Budget 2024

They won’t exist eventually so no problem, same with NHS and the rest of the Welfare State. The Tories have been dismantling the Welfare State by stealth for decades. When oh when will the ordinary person in the street finally wake up to this horrible party and it’s horrible people that represent it and support it?

 

It's just a tax with a different name. It all goes in the same pot to fund everything. NI isn't ring fenced to pay for certain stuff like pensions and health care. Think of it as 'Income tax 1' and 'income tax 2'. Doesn't matter really.

The only difference is that only working people pay NI where as anyone with an income above the threshold pays income tax whether its through work or not.

So they say they are gonna get rid of NI. It's now 8%. But to pay for it, they would have to put up income tax by around 6%. Swings and roundabouts. It's all a mirage. There is no way they could scrap NI without raising it elsewhere, it would be too big a loss of funds.

If they did that, there would rightly be uproar because suddenly, pensioners would be paying extra again instead of paying no NI.

 

What did we get in this budget ?. Pensions are going up But not the tax thresholds. So most will pay 20% tax on the increase. Yet as I pointed out b4. Someone on £100k will be £1300 a yr better off.
On £40k £1k better off.

Anyone on 20k with no pay increase around £200 better off.

So look elsewhere at who are the ones who benefit most. Not the oaps in general in my opinion. I would gladly as a pensioner pay more tax if it was targeted to help those worst off. But as you can see with those figures. The haves have benefited most.

This link will work out. Employees (one I used) and self employed. contributions,
And compare year on year.
https://www.which.co.uk/money/tax/tax-calculators/national-insurance-calculator-aGMzN8b8QI6N

 

TBH, I'd rather that we had working public services, could see a doctor or dentist when we wanted, no long delays in A&E, didn't have homeless in the town and city centers or probably 1,000 other things that are collapsing around our ears than be an extra £26 per week better off. Especially as someone who is heading towards the age where I might have more need of those services.

 

And people in work typically got less, increasing the relative cost, and relative benefit to pensioners.

 

By merging income tax and national insurance.

National insurance adds complexity for no real benefit.

The reality of how pensions are funded is that today's pensions are paid from today's tax take. We have a national debt, not a national savings account/investments from which to pay annuities to future pensioners.

God forbid that working in a stressful job actually means people get to see a financial benefit.

 

Not exactly sure where you are coming from tbh.
My point being those that earn the most. (and their are plenty in stressful jobs at the lower end of the pay scale.. and some of those at the very top end have it cushy do you not think, or is workplace stress only commonplace in that sector.) Should bear the brunt. Pretty sure their % pay increases/bonuses will help em cope.

Mr xunt if I'm not mistaken this morning said the average earner will be £400- £900. Better off. ? (How is that an average)
The uk average salary of £33k will be £700 better off. I have no beef about that. But there has to be a limit as to when that reduction stops. Introduce another level if necessary. To the old rate. Maybe £33k.

 

Wish I could find and post LBC programme, whereby 2 of the panelist’s explained that we are paying 30 billion back in interest payments that we’ve no need to. I’ve slept since and was only half-listening anyway, but it’s something to do with how the Treasury and Bank of England work it, but the EU do it differently and don’t pay interest. Found it, it’s Iain Dale’s Crossover programme. https://www.youtube.com/live/PzjPs286HNA?si=ATA5w5R9cRkttett

 

As a pensioner, I wouldn't object to the abolition of NI and a compensating increase in Income Tax even though that would be against my personal interests. It's more to do with fairness, why should someone who doesn't work get taxed less on their income than someone who does? I'm thinking principally about those that make money from share dividends etc.

 

I presume there wouldn’t be one. Pensioners who don’t have a private pension/savings would receive a form of Universal Credit.

 

Very worrying that Labour agree with it all and use ridiculous phrases like max out the company credit alcatc and no magic money tree.

 

The sooner we scrap the state pension the better. I'd rather know now that it's not going to exist when I reach pension age than keep paying for the current lot of pensioners only for the rug to be pulled when it's my turn.

 

What next? Euthanasia at 60?

 

No respect for your descendants then, or just disrespect for those still living?
You should have a night out with Mr. Tennant, contemplate how you came to exist, in words of more than one syllable.
Possibly the two most ignorant and offensive posters ever, on BBS, of which there have been many.

 

As you know though Jim, it's a "don't scare the horses" stance. Don't give the Tories a sniff of a 'wedge' issue. I believe Labour adopted a similar stance on spending prior to their election in 1997.

 

Looks like the lynch mobs are out. Remember to take care with your back - I’m heavier than I look.

 

The state pension is inevitably going to be scrapped or means tested, it is inevitable. The sooner we accept that and let people make their own arrangements the better. I don't want my descendants to be lumbered paying for me, unfortunately you lot don't seem to have any shame.
One quarter of British pensioners live in households with assets of over a million pounds. This is unsurprising, as they had life on easy mode with cheap housing, final salary pension schemes, no tuition fees, things that people in their 30's and below were denied, just like they'll be denied their state pension. Now the parasites have the triple lock, but still find reason to whine about nothing in the budget being for them, and YOU'RE offended? No, I don't have any respect for you at all.

 

The modelling suggests the state pension age will rise to 71 rather than be scrapped entirely.

The demographics are that the boomers are a large generation, as are their children, but so long as those now at school have reasonable employment and incomes the scheme should ultimately be sustainable.

I certainly feel for the generations that come after and the challenges they will experience starting careers remotely, and trying to escape the rental/living with parents trap with student debts and unaffordable house prices.

 

If you keep the pension in place but continue to raise the pension age, eventually you'll need to be 108 to get it. But no-one can say you've abolished it - you've just adjusted the qualifying requirements in response to demographics. Likewise, if an ever-increasing list of treatments is subject to waiting lists running to months or years, those who can afford it will be forced into increasing their private health insurance for various complaints. You might be against it in principle, but if you have the money you'll do it - for your family or yourself. Eradicating NI paves the way for reducing these welfare provisions and privatising the NHS without announcing it. It's why it's so important the Tories are out on their 4rse.

 

And single income households - don't forget the boomers and their single income households!

Jokes aside, I don't begrudge the older generation anything - you play the cards you're dealt and make the most of it. I'm 37 however and don't have faith in government pensions for my generation. We'll be 70ish by the time they'll pay out and what will be on offer will be very watered down.

The question is, if we don't have pensions how do we provide for ourselves in later-life? Savings are a waste of time with inflation - so we have to invest. The bond market is weak so there's going to be more and more money put into stocks and property.