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The Budget? What do you think?

So for all the Economic, politics and any other students around this subject, what do you think of today's budget by George Osborne?

Are you happy with with the budget?
What would you change?
What is the worst and best part of the budget?
Most importantly will it help economic growth?

Thanks for contributing!


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Reply 1
Avatar for CEKTOP
CEKTOP
13
0.6% growth for 2013 is a mere half of what was actually proposed by him some time ago, this sums up his failure nicely as 0.6% is not nearly enough. I personally think that both Osborne and Balls are not up for the job as they have very narrow visions of what should actually be done (austerity v spending) with no consensus or sustainable strategy in sight.
-1% in corporation tax is a bow to the huge companies supporting the current spirit of austerity and tax cuts for the rich.
Some cosmetic feel good initiatives dealing with scrapping fuel price increases and booze not becoming more expensive (the latter being utterly stupid).
Debt increase + 1% public pay cap both signal a bleak outlook.

Nothing good coming at us in 2013.
Original post by CEKTOP
-1% in corporation tax is a bow to the huge companies supporting the current spirit of austerity and tax cuts for the rich.


Stop peddling Labour rhetoric, it's getting tiresome.
The reduction in corporation tax is a bow to trying to promote growth. As for the supposed tax cuts for the rich, the 50p tax rate was raising diddly squat. Do you favour shafting the rich simply for the sake of it?
As Osbourne said during the Budget, under the Coalition the rich have and will continue to pay a greater percentage of the tax burden than any single year of Labour's thirteen in power.
(edited 11 years ago)
Reply 3
Avatar for james22
james22
16
Original post by SummitOfReason
Do you know how much promoting growth in our economy can do to pay off the nation's debt? I don't know much about economics but it seems to me it wouldnt be anywhere near enough anyway.


Clearly
Original post by SummitOfReason
Do you know how much promoting growth in our economy can do to pay off the nation's debt? I don't know much about economics but it seems to me it wouldnt be anywhere near enough anyway.


Well more growth equals more tax revenues. Lower taxes also generally equals more tax revenues. Budget measures also shouldn't be looked at in isolation; our economy is so large that one thing by itself isn't going to solve anything.
Reply 5
Avatar for kdranginis
kdranginis
4
Haven't had chance to really read through the budget yet. But I'm still very much of the opinion that pushing money to The City is solving nothing, the money is doing nothing but circulating and depreciating.
We need to return to manufacturing, creating jobs, thus more spending, less reliance on other countries and more exports. I think it would also create more natural space for good apprenticeships in future, and industry would expand further.
Also the fact we are still adding to the debt is ridiculous.



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Reply 6
Avatar for tsnake23
tsnake23
1
Original post by CEKTOP
Nothing good coming at us in 2013.


Oh right, so the increase in personal allowance this year and next year (probably the most significant announcement) isn't worth mentioning?

I understand you glossing over it though, the fact that it makes all working people a few extra hundred quid better off and eliminates tax altogether for society's lower earners doesn't look good when you've got an anti-government agenda.


Original post by CEKTOP
-1% in corporation tax is a bow to the huge companies supporting the current spirit of austerity and tax cuts for the rich.


Yeah because promoting business via tax cuts and the savings on NI announced for small business to encourage job creation clearly isn't a worthy cause :facepalm:
Cutting corporation tax is good. We need to be competitive. These are the folks we're relying on creating jobs, after all.
Original post by CEKTOP
0.6% growth for 2013 is a mere half of what was actually proposed by him some time ago, this sums up his failure nicely as 0.6% is not nearly enough.


Given the context it is not a failure, given that the Euro zone as a whole is expected to contract this year.
Reply 9
Avatar for jckh12
jckh12
OP
1
What do people think about the reduction on beer duty and petrol tax? Will it make any difference?
Original post by pol pot noodles
Stop peddling Labour rhetoric, it's getting tiresome.
The reduction in corporation tax is a bow to trying to promote growth. As for the supposed tax cuts for the rich, the 50p tax rate was raising diddly squat. Do you favour shafting the rich simply for the sake of it?
As Osbourne said during the Budget, under the Coalition the rich have and will continue to pay a greater percentage of the tax burden than any single year of Labour's thirteen in power.


The 50p tax rate was only set at that level right before the election anyway in the event of a Conservative victory. Labour set the trap for the Tories, they'd had it at 40p for the majority of their time in office.

Shameful politicking at its best.

I think the problem as well is that half the country is economically illiterate - it's completely hopeless. Everytime I hear "tax cuts for millionares" being spouted like a parrot line I just go :facepalm:
Original post by jckh12
What do people think about the reduction on beer duty and petrol tax? Will it make any difference?


It's just headline grabbing, the 1p difference in petrol will quickly be swallowed up by price increases by the retailers on the forecourts.
Original post by kdranginis
Haven't had chance to really read through the budget yet. But I'm still very much of the opinion that pushing money to The City is solving nothing, the money is doing nothing but circulating and depreciating.
We need to return to manufacturing, creating jobs, thus more spending, less reliance on other countries and more exports. I think it would also create more natural space for good apprenticeships in future, and industry would expand further.
Also the fact we are still adding to the debt is ridiculous.



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It's easier said than done though to generate growth. I agree about apprenticeships, but I want them to be genuine apprenticeships and not just the sham ones you see. E.g. 'Apprentice Sales Consultant' at Next. Everyone knows that's just a sham so they can get away with paying less than NMW. That's exploitation
Pure Garbage, i'd have to drink 1000 pints of Beer to save money, 1p...pathetic. Just because a fuel increase has been scrapped doesn't mean it helps...millions are still going to suffer with paying £1.45 for a Litre of Petrol or Diesel. Joke.

If you gave Osborne a GCSE Economics paper, he would struggle for a D, he needs to quit and apply for McDonalds.
Reply 14
Avatar for Kibalchich
Kibalchich
Tax cuts for business, pay cuts for the public sector.
Original post by Kibalchich
Tax cuts for business, pay cuts for the public sector.


Tax cuts encourage businesses to come to the UK. I don't know what else you would suggest, or the Labour party would suggest.

Pay cuts isn't exactly correct. A 1% cap on the rise of their wages, which are already disputably bloated as it is.

However, why doesn't it surprise me you're opposed to this? What else would you suggest? Can't see Milliband coming up with anything better, apart from just making a racket.
Reply 16
Avatar for Robbie242
Robbie242
Cheers for the econ2 revision guys
Reply 17
Avatar for Kibalchich
Kibalchich
Original post by uktotalgamer
Tax cuts encourage businesses to come to the UK. I don't know what else you would suggest, or the Labour party would suggest.

Pay cuts isn't exactly correct. A 1% cap on the rise of their wages, which are already disputably bloated as it is.

However, why doesn't it surprise me you're opposed to this? What else would you suggest? Can't see Milliband coming up with anything better, apart from just making a racket.


Why do you assume I'm a Labour supporter?
Original post by Kibalchich
Why do you assume I'm a Labour supporter?


I assume your a socialist, because all of your posts suggest that.
Remember, you can't borrow your way out of a recession, unless it's borrowing for a mortgage back by tax payers money.....

The mortgage policy is ridiculous - it's just going to inflate the housing market that caused this problem in the first place.

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