Assessment of UK autumn budget

No huge headlines, everyone seems marginally disappointed, financial markets have not (yet) blown up . . all in all to be judged a success 👍

Difficult to detect a unifying theme. The government pins hopes on facilitating economic growth and using higher tax receipts to rebuild our public services after 14 years of neglect. But the medium term forecast for growth is modest at best.

There is a marked redistribution of wealth from older asset owners to the struggling young via increases to the minimum wage, increases in capital gains tax, and freezing of the inheritance tax thresholds. A good start and hopefully the foundation of a more radical shift in inter-generational wealth that will be needed to preserve harmony in a rapidly ageing society.

Lots of compromises, lots of disappointments, but nothing unexpected for a centrist government.

A pretty good effort for our first ever female Chancellor of the Exchequer 👍

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Burnley123 · 41-45, M

They've come on for criticism because they didn't make the case for tax rises. In fact they said they were not going to do any.

However, I support this budget.

SunshineGirl · 36-40, F

@Burnley123 And justly so. But I think the mandate is very clear . . to save the NHS and avoid austerity . . and hopefully a substantial number of voters did the sums for themselves.

OldBrit · 61-69, M

@Burnley123 but they made the case as soon as they opened the books up.

While arguing about semantics they have stuck to their promises on income tax, vat and employees NI. All they have essentially done is move the NI cuts the last gov did in trying to win votes to employers not employees.

Unfortunately I think the growth / investment they are hoping for is a deeper problem attached to Brexit and many other factors that have been creating that problem for years.

SunshineGirl · 36-40, F

@OldBrit Yes, although in an ideal world it would have been a lot simpler just to reverse the 2.5% cut to employee NI.

OldBrit · 61-69, M

@SunshineGirl true and I partly think that they should have gone to the polls saying that but there is the labour paranoia around tax now. They believe it loses them elections.

Burnley123 · 41-45, M

@OldBrit I've said I support the budget and my point is about tactics, not semantics.

They will come under sustained attack from the right over this and it would have been easier if they'd made the case for taxes prior to the election.

OldBrit · 61-69, M

@Burnley123 don't disagree just they thought they wouldn't win. Which is daft as they would the tories were toast.

SunshineGirl · 36-40, F

@Burnley123 Possibly, but I wonder if the debate over semantics has taken the steam out of that particular controversy. In 2020 the Tories increased VAT by 2.5% points with barely a whisper of opposition.