Monday, 10 November 2025

Budget Looming

It's the budget on the 26th November but thankfully i am not going to be here because from the 19th November until the 4th December I will be bobbing around in the East Atlantic Ocean on a huge cruise ship while the industrial strength cleaner is employed to clean the fan of whatever Rachel Reeves has hit it with.
I do have some sympathy with the Labour predicament because the previous Conservative administration left her an awful legacy of huge Government debt, a massive blackhole of £20bn-£40bn worth of 'promises' they made and stuck in an envelope for them to pick up and services so ideologically run down over 14 years that it would be almost impossible to just get it back to where it was with one budget and one 5 year administration.
At the last budget, the Chancellor delivered an estimated £40bn of tax rises and financial experts seem to think that this time she is likely to need to raise a further £26bn to get the UK's public finances in order, and that is the crunch, it is not to raise tax to drastically improve the public finances, but just to bring them up to a standard where we have enough public and Civil Servants to ensure the country runs correctly and to fund the NHS correctly.    
Obviously she and Labour are going to get the blame for whatever she does, the Conservatives are already harping that they were correct when they said during the election campaign that Labour would put taxes up and they are right, but right because they are going to have to in order to pick up the dreadful slack that the Tories left them.
Unfortunately, Labour didn't do themselves any favours by immediately cutting the winter fuel allowance which opened them up to accusation so going after the pensioners and they were quite rightly forced to backtrack on that idea as well as climbing down on reducing benefits to avoid a revolt from their own back-benchers.   
Following a pre-Budget press conference last week where the Chancellor never really told us anything but refused to rule out breaking their manifesto pledge to not increase Income Tax, National Insurance or VAT which would realy pout her under the4 cosh if she did so i would like to think was just kite flying to see what the reaction would be if she did do it,  the wise money seems tro be on things such as a Wealth Tax, Mansion Tax, Exit Tax and even the merging of National Insurance and Income Tax which someone with a better calculator than me would raise approximately £33bn so i'm guessing that is where she will be looking.
Anyway, i will not be here and will be avidly avoiding it and will have no phone access until i am back on the 4th December, hopefully with a sun tan, a Cruise belly and a photo reel on my phone to bore people with into the New Year. Enjoy.

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