Budget 2015

[Tommy G]

Will anyone be following this today?

 

I think it will be a big point scoring exercise for the Tories pre election, expect the usual headlines of a PA rise next year, and hopefully some progress with the 40pc band heading toward the 50k within the next 5 years.

 

Think he will also freeze duty on beer, and come out with the slogan of ''have a beer on us'' on the back drop of the economic recovery! 

[Babylon]

Not today I know, but I just want massive interest rates from the bank of England. Low interest rates do me no good at all.

[Guest MattP]

Hoping for what I always do.

 

Reward for people who have done right, inspiration and incentives for those who want to do right.

 

Want to see more low earners taken out the tax bracket, more relaxtion of what people can do with their own money ie pensions and of course cheaper cider!

[leicsmac]

Not today I know, but I just want massive interest rates from the bank of England. Low interest rates do me no good at all.

 

First time buyers might not necessarily agree.

 

Hoping for what I always do.

 

Reward for people who have done right, inspiration and incentives for those who want to do right.

 

Want to see more low earners taken out the tax bracket, more relaxtion of what people can do with their own money ie pensions and of course cheaper cider!

 

Closing tax loopholes for those looking to stash it offshore?

[Jon the Hat]

^{Strong rumours of an increase in the NI threshold.  Honestly they should just do away with Employees NI completely and have an honest tax rate.}

[Footballwipe]

No thanks to the interest rate demand from Babylon. May as well call the baliffs round now if they go up to what he wants.

 

I don't understand a budget taking place seven weeks before an election. It gives a clear advantage to the government of the day (Labour/Convervative I don't care this is not an agenda) the opportunity to plan what they want with such publicity and deliberately electioneer something which affects everyone. It also seems like they strategically create aspects of thew budget so anyone who took over from the incumbent government are left with the maximum headache they can have, tell me how that's right?

[Tommy G]

Budget is always same time each year, it will always fall in line with a general election. You would have to move the election rather than the budget!

 

Agree though puts the Tories in a nice position, the only real fightback from Labour will be the moan and groan of public sector cuts. The UK hasnt fallen apart with the needed reduction in the public sector and growth is back on track, you could look at that from a private sector head on and say its worked.

 

Its going to be a windfall for the Tories today - happened to have announced the unemployment figures earlier too as a sweetner.

[wattolcfc]

Nobody is going to be completely happy with what's announced, that's for sure.

What I'd like:

VAT going back to a pre-Tory government 17.5%

40% tax band going up another £10k over the next full term

No tax on first £13k of earnings by the end of the next full term

The key one for me though is the VAT going down, it affects everyone and it would increase spending as more people would have an extra few quid in their pockets - helping the economy to grow.

[Babylon]

First time buyers might not necessarily agree.

Good job I'm not one then! A middle ground interest rate that rewards those who want to save and not just those who want to get themselves into £100,000's of debt.

 

I'm sick of getting 0.5%. Save for your future they say, what's the point, my cash is losing value all the time at these rates.

[Babylon]

No thanks to the interest rate demand from Babylon. May as well call the baliffs round now if they go up to what he wants.

  I was half joking, not massive but I'm getting feck all on my savings when 10 ish years ago I was getting 5%+. Cheap credit just gets more people in the shit long term as they can't cope with any swing the other way.

[leicsmac]

  I was half joking, not massive but I'm getting feck all on my savings when 10 ish years ago I was getting 5%+. Cheap credit just gets more people in the shit long term as they can't cope with any swing the other way.

 

One solution that would suit both situations would be legislation of some kind that would end up lowering house prices by an appreciable amount. That way mortgages would be cheaper allowing bigger interest rates for savers while making sure those who have the mortgages don't go under. Property in the UK has been kept artificially high by people using an essential right to make a quick buck for far too long.

 

But of course that will never happen because the sharking buy-to-let lot would squawk terribly.

[Guest Kopfkino]

Where's Andrew Neil?

[cityfanlee23]

My prediction for announcements today with regard to tax cuts.

 

 

-Lower tax on North sea oil.

-2p Beer cut 

-20p+ cut on cigarettes

- the ability for pensioners to be able to swap their pension annuity for cash pensions and have full access to their money.

- UK income allowance to be risen above the 10.6k predicted and be more towards the 11k mark

- "Google Tax" of around 22-25% to stop big corporations moving money around to avoid taxation.

- A predicted 2016 deficit cut of 15b to around 75b or lower

 

Not predicting all of them but atleast some.

[Guest MattP]

Where's Andrew Neil?

 

Exactly what I was thinking! The best bloody political brain they have and he's not there.

[srbfox]

I'm confused, how can the government claim borrowing is down 98b to 90b but debt increases fr 1.2T to 1.5T?

Would this increase just be down to interest on the existing debt?

[Webbo]

I'm confused, how can the government claim borrowing is down 98b to 90b but debt increases fr 1.2T to 1.5T?

Would this increase just be down to interest on the existing debt?

The deficit is what we borrow over what we spend, that's going down. the debt is the total of what we owe, that's still going up and will do until we earn more than we spend.

[srbfox]

The deficit is what we borrow over what we spend, that's going down. the debt is the total of what we owe, that's still going up and will do until we earn more than we spend.

So when we hit this surplus then the debt will go down?

[Webbo]

Hopefully.

[MooseBreath]

Nothing in the budget really. Mild good news for the low paid with the elimination of tax on low savings, the well above inflation increase in the minimum wage and further increases to the tax free allowance. Mild bad news for the more wealthy with the lowering of the pension tax threshold. Decent news for people saving for a mortgage deposit from the help to buy ISA. Apart from that it's quiet. Pleasantly surprised the tories didn't try to buy a few more votes.

[cityfanlee23]

So when we hit this surplus then the debt will go down?

That the goal, The Deficit under Labour grew year on year to 180 billion pounds borrowing, We've reduced that to 90b so far under tories, This figure should be around 70b next year, before becoming a surplus in the next 4/5 years. 

[cityfanlee23]

Nothing in the budget really. Mild good news for the low paid with the elimination of tax on low savings, the well above inflation increase in the minimum wage and further increases to the tax free allowance. Mild bad news for the more wealthy with the lowering of the pension tax threshold. Decent news for people saving for a mortgage deposit from the help to buy ISA. Apart from that it's quiet. Pleasantly surprised the tories didn't try to buy a few more votes.

 

Petrol frozen again for the 3rd year in a row which is a plus, 

Google tax to be unveiled in due course, 

National insurance class 2 abolished and a simple individual tax return system is good, 

 

I think the main plus for the whole budget was that we are still on course to cut the deficit to a surplus, longer than originally claimed, but I suspect Osborne knew he wouldn't achieve it in 5 years.  

[yorkie1999]

Defibrillators in public places, should be a laugh when i'm out on the raz with the lads from work.

[sphericalfox]

Petrol frozen again for the 3rd year in a row which is a plus, 

Google tax to be unveiled in due course, 

National insurance class 2 abolished and a simple individual tax return system is good, 

 

I think the main plus for the whole budget was that we are still on course to cut the deficit to a surplus, longer than originally claimed, but I suspect Osborne knew he wouldn't achieve it in 5 years.  

 

Fuel and booze pointless vote buying for morons. Fuel will go up and down regardless of the tax on it. Primarily up anyways. Booze? Only a few posters on here will see any return on a penny or 2% less tax. Doesn't mean shit down the pub or supermarket, as they'll put it up or down at their whim.

 

The tax system isn't a government invention, it's the actual department trying to modernise it's own system, that would have happened under any government in power.

 

I am genuinely surprised that you believe that the country will be running a surplus in 5 years. It simply won't happen. I'd like to hear what the further cuts within the public sector will be specifically. I'm all for efficiency measures, but seriously, if the Tories believe they'll procure the country into profit by selling it off to private firms, they can **** off.

[Benji]

Fuel and booze pointless vote buying for morons. Fuel will go up and down regardless of the tax on it. Primarily up anyways. Booze? Only a few posters on here will see any return on a penny or 2% less tax. Doesn't mean shit down the pub or supermarket, as they'll put it up or down at their whim.

 

The tax system isn't a government invention, it's the actual department trying to modernise it's own system, that would have happened under any government in power.

 

I am genuinely surprised that you believe that the country will be running a surplus in 5 years. It simply won't happen. I'd like to hear what the further cuts within the public sector will be specifically. I'm all for efficiency measures, but seriously, if the Tories believe they'll procure the country into profit by selling it off to private firms, they can **** off.

So can we count on your vote for Conservatives?

[Steve_Guppy_Left_Foot]

This was always going to be a decent budget for people who aren't very wealthy, to be undone and then some in the next budget if anyone on a low income is daft enough to want to give them another term.