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todays budget

nanotm
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todays budget

thoughts good or bad ?
for me its basically no change, but my circumstances are nothing like those of most
just because your paranoid doesn't mean they aren't out to get you
39 REPLIES
TORPC
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Re: todays budget

Haven't seen it yet so can not make an informed decision atm
Perhaps a link or 2 may help Wink
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Re: todays budget

Still not clear but as a pensioner relying partly on savings it looks good from a superficial view but the devil will be in the detail
nanotm
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Re: todays budget

@oj the detail seems to be that you pay taxes on whatever you withdraw from the annuity pot at the annual tax rate you fall into, so if your pot is 100k and you cash it in you will pay 40% tax out of it ......
if you take the annual drip feed then you possibly wont pay any tax on it and of course if you choose to take a few thousand a year (to stay within your tax bracket) as cash out of the pot your only going to pay the standard tax rate applicable to you.....
means testing is out from next april for basic pension as well so as long as new pensioners apply for the pension they will receive it and that's better
for my point of view I loose money in the short term but that's more because of waiting for UC than because of changes within the central budget
just because your paranoid doesn't mean they aren't out to get you
Community Veteran
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Re: todays budget

As I retired ages ago that part doesn't affect me
Community Veteran
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Re: todays budget

I've not had the KPMG report into the budget yet...but it does seem like a budget aimed at next year's election
alanf
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Re: todays budget

Community Veteran
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Re: todays budget

Yup
I read through the bits which I thought would affect me on that site rather than relying on the news media
nanotm
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Re: todays budget

I cant tell how much it affects me either way until I get my annual pension statement + P60, however I'm already going to be £50 a month worse off before the budget so who knows what it will be like after it .....
I had been hoping that they were going to finally increase the upper income ceiling for claiming free school meals but that level hasn't been raised in more than a decade despite inflation driving up costs massively, yet they announced free food for all under 8's which I find rather disgusting (why do prep school kids need free food paid for from central funding) especially when considering the fact that if your on free school meals you don't have to pay a penny for various activities, this excessive burden on school finances will mean withdrawal of such services unless they are also planning to increase the funding for schools (which wasn't announced....)

just because your paranoid doesn't mean they aren't out to get you
Moderator
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Re: todays budget

I can't see I will be any better or worse off on a personal level. Don't drink/smoke and no savings of any note.

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Courage is resistance to fear, mastery of fear, not absence of fear - Mark Twain
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TORPC
Grafter
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Re: todays budget

Same here Mav tbh we dont drink or smoke, therefore we would not save on those,
That said, still not seen the full report as yet & unlikely to until later on, to see if / or how it will affect us
Community Veteran
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Re: todays budget

From my POV it's the same as every other year - give with one hand and take with the other.
The government always looks after number one and all of its chums. The only difference with each budget is that they find increasinly clever ways to hide their methods of cheating us while telling us that they're looking after our interests  Roll eyes
I need a new signature... i'm bored of the old one!
TORPC
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Re: todays budget

That's what a theatrical schooling oops I meant  private education teaches them, how to keep a straight face et al when they lie oops I meant act in & towards the public
alanf
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Re: todays budget

Money Saving Expert is pointing out that along with the announced increased maximum Premium Bond holdings it seems that there will be fewer prizes. The prize fund is unaffected but there is to be a second million pound prize which will reduce the number of smaller prizes.
Moderator
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Re: todays budget

Didn't there used to be 2 x £1M prizes a few years go. It would have been better to reduce the minimum purchase from £100 to £20 or even £10!
I current save til I have £50 then buy using Standing Order. But that is only once every 12 to 18 months Sad

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Courage is resistance to fear, mastery of fear, not absence of fear - Mark Twain
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