Martin Lewis' instant Budget 2023 summary: Tax, energy, childcare, pensions and more...

[JoshAston]

The only man who can actually summarise the shitshow in a meaningful way

[gretchenjessy]

Thank you for this wonderful video! I have incurred so much losses trading on my own....I trade well on demo but I think the real market is manipulated.... Can anyone help me out or at least tell me what I'm doing wrong?

[TwitchingBomb]

Great! So as a single person who is not wealthy and not of pension age with no dependents, this budget has done absolutely zero for me but more misery

[abigailirvine]

Nothing for carers the ones that are saving the government lots of money because we are caring for our loved ones

[NaturallySceptical]

Good luck finding childcare in the future! Nurseries are being driven out of business and around a third of childminders have quit since the lockdowns (in my area at least). Another perfect example of the government being completely out of touch with reality!

[johndyda]

Once again it benefits the wealthiest.

[zenouxbeauty]

Martin thank you for briefly explaining this clearly.

[EmpressB-mzqh]

Seems like Martin the only one who cares … he’s breaks down the jargon and puts it so simple

[suewright]

Very many thanks indeed Martin for a great explanation of what this means, especially ´fiscal dragˋ, I think I finally understand it. 😊 So many thanks for everything else too, so very grateful indeed. 😊

[TheLDunn]

As a mid 50’s professional who is potentially facing a voluntary redundancy package in the near future, I can’t help but feel that banning the pension lifetime allowance will do very little to tempt 50 year olds to stay in the work force.

Thanks to years of fiscal drag, increasing numbers of workers are going over the higher tax threshold. Anyone, admittedly fortunate enough, to be earning over £50k, once they take income tax, NI & pension contributions into account on their earnings over £50k only end up really seeing about half of anything over £50k.

Those same experienced 50’s workers are also likely to be the ones who have built up sizeable pension pots, but many will still be below the life time allowance, but their pension will still bring them close to the £50k higher tax threshold. So if they retire at say 55 and start receiving their pension, if they then go back to work they will almost immediately be taxed 40%, plus Ni.

That is the really disincentive to bother going back into the work force, plus, those in their 50’s may already have sadly started losing friends and family around their own age, increasing the thought of not wanting to work and enjoy what life you have left.

Average life expectancy is around the age of 80, so we all think we are going to live until 80 (assuming you are a healthy mid 50 year old). But for around 80 to be the average, that kind of means around half have already died before they got to 80. And as the odds of getting to mid 50’s is pretty good, it means nearly half will die between mid 50’s & 80. It’s a sobering thought.

In summary, why would an experienced, skilled well paid worker in their mid 50’s, already receiving a pension taking them close (or beyond) £50k, want to go back to work to earn half pay (due to tax & Ni) when they have ~50% chance of dying within the next 20-25 years?

[eh]

And the change that “allows” disabled people to work without fearing losing benefits?
Translation: all disabled people will be pressured more to work OR ELSE lose benefits.

[lauralishes]

This was a budget for the rich. Those whose biggest problem was not being able to put more than £40k in their pension every year and not getting more than a £1m lifetime pension allowance.

[mohammedpanju]

Martin is a CLASS ACT ... Thanks 👍 for everything that you do, Martin.

[superkev]

thank you martin, it gives us a insight in how things are worked out. keep up the good work. 😀

[charliekane]

Thanks for explaining Mr Lewis. A lot of these money subjects go straight over my head.

[sarahdaykin]

As a Childcare provider... please don't say the Childcare is "free" because it isn't. The care is funded and below the actual costs of providing the care. Councils skim off a portion before it reaches settings. Many providers need to add consumerables fees in order to provide the service which parents are asked for. Many Nursery settings will close as they rely on 1-3 year old fees to make up the short fall in the current 3-4 years funding.

[martinl]

Hi Martin. What you do is fantastic. I suppose one problem is that a significant number don't get your emails
I don't have a TV and rarely listen to radio (long story). I hope this helps increase your audience, in a digestible way, so that anybody watching or listening doesn't have to deal with a fast scattergun of things they may not have thought of or understand.
Sorry to "guess" what your TV & Radio content is like. I hope my ignorant comments may be useful in some way.
I think you do a very important job. I hope Citizens Advice are also watching.
Thanks so much for making this your mission.
🤗👍

[flutterbyenterprises]

Working in a office less than 10 Centigrade as I wanted to eat today. I am not joking.

[redacted]

Budget summary (not Martin's) sounds like the Ministry of Truth telling public its better when the UK taxpayer is FAR worse off then before.

[jimw]

It’s sad that you don’t mention the disabled at all; as usual, the forgotten ones. A disabled person on PIP and some form of income support has their savings capped at £6, 000, which is worth less and less due to inflation; this makes it harder or impossible to save for any reasonable type of secondhand car or expensive medical equipment. Is there ever any chance of you lobbying for financial assistance for this group, please? You put a lot of focus on childcare here, but the disabled…? Not so much.