A great breakdown, thank you Ken! Seems to me like a desperate attempt pre-election and I’m not convinced by the headlines of us being better off especially if public services stay the same
I was rushing home just to get an interpretation of the budget from the Humble penny. It seems obvious that the rich have been catered for by uncle J Hunt but it is not all doom for ordinary people. I note the total of 4pc IN tax cuts, in real terms the cost of living is extraordinarily high and any cut would not be noticeable. The increase in ISA allowance by £5,000 is good for the affluent but with high cost of living working people would not benefit from it. Tax cuts in high inflation economy will not create the desired result of putting money into workers wallet. Please Ken permit me: May I kindly remind people who can afford to buy extra groceries and drop it off at their local food bank to help those struggling. Thanks in advance for your support. I remain optimistic about the future.
@@manifestdestinyywell in case you’re unaware there is no application process for the role of the chancellor, you get elected and then appointed to the position….don’t be offended by my comment, it will be nice to read your own opinion on the topic.
@@manifestdestinyy what is 2 percent going to achieve? Why not introduce policy that would aim to close the loopholes allowing CEO's and billionaires etc to exploit stock options, lending against there assets and all the additional nonsense they used to avoid paying any tax or effectively incredibly low rates of income tax? Honestly, I can't wrap my head around why either labour or the conservatives are not tackling this issue.. I'm more right leading in my views generally and to me it is obvious that society is massively imbalanced.
The 'higher earner' child benefit charge bit helped me out a little. Although the unfairness of it on a single income family like mine was massively unfair, (along with the 40% rate staying stuck at £50,000 which isn't a great wage now). Whatever 'help' will pale in comparison to the negative effects of inflation.
Hi-I enjoyed your updates and summary regarding the budget. I agree with you about investing and saving. It is not easy to invest in these ventures, especially when finances are lean for many households. I have to take care of my immediate bills.
I don't see how this budget helps the less well off, frozen personal allowances but child benefit for those on £50k??? So now if you have 2 people on 50k , so a £100k household they get to keep their child benefit 😮. But some one on say £20k has their personal allowances frozen. This is typical Tory "for the rich only" budget. More housing (but in Canary wharf of all places, plus Stamp duty) where prices already outstrip national averages??? Who is going to be able to afford them? Not the people in the surrounding area that's for sure. I feel like this is the Tories insulting our intelligence again as if we don't actually live the reality of life in UK and their snappy headlines are going to blind us to the reality of our economic situation. The only thing more depressing is that I have absolutely no faith that Labour will do any better. Politicians, no matter the party, are only interested in power and themselves. We need to become financially free (not expecting any help from them) so we can protect ourselves from their incompetence and greed! Sorry for the long post but so fed up with politicians treating us like fools.
Another point on the British ISA, I personally only invest in US equities as the FTSE 100 and 250 is made up of low growth stocks, also the FTSE has not even outpaced inflation in the last 5 years and has been flat for 25 years
It’s frustrating that they talk about lowering taxes when we’ve never been taxed as much. Thresholds frozen to 2028 will cancel out NI etc. Pensioners paying tax on their pension that’s just appalling. Could have avoided this by just raising the lower rate tax threshold also helping those on lower incomes disproportionately. Wasted opportunity not impressed. But thanks for your unbiased update.
He’s directly attacking pensioners. Pensioners don’t pay NI, so don’t benefit from the saving. As you say, raising the threshold would have benefited them as well as employees.
No mention of a reform to the Lifetime ISA. The threshold has not changed since the LISA was introduced in 2017, whereas, property prices in London and the South East have increased significantly. Not even the 6.25% additional penalty got scrapped to allow those to get back the same amount of money they put in.
How many people are currently out of work!? Every update seems to suggest more coming back to the workforce. The way things are currently unless you can't everyone is having to work!
We need to move away from the nanny state and cut taxes properly. Health, school, police, fire and roads. All the other stuff needs to be pushed to pay as you go. Watch the economy grow then. But then with a population with that much freedom and opportunity the government would lose to much power.
Without the nanny state we'd be screwed mate. Pay as you go wouldn't work because rates wouldn't be fixed, they'd be variable and unless there was a watchdog to oversee it, it'd be priced according to demand. Bad idea.
The government did not helpe much in the budget! It is good to hear that the national insurance cut of 2p is to come in! But nothing on tax thresholds! Why has it keep frozen £12,570 a year it needs to increase to today inflation rate. I am not paying tax just yet but will do in only a few weeks time!Becases the national living wage is going up in April this year. Good I have more pay an hour! But some account of hours I will be taxed! This is not a tax cutting budget for me!
A massive miss - Keep the pressure on everyone, maybe token growth over the foreseeable future, offer of £5k to invest in uk companies 😄😄😄 - thanks chancellor
I can understand the frustration from many, but this whole “give with one hand and take with the other” is all about tradeoffs, which are simply part and parcel of the capitalist economy we live in. People can’t just have it all whenever they like when the majority of the world’s economies are struggling right now and have larger populations to support (tradeoffs - there isn’t an infinite amount of resources to go around!). It annoys me when I see Labour blasting the Tories and yet what would they do differently? Give more people tax cuts, but then ramp up more debt like they’ve always done? Where do they plan on conjuring up money out of thin air? What are their actual plans for growth? They talk about the “Tory con” and yet offer no real solutions other than the same old spending promises. So I don’t know about you Ken but I struggle to see any viable solution from any of the current parties. Or perhaps this is yet another phase that’ll pass before the hay days come again and people go on reckless spending sprees like they did in the bubbles of the past…before blaming the government when it all goes wrong again.
You're right, the other side don't have a credible plan either. Lots of question marks overall. However, for this budget, just as they easily froze our personal allowances not long ago, they could have unfrozen them without putting the country in jeopardy.
Apart from pensioners being able to afford another cup of tea once a month: Interest rates remain high Personal allowance frozen Economic growth of LESS than 1% National Debt still rising Balance of payments still rising We are doing "really well" !🤔
What do you think about the Spring Budget? Did it meet your expectations? Comment below and share some thoughts.
Here for kens frustration, and a bit of education 😂
haha! :)
I was hoping you’d do a video about this and here it is. Thanks for your reliable guidance!
Glad it was helpful! Do share with others 😊
So clear and easy to understand
A great breakdown, thank you Ken! Seems to me like a desperate attempt pre-election and I’m not convinced by the headlines of us being better off especially if public services stay the same
It was definitely a political Spring Budget given where we are now.
Thank you, Ken. Always so useful. ❤😊
My pleasure!
Thank you for explaining the budget x
You are so welcome!
Thank you for video. Very useful.
You're welcome 😊
Superb, thank you!
You're welcome, Emma 😊
I was rushing home just to get an interpretation of the budget from the Humble penny. It seems obvious that the rich have been catered for by uncle J Hunt but it is not all doom for ordinary people. I note the total of 4pc IN tax cuts, in real terms the cost of living is extraordinarily high and any cut would not be noticeable. The increase in ISA allowance by £5,000 is good for the affluent but with high cost of living working people would not benefit from it. Tax cuts in high inflation economy will not create the desired result of putting money into workers wallet.
Please Ken permit me: May I kindly remind people who can afford to buy extra groceries and drop it off at their local food bank to help those struggling. Thanks in advance for your support. I remain optimistic about the future.
Maybe you should apply for chancellor - or perhaps leave it to those who know what they’re doing
@@manifestdestinyywell in case you’re unaware there is no application process for the role of the chancellor, you get elected and then appointed to the position….don’t be offended by my comment, it will be nice to read your own opinion on the topic.
@@MrRoyck10 well ni tax cuts below 50000 aren’t exactly targeting the rich are they
@@manifestdestinyy what is 2 percent going to achieve? Why not introduce policy that would aim to close the loopholes allowing CEO's and billionaires etc to exploit stock options, lending against there assets and all the additional nonsense they used to avoid paying any tax or effectively incredibly low rates of income tax?
Honestly, I can't wrap my head around why either labour or the conservatives are not tackling this issue.. I'm more right leading in my views generally and to me it is obvious that society is massively imbalanced.
@@Tedmason897 if you over tax ceos they’ll just leave the country and setup in another office hq obviously
The 'higher earner' child benefit charge bit helped me out a little.
Although the unfairness of it on a single income family like mine was massively unfair, (along with the 40% rate staying stuck at £50,000 which isn't a great wage now).
Whatever 'help' will pale in comparison to the negative effects of inflation.
Totally hear you!
Great break down, thank you 😊 ❤
You're welcome
Hi-I enjoyed your updates and summary regarding the budget. I agree with you about
investing and saving. It is not easy to invest in these ventures, especially when finances
are lean for many households. I have to take care of my immediate bills.
💯
@humblepenny can you do a video that explains onshore and offshore bonds on tax efficiency for high earners
I don't see how this budget helps the less well off, frozen personal allowances but child benefit for those on £50k??? So now if you have 2 people on 50k , so a £100k household they get to keep their child benefit 😮. But some one on say £20k has their personal allowances frozen. This is typical Tory "for the rich only" budget. More housing (but in Canary wharf of all places, plus Stamp duty) where prices already outstrip national averages??? Who is going to be able to afford them? Not the people in the surrounding area that's for sure. I feel like this is the Tories insulting our intelligence again as if we don't actually live the reality of life in UK and their snappy headlines are going to blind us to the reality of our economic situation. The only thing more depressing is that I have absolutely no faith that Labour will do any better. Politicians, no matter the party, are only interested in power and themselves. We need to become financially free (not expecting any help from them) so we can protect ourselves from their incompetence and greed! Sorry for the long post but so fed up with politicians treating us like fools.
It is good from the budget that a new British ISA is coming! And British saving bonds the only good thing for me!
I just wonder if new child benefit rules starting 1st of April 2024 so does it mean they will apply to tax year 23/24?
To use a crude analogy, they've basically taken our house away and thrown us a tent! 🤦🏽♂️
I hear you
Is the child benefit allowance based on both employed wages and self employed wages?
www.gov.uk/government/publications/income-tax-increasing-the-high-income-child-benefit-charge-threshold
Another point on the British ISA, I personally only invest in US equities as the FTSE 100 and 250 is made up of low growth stocks, also the FTSE has not even outpaced inflation in the last 5 years and has been flat for 25 years
Exactly my thoughts.
It’s frustrating that they talk about lowering taxes when we’ve never been taxed as much. Thresholds frozen to 2028 will cancel out NI etc. Pensioners paying tax on their pension that’s just appalling. Could have avoided this by just raising the lower rate tax threshold also helping those on lower incomes disproportionately. Wasted opportunity not impressed. But thanks for your unbiased update.
100% agree! Thank you
He’s directly attacking pensioners. Pensioners don’t pay NI, so don’t benefit from the saving. As you say, raising the threshold would have benefited them as well as employees.
Well the Ministry of Truth helped to say it, so it must be right and good... double plus good 😉
No mention of a reform to the Lifetime ISA. The threshold has not changed since the LISA was introduced in 2017, whereas, property prices in London and the South East have increased significantly. Not even the 6.25% additional penalty got scrapped to allow those to get back the same amount of money they put in.
Living in the South East this is super fustrating, now I don’t even put into the LISA because there’s no benefit in doing so.
How many people are currently out of work!? Every update seems to suggest more coming back to the workforce. The way things are currently unless you can't everyone is having to work!
Things seem to be going from bad to worse for the average single citizen.
And at the same time removing incentives for the slightly above average. May as well stagnate my career at 55k
We need to move away from the nanny state and cut taxes properly. Health, school, police, fire and roads. All the other stuff needs to be pushed to pay as you go. Watch the economy grow then. But then with a population with that much freedom and opportunity the government would lose to much power.
Without the nanny state we'd be screwed mate. Pay as you go wouldn't work because rates wouldn't be fixed, they'd be variable and unless there was a watchdog to oversee it, it'd be priced according to demand. Bad idea.
The government did not helpe much in the budget! It is good to hear that the national insurance cut of 2p is to come in! But nothing on tax thresholds! Why has it keep frozen £12,570 a year it needs to increase to today inflation rate. I am not paying tax just yet but will do in only a few weeks time!Becases the national living wage is going up in April this year. Good I have more pay an hour! But some account of hours I will be taxed! This is not a tax cutting budget for me!
They just did as little as possible to get away with major anger from the public!
Weve had 14 years of these confidence tricksters enough already Election now.
A massive miss - Keep the pressure on everyone, maybe token growth over the foreseeable future, offer of £5k to invest in uk companies 😄😄😄 - thanks chancellor
I can understand the frustration from many, but this whole “give with one hand and take with the other” is all about tradeoffs, which are simply part and parcel of the capitalist economy we live in. People can’t just have it all whenever they like when the majority of the world’s economies are struggling right now and have larger populations to support (tradeoffs - there isn’t an infinite amount of resources to go around!).
It annoys me when I see Labour blasting the Tories and yet what would they do differently? Give more people tax cuts, but then ramp up more debt like they’ve always done? Where do they plan on conjuring up money out of thin air? What are their actual plans for growth? They talk about the “Tory con” and yet offer no real solutions other than the same old spending promises. So I don’t know about you Ken but I struggle to see any viable solution from any of the current parties. Or perhaps this is yet another phase that’ll pass before the hay days come again and people go on reckless spending sprees like they did in the bubbles of the past…before blaming the government when it all goes wrong again.
You're right, the other side don't have a credible plan either. Lots of question marks overall.
However, for this budget, just as they easily froze our personal allowances not long ago, they could have unfrozen them without putting the country in jeopardy.
Apart from pensioners being able to afford another cup of tea once a month:
Interest rates remain high
Personal allowance frozen
Economic growth of LESS than 1%
National Debt still rising
Balance of payments still rising
We are doing "really well" !🤔
#reality