Employee NI cut to 8%.
Self Employed cut to 6%.

200,000 more employed as a result.

Long term ambition is to abolish NI however it's worth saying that Osbourne referenced this about a decade ago.

Reply 65

Rakas21

21

Original post by Gazpacho.

Expected/welcome cut to NI but ignoring income tax thresholds again?

Can only choose one and it's cheaper.

Albeit I do agree with you that thresholds would be better.

Reply 66

Rakas21

21

A lot of tinkering, okay overall.

Reply 67

Rakas21

21

SNP have weirdly called a vote on the budget resolution, something that normally happens on the nod to allow Starmer to speak.

Tories having to vote Aye to say budget has ended, Lab Abstain, so very pointless.

Reply 68

CatusStarbright

OP

22

It's quite amusing that the Tories have chosen to scrap the non-dom regime, which was going to be Labour's way of financing their spending commitments. Hunt is instead using it on tax cuts which will leave Labour searching for a new source of funding.

Reply 69

flowersinmyhair

Clearing and Applications Advisor, Study Forum Helper

18

Original post by Talkative Toad

I personally disagree with this. I’d like the rich to pay their taxes first (crackdown on tax loopholes and dodging) before we tax them more.

I forgot about that, I'll be honest but that is probably a better idea

Reply 70

Rakas21

21

Yes, it's a scorched earth approach.

Brown did similar before he went. Waited until a month before the election to raise income tax to 50% and then hammer them for scrapping it. Likewise, he signed up to a bunch of spending stuff that Osbourne had to deal with.

Reply 71

Gazpacho.

11

Original post by CatusStarbright

It's quite amusing that the Tories have chosen to scrap the non-dom regime, which was going to be Labour's way of financing their spending commitments. Hunt is instead using it on tax cuts which will leave Labour searching for a new source of funding.

There was also going to be an element of causing grief for Labour.

It follows on from the previous public sector cuts to kick in next year.

Reply 72

Rakas21

21

Factual but meh statement from Starmer thus far. These things are better when you have somebody who can think on their feet and doesn't sound pre-prepared.

I think it was the 06 budget I saw on BBC parliament not long ago and Cameron's smackdown on Brown was 'Your an analogue chancellor in a digital world'.

Reply 73

Gazpacho.

11

Now to await the IFS summary.

Reply 74

Saracen's Fez

20

Original post by Gazpacho.

Expected/welcome cut to NI but ignoring income tax thresholds again?

Yuh-huh, you didn't expect a seriously meaningful tax cut, did you? :tongue:

Reply 75

CatusStarbright

OP

22

Original post by Saracen's Fez

Yuh-huh, you didn't expect a seriously meaningful tax cut, did you? :tongue:

It's going to ensure I keep an extra £505 next year (according to the Telegraph's calculator), so I'll take it! :tongue:

Reply 76

Schnauzerquester

8

Original post by CatusStarbright

Abolition of the current tax system for 'non-doms'. From April 2025, new arrivals will not pay any tax on foreign income and gains for the first four years. After four years, they will pay the same as UK taxpayers.

This will raise £2.7bn a year.

should pay it straight away. Half measures as always.

Reply 77

Schnauzerquester

8

Original post by Rakas21

Employee NI cut to 8%.
Self Employed cut to 6%.

200,000 more employed as a result.

Long term ambition is to abolish NI however it's worth saying that Osbourne referenced this about a decade ago.

I doubt the tax cut will be meaningful at all to anyone, nor mean that 200,000 more will be employed as a result.