lived near me as a kid and would knife children's footballs if they came near his house?

If you want us to turn into a Japanese economy which is going to collapse then sure everyone stop having kids.

If you don't want a state pension stop having kids because there will be no one to pay the taxes.

We might as well close all schools as well as you are paying tax for those children to be educated.

I pay my tax for all those lazy gits that had 6 months off during Covid, the energy handouts because people live beyond their means, obese people and self inflicted health issues on the NHS etc etc but paying for children which is the future of our society should be a priority by any government.

 

[Dr Jack]

And get taxed at 25% and 55% depending on how you receive your pension in excess of the LTA. And that's before income tax.

Thus repaying some of the tax you didn't pay by putting it into the pension pot in the first place. Also, you don't have to use a pension fund at all, you can just put it into other investments.

 

[SKILL]

My original point earlier in the thread is that people may actually want to stay working (my parents are a current example) because they are mentally and physically still capable in their 60s and aren't ready to throw in the towel yet. Increasing the LTA means they can continue to work for longer and build up a bigger pot before retiring (which is exactly what the Government wants to do to stop the workforce shrinking).

Which they're welcome to do, but why should the taxpayer subsidise them?

It's pretty clear that 'early'-retirees aren't the problem with the workforce shrinking, long term health has a massively bigger effect. This policy might be sold under the premise of workforce shrinking but it's nothing but a giveaway to the already wealthy.

 

[Uther]

Another moronic freeze on fuel duty.

I assume you just use public transport.

 

[ci_newman]

Are you related to that guy who lived near me as a kid and would knife children's footballs if they came near his house?

If you want us to turn into a Japanese economy which is going to collapse then sure everyone stop having kids.

If you don't want a state pension stop having kids because there will be no one to pay the taxes.

We might as well close all schools as well as you are paying tax for those children to be educated.

I pay my tax for all those lazy gits that had 6 months off during Covid, the energy handouts because people live beyond their means, obese people and self inflicted health issues on the NHS etc etc but paying for children which is the future of our society should be a priority by any government.

There's no direct relationship between higher rates of birth and improved Government funding for childcare (actually, the opposite appears to be true. Countries with less child support have higher birth rates).

 

[ci_newman]

Which they're welcome to do, but why should the taxpayer subsidise them?

It's pretty clear that 'early'-retirees aren't the problem with the workforce shrinking, long term health has a massively bigger effect. This policy might be sold under the premise of workforce shrinking but it's nothing but a giveaway to the already wealthy.

The taxpayer isn't subsidising them. It is still subject to income tax through drawdown and inheritance tax if unspent and reduces the tax burden in later years if you can afford your own care.

 

[UTmaniac]

Where has he plucked inflation nosediving to 2.9% from?

Has he forgotten to say that prediction is for middle of next government?

 

[ChrisD.]

I fail to see why so many people (presumably most of them parents) seem to think it's EVERYONE ELSE's responsibility to help pay for THEIR kids?

YOU made the choice to have children, YOU should pay for their childcare.

Why the hell should you keep getting handout after handout while those who choose NOT to have kids just get screwed over paying for everyone elses?

In the old days the choice was simple... If you chose not to have kids, you typically ended up with much higher disposable income to spend on yourself...

Now because everyone is getting handouts from the Government, those who chose not to have kids are subsidizing those of you who did, it's a ***** disgrace.

Pay for your own damn kids or don't have them. Take some bloody responsibility in your lives.

I feel like you don't understand a few things, and likely you don't have children, or you have a very good support network where you don't have to rely on nurseries.

It's £14k a year to put our child in a nursery, and ours is pretty cheap at £55 a day. That's £1150 a month. My mrs earns £10k a year doing part time. Do the maths! It's literally not worth her working. Back to nurseries, you can't pick and choose your dates, you have to commit sometimes over 6 months in advance to get a placement as they are so scarce. And you still have to pay for bloody bank holidays, if the child is sick, if the nursery has to close or doesn't have staff etc. Working parents need all the help they can get when you compare how expensive it is in the UK compared to the rest of Europe and even World.

 

[SKILL]

The taxpayer isn't subsidising them. It is still subject to income tax through drawdown and inheritance tax if unspent and reduces the tax burden in later years if you can afford your own care.

They are because of the lack of tax on pension contributions, the LTA 'penalties' are there to retrieve the tax that would've been paid on earning that income, nothing more.

 

[200sols]

I'd rather it had gone up consistently for the last 12 years but, yes, it should go up. Fuel prices are very effective way to promote fuel efficient cars and you only need to glance at the SUV and Crossover crap cluttering the average car dealer forecourt to see that there isn't enough incentive for that.

Amazing that you defend the poor on the one hand about smoking and on the other you say fuel prices should rise which would hammer the poorest further.

 

[EddScott]

Thus repaying some of the tax you didn't pay by putting it into the pension pot in the first place. Also, you don't have to use a pension fund at all, you can just put it into other investments.

LOL - behave.

You said something that was wrong and I corrected. Don't sweat it.

They are because of the lack of tax on pension contributions, the LTA 'penalties' are there to retrieve the tax that would've been paid on earning that income, nothing more.

LTA is effectively a fine for going over an imaginary threshold. Also, given the age of the pension itself in order to get over the LTA, much of that fine will be growth, not a recovery of unpaid tax.

 

[Devilman]

I feel like you don't understand a few things, and likely you don't have children, or you have a very good support network where you don't have to rely on nurseries.

It's £14k a year to put our child in a nursery, and ours is pretty cheap at £55 a day. That's £1150 a month. My mrs earns £10k a year doing part time. Do the maths! It's literally not worth her working. Back to nurseries, you can't pick and choose your dates, you have to commit sometimes over 6 months in advance to get a placement as they are so scarce. And you still have to pay for bloody bank holidays, if the child is sick, if the nursery has to close or doesn't have staff etc. Working parents need all the help they can get when you compare how expensive it is in the UK compared to the rest of Europe and even World.

SO address the real problems here.

People's pay should be higher so they can afford childcare without asking for those who chose not to have kids to subsidize their offspring.

The solution to low wages meaning working parents cannot afford childcare is NOT to get everyone else to help pay for those kids instead.

 

[Bear]

Amazing that you defend the poor on the one hand about smoking and on the other you say fuel prices should rise which would hammer the poorest further.

Exactly, let them smoke but punish them if they should drive to work. That way, they wont be able to get to work and then cant afford to smoke

 

[Rilot]

I wonder what the Daily Mail headline will be tomorrow. The Kwarteng budget was hailed by them as a fantastic, conservative budget.
Considering he's put corporation tax up by 6%, will they decry a "Lefty, woke, budget"?

 

[ChrisD.]

SO address the real problems here.

People's pay should be higher so they can afford childcare without asking for those who chose not to have kids to subsidize their offspring.

The solution to low wages meaning working parents cannot afford childcare is NOT to get everyone else to help pay for those kids instead.

You don't have kids, do you?

 

[Haggisman]

There's no direct relationship between higher rates of birth and improved Government funding for childcare (actually, the opposite appears to be true. Countries with less child support have higher birth rates).

You can't really look at just those 2 factors in isolation.

How does the cost of childcare compare? If childcare is cheaper anyway (is that why there is less government funding - because it isn't needed?) then that's going to have an effect.

How does cost of living compare? e.g. do both parents need to work just to have a decent standard of living? If it's perfectly feasible to live well on a single wage, then cost of childcare/government support is irrelevant.

What about child mortality? If half your kids die before the age of 3 then it's no surprise you're going to have more kids

 

[Haggisman]

SO address the real problems here.

People's pay should be higher so they can afford childcare without asking for those who chose not to have kids to subsidize their offspring.

The solution to low wages meaning working parents cannot afford childcare is NOT to get everyone else to help pay for those kids instead.

Let's have a straight answer here - would you prefer people stop having kids?

 

[Devilman]

Let's have a straight answer here - would you prefer people stop having kids?

No, I would prefer for people to be able to afford the choice to have kids without needing propping up by everyone else in society.

It's really not that hard to grasp.