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2024 Budget: Chancellor Jeremy Hunt under pressure to cut taxes

CatusStarbright

The UK Budget for the 2024/25 financial year will be set out by Chancellor Jeremy Hunt on Wednesday 6 March.

The Budget usually starts at 12.30pm, after Prime Minister's Questions (PMQs).

Hunt has already hinted at tax cuts as he explained to the BBC that his Budget will be about long-term growth, but very little has been announced in advance this year.

Here are some rumoured policies:

•

A further 2p cut to National Insurance (following the one which came into effect in January)

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A tax on vapes

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An extension of the Energy Profits Levy

•

Controls on holiday lets

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A possible introduction of 99% mortgages, and changes to LISAs

•

Changes to inheritance tax

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An extension to the freeze on fuel duty

•

Councils in England to cut spending on consultants and diversity schemes

•

An increase in the threshold at which parents start to lose child benefit

What are your thoughts on the rumoured measures? If you were Chancellor, what announcements would you make in the Budget?

As the Budget is broadcast feel free to share your thoughts in this thread!

Live feeds:
BBC
Sky
The Guardian
The Telegraph

Sources:

(edited 1 month ago)

Scroll to see replies

flowersinmyhair

Clearing and Applications Advisor, Study Forum Helper

I'd tax the rich more, but a tory government would never do that lol

Original post by flowersinmyhair

I'd tax the rich more, but a tory government would never do that lol

I personally disagree with this. I’d like the rich to pay their taxes first (crackdown on tax loopholes and dodging) before we tax them more.

Schnauzerquester

Original post by Talkative Toad

I personally disagree with this. I’d like the rich to pay their taxes first (crackdown on tax loopholes and dodging) before we tax them more.

Had me in the first half there, but yes this is something that needs sorting out. No longer allowing for places such as the British Virgin Islands, Bermuda and so to be used as Tax havens. Along with other loopholes as well. Getting companies such as Amazon to actually pay their share would also be a start.

Original post by Schnauzerquester

Had me in the first half there, but yes this is something that needs sorting out. No longer allowing for places such as the British Virgin Islands, Bermuda and so to be used as Tax havens. Along with other loopholes as well. Getting companies such as Amazon to actually pay their share would also be a start.

I feel as if raising taxes on the rich will simply give them a bigger reason to dodge them then the middle class people would foot the bill as a result, at least that’s my opinion and why I believe that taxes shouldn’t be raised on the rich (as opposed to having a crackdown on tax evasion).

I don’t support things like inheritance tax (the concept of taxing inheritance) either.

Clearing and Applications Advisor, Universities Forum Helper

The proposed cut in National Insurance is so shortsighted. It has already been suggested that state pension age needs to rise beyond the proposed age 68 from 2044. If this cut goes ahead, the majority of TSR members aren't likely to be able to claim their pension until they are in their 70s.

Original post by normaw

The proposed cut in National Insurance is so shortsighted. It has already been suggested that state pension age needs to rise beyond the proposed age 68 from 2044. If this cut goes ahead, the majority of TSR members aren't likely to be able to claim their pension until they are in their 70s.

I wouldn't be surprised if, in future, rather than being automatically able to claim a state pension after a certain age, you instead need to be medically signed off as no longer able to work before you can claim state retirement benefits.

CatusStarbright

OP

Original post by normaw

The proposed cut in National Insurance is so shortsighted. It has already been suggested that state pension age needs to rise beyond the proposed age 68 from 2044. If this cut goes ahead, the majority of TSR members aren't likely to be able to claim their pension until they are in their 70s.

We've known that for a while though, let's be honest!

CatusStarbright

OP

PMQs are about to start and then we will be on with the Budget!

CatusStarbright

OP

The Chancellor is now on his feet starting the Budget.

CatusStarbright

OP

£1 million to go to building a memorial for Muslims who died in the world wars.

CatusStarbright

OP

OBR forecast: inflation is now 4%, and will fall below the 2% target in a few months.

Universal credit loan period extended to 24 months, not sure I agree with that.

Alcohol Duty frozen again until Feb. Should be frozen permanently.

CatusStarbright

OP

Support for low income families:

•

Increase in repayment period from 12 to 24 months for new budgeting advance loans

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Abolishing £90 charge for obtaining a debt relief order

•

Household support fund kept at current level for another six months

CatusStarbright

OP

Original post by Rakas21

Universal credit loan period extended to 24 months, not sure I agree with that.

I won't lie, I don't really understand what that is for.

Original post by CatusStarbright

I won't lie, I don't really understand what that is for.

When you go on UC you can basically request an advance and take it of your payments afterwards. Rather than extending, they should be taking measures to stop people on UC taking on debt.

(edited 1 month ago)

CatusStarbright

OP

•

Alcohol duty frozen again until February 2025

•

Fuel duty frozen again until for another 12 months (maintaining the 5p cut and avoiding a 13% increase next month)

(edited 1 month ago)

CatusStarbright

OP

Original post by Rakas21

Alcohol Duty frozen again until Feb. Should be frozen permanently.

As long as the freeze keeps being extended it will be.

Original post by Rakas21

When you go on UC you can basically request an advance and take it of your payments afterwards.

Ah I see. That makes no real difference overall then.

Giveaways mean that debt to GDP will remain above 90%.

Chancellor justifying it relative to the G7 but it only shows how horrific everybody's fiscal approach is.

Fiscal deficit will fall to 1.2%. One suspects that without giveaways we could have a surplus.

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