Spring budget 2024: Five key points

Jeremy Hunt has unveiled a budget promising “much-needed help in challenging times”, with key measures including a 2p cut to national insurance, an extension to the alcohol and fuel duty freezes and the abolition of the non-domiciled tax status, a policy borrowed from Labour.

But Paul Johnson, director of the Institute for Fiscal Studies think tank, said overall tax had “still risen a lot over this parliament” and low earners would lose out more from frozen tax thresholds than they gain from national insurance cuts. Follow live reaction here.

#budget #budget2024 #politics

[robearl]

£650 in a year is about what we pay in a month extra nowadays for fuel, food, insurance etc so that ain’t much help .

[bestdj]

£450 a year while we pay £2000 a year more just for heating what a joke!!! Not to mention mortgage and many other things vote them Millionaires understands working class people 😂

[jamieleetose]

They’re so unbelievably out of touch it’s depressing.

[S_welddd]

5 key points are
1: We
2: Are
3: All
4: Absolutely
5: Fucked

[jeffreyroberts]

With council tax going through the roof that £650 is wiped out in one stroke! These people haven’t got a clue, and that goes for the whole gravy train House of Commons!

[leviddesign]

I've just saved £650 a year! Wow... I bet the bosses of the energy companies can piss that up the wall within a minute.

[jeffreid]

The public have seen prices rise for non luxury essentials by over 20% in real terms. Mortgage costs dramatically increase in some cases by 300% due to £400 Billion in spending during the lockdowns and inflationary pressure. We now pay more for less, this budget doesn’t even touch the sides. If Starmer and his equally inept lot get into power it won’t get any better! We need radical change!

[BIBIWCICC]

Lots of nice juicy big contracts for Sunaks families INFOSYS company I noticed!

[VernatronIRL]

how can they talk so loosley about nhs and yet the world sends billions overseas? help your own country AND THIS IS A iMIGRANT TELLING YOU

[paulhank]

And in the meantime your savings are gobbled up by greedy insurance company hikes.

[lindacleveland]

RHUBARB RHUBARB RHUBARB, oh by the way Mr Hunt do I have you to thank for the additional -25p per week my husband receives now he is 80 years old, he’s not exactly sure what to do with at present, suggestions On a postcard perhaps !!!

[SkandalouzStyle]

What the is the point in cutting National Insurance?
They should be raising the tax threshold or cuttng the income tax rate if they want to help people?
I always thought National Insurance was for the NHS?

[_burd]

For the record, UK National Insurance is used to pay for:
- The National Health Service
- Unemployment Benefit
- Sickness and disability allowances

Understanding what these announcements mean is important because this one is an announcement of funding /cuts/ to those benefits as a UK citizen, not extra funding to bring it back up to normal, further cuts. They /could/ hard close any tax loopholes via offshore accounting, create dynamic corporation tax structures that scale like personal income tax so that large corps heavily in profit can balance small startups that are struggling. Or hell, even merge NI into income tax (which is what NI basically is but raising tax sounds scary to voters) so that people understand what large scale changes are actually needed rather than just a bunch of little changes that aren't fully understood happening.

Add to that, you (the citizen) are getting paid £54 per month to not whine about or ultimately change your voting habits from the last decade. Congrats! Maybe it's time we started reading up on what political parties actually achieve in their terms, not what they advertise they'll do (see the brexit bus) before we're complicit in literally driving the UK into a depression.

In 2025, the US debt cap is re-assessed. It almost defaulted last time until the extension was agreed to 2025 (which would be horrifying for everyone that uses it on the global stage, ie. the UK). In that time, we've been panic off-loading this massive debt problem to other nations via lend leases and security deals (Ukraine, Israel etc). If the profits from this off-loading and our GDP combined doesn't out-pace the debt ceiling, it's gonna make 2008 look like a cake walk. As it won't be the price of housing, it will be the price of money itself (i.e. everything).

But you've registered to vote so you can take part in making sure this kind of bait and switch government behaviour doesn't keep happening, right?

[daved]

And yet, £35b (ish) was 'wasted' on a computer programme NOT a full system, just a SOFTWARE programme. Yeah right . Really look forward to that smirk going bye bye

[janecollinson]

Disgraceful cutting national Insurance, all the public services that are funded via this will have further continuous reduced funding because of it.

[maxwellanderson]

What a great great guy, giving people an extra cup of coffee a week, keep muggin people off

[lasarith]

3:09 and the petrol stations will conveniently raise there price by 5p just so that 5p saving means absolutely nothing, they did that the last time .

[richard]

The only key point is the rich are getting richer and the poor are getting poorer.

[maxthemagition]

Pensioner....Just got my Tax code....did a few calcularion to find out that the money I get from my pensions including the state pension after tax will be about £100 more per annum.
Before Tax it looked pretty good by after tax no good at all, but at least I will be £100 better off next year.
I reckon a lot of pensioners will not be impressed with the increased tax from last year.
The budget will not alter the fact that in reality there is no increase at all....But no doubt some people may be worse off and some better off.
I hope the better offs are from the less well off.

[davidnunnery]

Far to little Far to late. Time for these greedy grasping lets looks after our already rich beyond belief chums to go !!!!