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Money and Budget 2023 Nov Predictions
MBA MBA
Posted: 18 October 2023 10:25:20(UTC)
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Just for fun, what things would you do/would like Hunt to do in the Nov Budget on personal finance matters with the view of shoring up the base vote, and if they lose the election Lab can deal with the issues/cost.

PS No Trussonomics i.e. cut taxes AND commit to spending £80-120bn subsidising everyone's gas and electric bills.

My starter

Raise ISA allowance to £25k
Create a new British ISA £20k for just FTSE listed instruments (yes most of us would just stick it in a global fund but listed on FTSE, I would)
Raise tax free pension first 25% to 35%
Raise savings interest allowance to £1000 for higher rate tax payers too
Allow parents to access Junior ISA balance at age 14 (could say for supporting 'education' blah blah blah)
Do not proceed with raising the private pension access age from 55 to 57 (has anyone heard any more about if they're still planning on legislating on this?) for the foreseeable future

The above wouldn't cost v much in the first few years and so OBR / IFS /BofE (the people who actually run economic policy now) might not mark Govt down with the resulting spike in gilt yields plus they could do what govts always do and pretend they'll reduce spending in the future, increase efficiency, increase immigration even more, increase productivity etc.

And there you go, a chance to reduce Lab's majority.
2 users thanked MBA MBA for this post.
ANDREW FOSTER on 20/10/2023(UTC), Jay P on 20/10/2023(UTC)
Dexi
Posted: 18 October 2023 10:33:31(UTC)
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A pledge to increase immigration ? I can`t see that being a vote winner . My guess would be the Chancellor introduces some small changes that look good but don`t cost much , such as a small increase to the ISA allowance . With the cost of servicing the UK debt mountain , and recession looming , there`s really no scope for any tax cuts .
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ANDREW FOSTER on 20/10/2023(UTC)
OmegaMale
Posted: 18 October 2023 10:59:21(UTC)
#4

Joined: 02/07/2020(UTC)
Posts: 535

Can't honestly see any changes to the benefit of anyone here. Of course an ISA allowance increase would be welcome but I can't see why he would do it.

It is possible that he might raise the £1000 allowance on savings interest to keep the small savers happy.

Much more likely to do something on taxing of fuels as a good headline which has the advantage of reducing inflation.

I will be very surprised if the budget is "in profit" for me!

OM
Dan L
Posted: 18 October 2023 12:06:10(UTC)
#5

Joined: 29/04/2018(UTC)
Posts: 804

I earn a decent wage, however not a single one of those changes would affect me. They certainly wouldn't influence the majority of people to vote Tory.

I doubt playing with ISAs and Pensions is the way to go for more votes.
MBA MBA
Posted: 18 October 2023 12:10:06(UTC)
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Dexi;282919 wrote:
A pledge to increase immigration ? I can`t see that being a vote winner . My guess would be the Chancellor introduces some small changes that look good but don`t cost much , such as a small increase to the ISA allowance . With the cost of servicing the UK debt mountain , and recession looming , there`s really no scope for any tax cuts .


increasing immigration in the OBRs books results in a net economic benefit and helps with the fiscal position (it doesn't always not least the income threshold to become a skilled worker in the UK is really low)
MBA MBA
Posted: 18 October 2023 12:10:59(UTC)
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if they cant get away with big fiscal giveaways, the above might be an easy way to shore up some of their voters
Newbie
Posted: 18 October 2023 12:25:20(UTC)
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Tea leaves saying

- Keep ISA same broadly speaking
- Perhaps add new slice for UK investments - Maybe link to LISA
- Keep pension access age to 55 - in the guise unlike SP we did not increase access age.
- TFC @ 25% maintained
- Increase savings allowance
- Reduce Dividend allowance
- FTB to get some more govt support/guarantee for mortgages
- Increase duty on booze, fags and fuel
- Levy some charges on junk food and fatty stuff and link it back to NHS
- Have a feeling the housbuilders may face a steamroller of sorts this time round
- UK Tech and science related investments will get a boost
- Landlords (private) will get a slap on the wrist
- Immigration - "We will attract the brightest and best (Tech & Science link)" - ignore the boats
- Cut back on benefits - help people to get to work.
- NI will increase, Income tax slightly.
- 2nd Property CGT increase in line.

As for winning - well Labour is disintegrating thanks to Israel and Hamas. I hear many of their members and councilors are quitting !

Now to put the kettle on again.
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Dexi on 18/10/2023(UTC), Guest on 20/10/2023(UTC)
Thrugelmir
Posted: 18 October 2023 13:14:04(UTC)
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MBA MBA;282939 wrote:
if they cant get away with big fiscal giveaways,


Have the Energy Subsidy and Covid Furlough bills been paid then? Everybody wants free money and someone else to pay it back. While they maintain their standard of living.
3 users thanked Thrugelmir for this post.
Newbie on 18/10/2023(UTC), Wilco on 20/10/2023(UTC), ANDREW FOSTER on 20/10/2023(UTC)
MBA MBA
Posted: 18 October 2023 13:16:29(UTC)
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it looks like the tories have already increased the normal min pension age from 55 to 57 starting in 2028.

https://www.bdbpitmans.c...imum%20pension%20age%20(NMPA)&text=Some%20members%20will%20be%20protected,take%20benefits%20before%20age%2057.

well done tories, now even fewer reasons to vote tory
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Newbie on 18/10/2023(UTC)
MBA MBA
Posted: 18 October 2023 13:18:48(UTC)
#8

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Thrugelmir;282949 wrote:
MBA MBA;282939 wrote:
if they cant get away with big fiscal giveaways,


Have the Energy Subsidy and Covid Furlough bills been paid then? Everybody wants free money and someone else to pay it back. While they maintain their standard of living.


uk govt rarely pays its debt, it simply destroys the value via letting inflation rip. if we actually paid our debt we'd run fiscal surpluses which is harder than going to war
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