the budget

[SydneyRover]

''Jeremy Hunt handed a huge pensions giveaway to the wealthiest 1% to help stem the tide of people leaving the workforce''

Sounds like you have to pay the wealthy more as an incentive to work but incentivise working people to work by keeping them poor.

[big fat yorkshire pudding]

Not what I would have done they could have done other things.

Loads of good things in the budget thought, free childcare being a massive thing and predominantly useful for low earning women. Perhaps the single biggest issue that causes issues with gender inequality in the work place and it will help massively.

[SydneyRover]

Childcare is really important pud and any money thrown at that should be welcome, the bigger question is are working people better off now than they were 13 years ago and does this budget help.

[drfchound]

No April energy price rise and £2500 price cap extended to July.
Very important to many people.

[SydneyRover]

What is really important, the most important thing right now is of course inflation and growth, how does this budget address those problems for the near and longer term, anyone?

[drfchound]

From the Gov.UK website:

The Bank of England has taken steps to control inflation by raising interest rates, and the government’s Energy Price Guarantee (EPG) has reduced energy bills for millions, keeping inflation lower than it otherwise would be. The Office for Budget Responsibility (OBR) is now forecasting that Consumer Price Index (CPI) inflation will fall to 2.9% by the end of 2023

[albie]

Energy costs are the main driver of inflation and cost of living increases across the whole economy.

Hunt could have capped costs £500 lower, without cost to the Treasury, by pre-emptive pricing.
If that means fewer share buybacks, and lower return to shareholders for part of the year.....then good!

But he hasn't done that, when he could have, which tells you all you need to know.

[SydneyRover]

There was an opportunity to remove vat on nicotine patches etc whilst increasing it on smokes, I didn't see any vat increases on vaping either which is a bit of an anomaly.

[Nudga]

Should have raised the vat threshold, cost of goods and materials have exploded pushing turn over up.

[big fat yorkshire pudding]

Childcare is really important pud and any money thrown at that should be welcome, the bigger question is are working people better off now than they were 13 years ago and does this budget help.

Those with young kids will be massively better off and it gets a lot of people back in to work which will also make them better off.

Should have raised the vat threshold, cost of goods and materials have exploded pushing turn over up.

Absolutely true, it's a stealth tax on small businesses (well the consumer it's passed on to) when inflation so high.

[ravenrover]

Where are all these extra places coming from for childcare? Nurseries are struggling with costs at the moment and some even closing down. Did I read or hear somewhere that it is being phased in over several years? If so that's a bit of false hope for a lot of parents. Funny how all the things to help "poorer" people are being phased in over the next few years you'd think there was a GE in the offing.

 "A child born in Sept 22 will not be eligible for the full childcare package until Sept 25 by which time they would have been eligible for the 3 yr old offer anyway.

This is a promise to children who arent born yet to be paid for and delivered by the next government."

Wait for the tax cuts next year promised for 2025.

[BillyStubbsTears]

It is being phased in.

Quite a bit of stuff in the Budget where the costs don't start to kick in until after the next Election.

Almost as if...

[ravenrover]

And this from Peston

Scrapping the lifetime savings limit for pensions and increasing the contributions limit will cost £1bn a year but will get only 15,000 boomers and gen exers into work, says OBR. That's an annual cost to the taxpayer per high-earning boomer of £66,000

[ncRover]

Where are all these extra places coming from for childcare? Nurseries are struggling with costs at the moment and some even closing down. Did I read or hear somewhere that it is being phased in over several years? If so that's a bit of false hope for a lot of parents. Funny how all the things to help "poorer" people are being phased in over the next few years you'd think there was a GE in the offing.

 "A child born in Sept 22 will not be eligible for the full childcare package until Sept 25 by which time they would have been eligible for the 3 yr old offer anyway.

This is a promise to children who arent born yet to be paid for and delivered by the next government."

Wait for the tax cuts next year promised for 2025.

People are free to open up nurseries, which I’m sure they will do.

[ravenrover]

Not on the current payment from Government, that is why they are struggling and closing at the moment

[BillyStubbsTears]

And this from Peston

Scrapping the lifetime savings limit for pensions and increasing the contributions limit will cost £1bn a year but will get only 15,000 boomers and gen exers into work, says OBR. That's an annual cost to the taxpayer per high-earning boomer of £66,000

In fairness, if those 15,000 were all senior NHS doctors that would be a snip.

In reality, I suspect it won't get more that a tiny number of extra people that we really need, to stay in/return to the workforce, while giving a massive bonus to highly paid people who we don't need to incentivise.

And why remove the cap altogether?

The rule of thumb is that your annual pension is 1/20th of your pot on retirement.

Someone with a £1m pot could therefore get an annual pension payment of £60k, including the state pension. Increasing the cap to £1.5m would raise this to £85k. Do people REALLY need more than that to retire on? If not, why remove the cap altogether? Seems to me all it does is give a bonus to a very small number of very greedy people.

[Sprotyrover]

And this from Peston

Scrapping the lifetime savings limit for pensions and increasing the contributions limit will cost £1bn a year but will get only 15,000 boomers and gen exers into work, says OBR. That's an annual cost to the taxpayer per high-earning boomer of £66,000

In fairness, if those 15,000 were all senior NHS doctors that would be a snip.

In reality, I suspect it won't get more that a tiny number of extra people that we really need, to stay in/return to the workforce, while giving a massive bonus to highly paid people who we don't need to incentivise.

And why remove the cap altogether?

The rule of thumb is that your annual pension is 1/20th of your pot on retirement.

Someone with a £1m pot could therefore get an annual pension payment of £60k, including the state pension. Increasing the cap to £1.5m would raise this to £85k. Do people REALLY need more than that to retire on? If not, why remove the cap altogether? Seems to me all it does is give a bonus to a very small number of very greedy people.

Good point BST but I think it's the Doctors they want back in work, all of that lost experience is work tens of Billions.

[Colemans Left Hook]

i heard it said recently that both doctors and nurses can earn a hell of a  lot more in Australia -- I think they said nearly doube from memory

https://www.bmj.com/content/380/bmj.p349
Ireland sees massive emigration of doctors to Australia

It's not some much Houston we have a problem but Ireland we have a problem

"A measure of the extent of emigration of young Irish doctors is that 62 of 77 medical students from University College Cork who graduated in 2021 are currently practising in Australia. In a recent post on Twitter, one of them, Rory Holohan (@rory_holohan), said, “A sign of the times is that a lot of my friends were talking about Perth/Melbourne even from fourth year (in medical school)”

A 2020 medical graduate from University College Galway told The BMJ that about 70% of recently qualified doctors from the college were now working in Australia. UCG graduates work mainly in Perth, Western Australia, while most Cork … ...""


In 2015 our old friend The Guardian sorry Observer posted this


https://www.theguardian.com/society/2015/nov/08/nhs-doctors-in-australia-more-cash-fewer-hours-less-pressure

A quick suggestion I have thought up ( with zero knowledge) would be to give junior doctors a tax free bonus in 10 years of working in the UK for the National Health --  a type of GoldeN Handcuffs ?

[danumdon]

i heard it said recently that both doctors and nurses can earn a hell of a  lot more in Australia -- I think they said nearly doube from memory

https://www.bmj.com/content/380/bmj.p349
Ireland sees massive emigration of doctors to Australia

It's not some much Houston we have a problem but Ireland we have a problem

"A measure of the extent of emigration of young Irish doctors is that 62 of 77 medical students from University College Cork who graduated in 2021 are currently practising in Australia. In a recent post on Twitter, one of them, Rory Holohan (@rory_holohan), said, “A sign of the times is that a lot of my friends were talking about Perth/Melbourne even from fourth year (in medical school)”

A 2020 medical graduate from University College Galway told The BMJ that about 70% of recently qualified doctors from the college were now working in Australia. UCG graduates work mainly in Perth, Western Australia, while most Cork … ...""


In 2015 our old friend The Guardian sorry Observer posted this


https://www.theguardian.com/society/2015/nov/08/nhs-doctors-in-australia-more-cash-fewer-hours-less-pressure

A quick suggestion I have thought up ( with zero knowledge) would be to give junior doctors a tax free bonus in 10 years of working in the UK for the National Health --  a type of GoldeN Handcuffs ?

We had something (on a slightly less grand scale) similar with our trainees. When we train them to the required standard for their role they also require to have a full train drivers qualification to go with their electrical/mechanical engineers qualifications. What used to happen in the past was we lost newly qualified staff who went train driving for a passenger or freight train operator. So in effect they gained a qualified train driver but we lost a qualified train drive and also a qualified mechanical or electrical engineer, so in effect three roles in one.

We originally used to make them pay pack the majority of their training costs if the left inside of three years of qualifying. this prevented some from leaving too soon but not many as they just took the payment hit.

We finally woke up and now pay then what they're worth(more than a train driver) and this seems to have cured the issue somewhat.

We also used to loose some to Australia who went and got jobs driving ore trains in WA, but the rates are not as inciting as they used to be.

[Sprotyrover]

i heard it said recently that both doctors and nurses can earn a hell of a  lot more in Australia -- I think they said nearly doube from memory

https://www.bmj.com/content/380/bmj.p349
Ireland sees massive emigration of doctors to Australia

It's not some much Houston we have a problem but Ireland we have a problem

"A measure of the extent of emigration of young Irish doctors is that 62 of 77 medical students from University College Cork who graduated in 2021 are currently practising in Australia. In a recent post on Twitter, one of them, Rory Holohan (@rory_holohan), said, “A sign of the times is that a lot of my friends were talking about Perth/Melbourne even from fourth year (in medical school)”

A 2020 medical graduate from University College Galway told The BMJ that about 70% of recently qualified doctors from the college were now working in Australia. UCG graduates work mainly in Perth, Western Australia, while most Cork … ...""


In 2015 our old friend The Guardian sorry Observer posted this


https://www.theguardian.com/society/2015/nov/08/nhs-doctors-in-australia-more-cash-fewer-hours-less-pressure

A quick suggestion I have thought up ( with zero knowledge) would be to give junior doctors a tax free bonus in 10 years of working in the UK for the National Health --  a type of GoldeN Handcuffs ?

We had something (on a slightly less grand scale) similar with our trainees. When we train them to the required standard for their role they also require to have a full train drivers qualification to go with their electrical/mechanical engineers qualifications. What used to happen in the past was we lost newly qualified staff who went train driving for a passenger or freight train operator. So in effect they gained a qualified train driver but we lost a qualified train drive and also a qualified mechanical or electrical engineer, so in effect three roles in one.

We originally used to make them pay pack the majority of their training costs if the left inside of three years of qualifying. this prevented some from leaving too soon but not many as they just took the payment hit.

We finally woke up and now pay then what they're worth(more than a train driver) and this seems to have cured the issue somewhat.

We also used to loose some to Australia who went and got jobs driving ore trains in WA, but the rates are not as inciting as they used to be.

I think Coleman has a very good idea there, it's like the Police the Pension was the Golden handcuffs in their case.