Budget Review: 55Billion in Tax & Cuts 😳

Here is a full review of the budget. The UK budget has just this second been announced, and here is a full review. The overriding statement is that £55 billion will be saved, and about half of that will be in increased tax, and about half of that will be in spending cuts. So my first reaction is that you are suffering a £55 billion expense mostly because of an erratic decision to lock us down 2.7 times since March 2020. That's my first reaction. I'd love to know what you think. I'm gonna— I've literally been researching and watching it live, and I'm gonna now list the major elements of the new national budget in the UK. I will also say that I think for many years to come there will be tax increases and budget cuts, and you and me and the people are going to be paying for lockdown and Brexit and and COVID and, um, the wars and the inflation. We're going to be paying for this for many years to come. Okay, so are you ready for the budget review? You hit— you heard it here first. Um, so a plan to tackle the crisis and rebuild the economy. High inflation is the enemy of stability. Yeah, when you shut the country down for months, of course. Rise in unemployment expected from 3.6% to 4.9% over the next 2 years. Borrowing to fall by 50% in the next 3 years. £55 billion will be saved, half from tax and half from spending cuts. So personal taxes, they're going to reduce the 45%— the 45 pence rate from $150K to $125K. So that's an increase in their tax revenue. All tax allowances will be staying where they are for the next 2 years, but often they say that and then they reverse those decisions. Capital gains tax and dividend tax are both to be reduced. Electric vehicles to be taxed out as normal from 2025. Of course, when electric vehicles came in, we were told that that would be tax relief, it's good for the environment, and now electric vehicles are going to be taxed. Of course, that was predictable. Stamp duty cut held to 2025. Okay, next then is business taxes. They love going for the businesses, all the businesses that keep the entire economy going. Let's go for the businesses. So actually this one I wouldn't normally say I like, but I think this one is good. They're going to generate £14 billion in windfall taxes from energy suppliers, rising from 25% to 35%. I actually think, you know, one-off taxes for these energy companies that are making billions, credit where credit's due, I think that's a fair and reasonable decision. Okay, cuts and savings. There's a review on the 600,000 economically non-active individuals to get them to work. I also think that's pretty positive. I think more of us should be getting to work where we we can. Um, £2.3 billion is spent on the UK Ukraine defense budget, and that's maintained at 2% of overall budget spending. And the review is ongoing with a plan to increase that spending. So the war is going to cost you, and it's going to cost me, and we didn't vote for the war. Okay, the climate. They're going to remain fully committed to carbon targets, including 68% reduction in carbon by 2030. Education, they're going to increase school budgets by £2.3 billion over the next 2 years. It was a passionate talk about how they wanted to improve education. There's going to be an £8 billion increase for NHS, social care, and education. In energy, they're going to proceed with new nuclear power plant to support energy independence, £700 million investment, the first in 30 years. In infrastructure, there will be zero cuts to infrastructure and capital projects for investment— new hospitals, gigabit broadband, HS2, etc. In innovation, a digital unit to be given additional powers to challenge monopolies and anti-competitive behaviours— social media, etc. So they're going to be going for these big companies who have a monopoly, and let's see how that plays out. Is that an admission that these big tech and social media companies have had too much power and control and influence over governments in the past? Hmm. Okay, they want the UK to become a science superpower and the next Silicon Valley. Got a lot of work to do on that. Public services is next. Energy price guarantee to raise to £3,000 from £2,500. From April for 12 months. There's a cap in social rents of 7% rather than 11%. Minimum wage is now up 9.7% to £10.42. £11 billion to raise benefits with inflation 11% and a state increase on the state pension to 10%. That is the budget. Maybe you want to watch the video again. Let me know what your thoughts are on that, by the way. But the headline is that £55 billion is being saved on national government spending, of which half is generated through tax increases and half is spending cuts. So basically, the taxpayer, you and I, not only did we have to pay half a trillion for the lockdown, Now another £55 billion, and it's just going to go on and on and on and on and on and on and on. So mark my words, be very careful, be wary. Now look, I want to help as many people as possible because, you know, look, there's not that much good news in this. There's a bit. So I want to make sure that everyone that follows me has a chance to save money and increase revenue where you can. So I've got a free gift for you all. If you go to bit.ly/robtoolkit, that's bit.ly/robtoolkit. There I've got 7 different money-saving and money-making resources that can help you, whether it's to start and scale some kind of extra income stream. There's about 35 ways to get your spending down. And there's some other training there for you in video, audio, podcast, digital PDF resources for you to save money and make money. So the link I've just put in the comments is bit.ly/robtoolkitfreefinancialresources. So go there right now. Grab the free financial resources from me. They will cost you nothing, not now and not ongoing. Each week I'll give you some new free financial resources as well, whether it's interviewing billionaires or episodes on my More Money Secrets shows across TikTok and YouTube, etc. So if you go to bit.ly/robtoolkit bit.ly/robtoolkit. There it is. And let me know what you think about the brand new budget just announced. Someone has said, fuck all has changed. This is— well, actually, a lot's changed because £55 billion has been saved, and half of it's coming from you, and half of it is an overall net reduction in our services. Let me know what you think. Thanks for tuning in. That is a review of the recent budget, and maybe you heard it here first. And also, maybe you could share this as well, because hopefully it'll be useful to people, and I'd love your thoughts.