Good morning, Happy Halloween! 🎃 👻 

Today is Thursday, October 31st—the last day of October, and the Chancellor’s budget has left us wondering: trick or treat? In our editorial section, we’ll break down what the budget means for you, so you can decide if it’s a sweet deal or just another trick.

Here’s what we have for you today;

• Chancellor Reeves Presented Labour's first Budget since taking power

• Broxbourne MP Calls for Relief from Disruptive Roadworks in Westminster Debate

• Waltham Cross to Hoddesdon Brought to Standstill as A10 and M25 Closures Cause Traffic Chaos

• Editorial: What the 2024 Budget Means for Residents and Businesses in the Borough

Let’s go!

News at Glance

Chancellor Reeves Presented Labour's first Budget since taking power

Chancellor Rachel Reeves has presented Labour’s inaugural Budget since their return to power, outlining a series of tax adjustments and spending commitments. Highlights include a £40bn tax increase to fund essential services like the NHS, new measures for housing, a rise in the minimum wage, and changes to National Insurance. The Budget aims to balance funding for public services with support for workers and modest relief for businesses, setting the tone for Labour’s economic approach. 

Details of the budget is detailed in the editorial below.

Broxbourne MP Calls for Relief from Disruptive Roadworks in Westminster Debate

Following mounting complaints from resident and the petitions signed over disruptive roadworks, Broxbourne MP Lewis Cocking took the issue to Westminster. In a House of Commons debate, he highlighted the toll on daily life, commutes, and the local economy. With Broxbourne heavily reliant on major routes like the A10 and High Street, these roadworks cause significant delays, impacting drivers, bus services, and overall productivity.

Cocking pointed out that utility companies frequently use emergency legislation, limiting local councils’ ability to intervene. Joined by MPs from various constituencies, he called for greater coordination to minimise disruptions.

Transport Minister Lilian Greenwood acknowledged the frustrations and praised Cocking for raising the issue. She noted that Labour’s infrastructure plans, which include more housing, improved roads, and expanded electric vehicle charging points, are likely to increase roadworks but promised efforts to coordinate with utility companies to lessen the impact.

Cocking concluded by emphasising the need for more robust solutions, reiterating that local councils remain largely powerless under current regulations that protect utility companies from accountability.

Broxbourne to Hoddesdon Brought to Standstill as A10 and M25 Closures Cause Traffic Chaos

Yesterday, roads between Broxbourne and Hoddesdon were gridlocked as an RTC (Road Traffic Collision) led to the closure of the M25 between J26 and J25 in both directions, spilling heavy traffic onto the A10 and high streets from Waltham Cross to Hoddesdon. The delays left residents stuck in traffic for hours, with event cancellations and missed appointments.

Local WhatsApp groups lit up with warnings to avoid specific areas, with one user calling it “carnage out here.” Reports from drivers illustrated the nightmare: it took 1.5 hours to travel from Cheshunt to Broxbourne, while others sat stationary in Goffs Oak, anxious about getting home in time for dinner. It's unfortunate that road traffic collisions happen and often impact families. While we express our frustrations, let’s also keep the families affected in our thoughts and prayers.

Editorial

What the 2024 Budget Means for Residents and Businesses in the Borough

The 2024 Budget introduces big changes that will touch many parts of Broxbourne Borough’s life, from pay checks to transportation costs.

Income and Wages

Starting with income, a 6.7% boost to the National Living Wage will put about £1,400 more in the pockets of full-time minimum-wage workers. That’s a relief for workers facing rising costs, though local small businesses will be paying higher National Insurance from 2025, which may make hiring a bit trickier.

Savings and Investments

Savings and investments remain a mixed bag. ISA limits stay frozen, good news for steady savers, but capital gains taxes jump to 18% for basic rate taxpayers and 24% for higher earners. Investors cashing in on businesses or properties outside of tax-free wrappers will feel the pinch. Stamp duty on additional properties also rises, so Broxbourne landlords looking to expand portfolios will face bigger bills. Dividends outside pensions or ISAs remain capped at £500 tax-free.

Fuel and transportation

Fuel and transportation costs see some adjustments, too. Fuel duty remains frozen, keeping things steady for drivers, but single bus fares rise to £3 from January 2025, affecting daily bus riders. And with electric cars becoming the future, taxes on less-efficient new petrol vehicles are going up to encourage green choices.

Pensions and Inheritance

For retirees, the state pension increase by 4.1% (or around £470 a year) is a decent boost to cover inflation. However, changes to inheritance tax mean that, starting 2027, unused pension funds will count toward estate taxes. For some estates above £325,000, this will make it tougher to pass on wealth without a tax hit.

Education

Education costs could also rise for families using private schools, as they will lose their VAT exemption and rate relief in 2025. This could mean higher fees, making private schooling pricier for middle-income families in Broxbourne.

Housing

Housing also feels a shake-up, with the stamp duty threshold for main homes dropping from £250,000 to £125,000 next April, meaning higher costs sooner for new buyers. But on the plus side, affordable housing will see a boost with an additional £500m, hopefully opening up more options for locals.

In Summary

In short, the 2024 Budget makes many adjustments, and the impact will depend on each resident’s situation. The added wages and pension increase offer some financial cushioning, while taxes and hiring costs bring challenges for Broxbourne’s business community and investors. It’s a budget that seems balanced but will call for careful financial planning across the board. Watch out for our stories on the budget on social media in partnership with HB Accountants Hoddesdon.

Thursday Weather

15°C 🌡️ 9°C | ☁️ Foggy and light winds | ☀️ Sunrise 06:53 Sunset 16:33

Refer us to win FREE Breakfast with 3 Friends

Join the Broxtown Big Breakfast Challenge this October. Click here for details of the challenge.

Refer with the link below for it to count.

Broxtown referral program

While sharing Broxtown with your friends is a huge favour to us, we want to make sure your efforts don’t go unnoticed. To show our appreciation, we have some special rewards lined up for those who go above and beyond in helping us grow! 🏆🌟

• Get 5 folks to join and I’ll buy you a Sunday roast at your favourite spot in the Borough.

• Get 15 and I’ll buy you a Sunday roast at your favourite spot in the Borough with a friend.

• Get 100 and I’ll give you a free Broxtown branded hoodie (£65 value).

• And if you somehow get 1,000 I will buy you a Spa Weekend for you and your best friend anywhere in Hertfordshire.