Comments by "" (@GlynJONES-e5m) on "“One Of The WORST Budgets Of All Time” | Labour’s ‘Painful' Budget Criticised" video.

  1. Why do we need borrowing rules? In the UK, the government has decided to stick to the current so-called fiscal rule that debt – the total amount the government owes – must fall in five years’ time. Almost all rich countries have some form of these rules, to maintain credibility with financial markets and taxpayers. That’s crucial. In nine out of 10 years, the UK has run a deficit - the difference between money coming in and going out - with the shortfall usually matched by borrowing on those markets. The less credible the rules or the plans to meet them, the higher the borrowing costs. Liz Truss’s 2022 mini-Budget was a prime example of the price of lost credibility. Her failure to provide plans for how her government would fund the biggest tax cuts in half a century, and a lack of independent vetting of those plans, caused borrowing costs to soar. And so too did the cost of new fixed-rate mortgage deals – which are also linked to those markets.
    3
  2. DON'T worry YOU won't be affected: Inheritance Tax is a tax on the estate (the property, money and possessions) of someone who’s died. There’s normally no Inheritance Tax to pay if either: • the value of your estate is below the £325,000 threshold • you leave everything above the £325,000 threshold to your spouse, civil partner, a charity or a community amateur sports club You may still need to report the estate’s value even if it’s below the threshold. If you give away your home to your children (including adopted, foster or stepchildren) or grandchildren your threshold can increase to £500,000. If you’re married or in a civil partnership and your estate is worth less than your threshold, any unused threshold can be added to your partner’s threshold when you die.
    1
  3. Chancellor Rachel Reeves confirmed that State Pension payments will rise by the earnings growth measure of the Triple Lock policy during the Autumn Budget on Wednesday. This means millions of older people claiming the New and Basic State Pension will see payments rise by 4.1 per cent from next April. Similarly, people on disability benefits such as Personal Independence Payment (PIP), Disability Living Allowance (DLA) and Attendance Allowance will see payments rise by the September Consumer Price Index (CPI) inflation rate of 1.7 per cent. The Chancellor also announced that 7 million people on Universal Credit will see payments go up by 1.7 per cent next year.
    1
  4. Chief Treasury Secretary Darren Jones said the new Labour government had inherited a fiscal "black hole" and that resolving this "will require difficult decisions".
    1