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The Budget? What do you think? Watch

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    (Original post by uktotalgamer)
    I assume your a socialist, because all of your posts suggest that.
    Yes, I'm a socialist. So why the hell would I vote Labour?
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    (Original post by ConanAndrews)
    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.
    It is quite rich to slander the Chancellor of the Exchequer's economic credentials when you openly advocate Marxism.
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    (Original post by Kibalchich)
    Tax cuts for business, pay cuts for the public sector.
    They are good things; perhaps not in your statist utopia, but there are some of us still left in the domain of sanity.
    • Thread Starter
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    This is the budget in summary from the BBC:

    FUEL, ALCOHOL AND CIGARETTES

    September's 3p fuel duty rise scrapped

    April's 3p rise in beer duty scrapped. Instead, beer duty to be cut by 1p

    Annual inflation +2% rise in beer duty to be ended but "duty escalator" to remain in place for wine, cider and spirits

    Cigarette duties unchanged - continuing to rise by inflation +2%

    INCOME TAX

    Limit at which people start paying tax to be raised to £10,000 in 2014 - a year earlier than planned

    HOUSING

    Shared equity schemes extended, with interest-free loans for homebuyers up to 20% of value of new-build properties

    Bank guarantees to underpin £130bn of new mortgage lending for three years from 2014

    STATE OF THE ECONOMY

    Growth forecast for 2013 halved to 0.6% from 1.2% in December

    Office for Budget Responsibility (OBR) watchdog predicts UK will escape recession this year

    Growth predicted to be 1.8% in 2014; 2.3% in 2015; 2.7% in 2016 and 2.8% in 2017.

    BORROWING

    The OBR predicts borrowing of £121bn this year, the same as last year, and £120bn for 2014-5

    George Osborne says the deficit as a share of GDP will fall from 7.4% in 2013-14 to 5% in 2015-16

    Debt as a share of GDP to increase from 75.9% this year to 85.6% in 2016-17

    SPENDING AND PAY

    Most government departments to see budgets cut by 1% in each of next two years

    Schools and NHS will be protected

    £11.5bn in further cuts earmarked in 2015-16 Spending Review, up from £10bn

    1% cap on public sector pay extended to 2015-16 and limits on "progression" pay rises in the sector

    Military to be exempt from "progression" pay limits.

    Proceeds of Libor banking fines to be given to good military causes, including Combat Stress charity

    JOBS

    600,000 more jobs expected this year than at same time last year

    Claimant count to fall by 60,000

    TRANSPORT AND INFRASTRUCTURE

    An extra £15bn for new road, rail and construction projects by 2020, starting with £3bn in 2015-16

    HELP FOR BUSINESS

    Corporation tax to be cut from 21% to 20% in 2015

    New employment allowance to cut National Insurance bills cut by £2,000 for every firm

    450,000 small firms will pay no employer National Insurance

    Government procurement from small firms to rise fivefold

    Tax relief for investment in social enterprises

    Stamp duty axed on shares traded on growth markets like Aim.

    Tax avoidance and evasion measures, including agreements with Isle of Man, Guernsey and Jersey, aimed at recouping £3bn in unpaid taxes

    ENERGY AND THE ENVIRONMENT

    Tax incentives for ultra low-emission cars

    Pottery industry in Midlands to be exempt from climate change levy

    Tax allowances for investment in shale gas

    INFLATION

    2% Bank of England inflation target to stay in place

    Bank remit to be changed to focus on growth as well as inflation

    PENSIONERS

    Single flat-rate pension of £144 a week brought forward a year to 2016

    Cap on social care costs confirmed

    FAMILIES

    20% tax relief on childcare up to £6,000 per child from 2015

    £5,000 payments for those who lost money on Equitable Life policies bought before 1992. Extra money for those on low incomes
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    The budget was pretty good given the constraints.

    The most important policy by far was the mortgage guarantee scheme of £130bn, this will almost certainly spark the new house price boom but should generate some growth in 2014-2017. Of course in the long run this could be disastrous (house prices are too high and bubbles burst) but we need short term growth and this could bring it.
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    (Original post by Rakas21)
    The most important policy by far was the mortgage guarantee scheme of £130bn, this will almost certainly spark the new house price boom but should generate some growth in 2014-2017. Of course in the long run this could be disastrous (house prices are too high and bubbles burst) but we need short term growth and this could bring it.
    So..... a short termist policy aimed at improving in time for the next election, whilst damaging long term prospects? Not sure I want....
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    I think it could be much worse; I think the beer duty drop (plus scrap of escalator) should be good, I'm sure plenty of people will be happy about the fuel increase being scrapped, and I like how they're promoting the housing ladder!
    The cap on social care spending I think is fair, the money for this has to come from somewhere, however I can thank Labour for pointing out how much they've missed their own budget cut targets and are borrowing more than they said. I can't believe after all the hardship they've put the country through it seems to me like the deficet has been cut by a small-finger of the whole body of our debt!
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    (Original post by Barksy)
    They are good things; perhaps not in your statist utopia, but there are some of us still left in the domain of sanity.
    Its good that the rich get tax breaks but nurses and teachers get pay cuts? Its good if you're rich I suppose. Are you rich?
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    (Original post by ConanAndrews)
    Pure Garbage, i'd have to drink 1000 pints of Beer to save money, 1p...pathetic.
    The point in cutting the proposed 3% increase in alcohol duty to -1% is to improve the profit margins of the pubs and hopefully save more of them from shutting down. It was not proposed as a tax decrease to be passed onto consumers.

    (Original post by ConanAndrews)
    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.
    UK petrol prices are roughly in line with the EU average. Italians and the Dutch pay more like £1.60 per litre. Most of the price of petrol comes from the cost of extracting, refining and delivering the oil itself so its not totally the government's fault.

    (Original post by ConanAndrews)
    If you gave Osborne a GCSE Economics paper, he would struggle for a D, he needs to quit and apply for McDonalds
    Lol, pretty ironic coming from someone who thought the 1% alcohol duty cut was designed to make beer cheaper for consumers.
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    (Original post by Captain Crash)
    So..... a short termist policy aimed at improving in time for the next election, whilst damaging long term prospects? Not sure I want....
    True..........as a long-term strategy to fix the housing market it makes investing billions in the inflatable dartboard industry look positively foresighted.
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    (Original post by Kibalchich)
    Its good that the rich get tax breaks but nurses and teachers get pay cuts? Its good if you're rich I suppose. Are you rich?
    You originally made the statement with 'Tax cuts for business, pay cuts for the public sector.'

    Tax cuts for businesses are designed to make British business more competitive and hopefully generate more jobs.

    Tax cuts for the rich (as will come into effect this tax year) is a separate matter. Its logical to do it since the overall tax receipts taken by the government when introducing the 50% tax band decreased - people had more incentive to hide their money and it certainly doesn't promote entrepreneurship. The problem is that brainless idiots will not understand the reasons behind cutting the highest tax band and whine that the government is favouring the rich.
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    (Original post by Kibalchich)
    Its good that the rich get tax breaks but nurses and teachers get pay cuts? Its good if you're rich I suppose. Are you rich?
    Lowering taxes makes us more competitive in a time when we need it. The public sector is bloated as it is and needs further trimming. Perhaps if you put aside your bitterness and stopped indulging in divisive class-warfare you could see the reality of the situation. But as a self-proclaimed socialist this may prove difficult for you.
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    (Original post by tsnake23)
    The point in cutting the proposed 3% increase in alcohol duty to -1% is to improve the profit margins of the pubs and hopefully save more of them from shutting down. It was not proposed as a tax decrease to be passed onto consumers.

    [...]

    Lol, pretty ironic coming from someone who thought the 1% alcohol duty cut was designed to make beer cheaper for consumers.
    You should tell George Osbourne. I quote from the budget speech:

    "We’re taking a penny off a pint.

    The cut will take effect this Sunday night and I expect it to be passed on in full to customers."

    (Original post by tsnake23)
    UK petrol prices are roughly in line with the EU average. Italians and the Dutch pay more like £1.60 per litre. Most of the price of petrol comes from the cost of extracting, refining and delivering the oil itself so its not totally the government's fault.
    Duty and VAT account for ~80p in every litre, so the majority of the cost of petrol is directly affected by the government. Moreover, the recent increases in petrol cost is a result of the devaluation of the pound against the dollar as oil is bought and sold in US dollars.
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    (Original post by tsnake23)
    You originally made the statement with 'Tax cuts for business, pay cuts for the public sector.'

    Tax cuts for businesses are designed to make British business more competitive and hopefully generate more jobs.
    Who owns business? Not working class people, not poor people. All this does is to keep profits up. It won't be reinvested in jobs as no one has any money to buy goods and services.

    (Original post by tsnake23)
    Tax cuts for the rich (as will come into effect this tax year) is a separate matter. Its logical to do it since the overall tax receipts taken by the government when introducing the 50% tax band decreased - people had more incentive to hide their money and it certainly doesn't promote entrepreneurship. The problem is that brainless idiots will not understand the reasons behind cutting the highest tax band and whine that the government is favouring the rich.
    The reason tax receipts went down initially is that people brought their accounts forward. It would have gone up again. The top rate of tax used to be much higher and it wasn't a problem.
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    Does anyone actually care about growth forecasts and other predictions anymore? They always seem to be way off target, should just get rid of them in my opinion. Just raising peoples hopes then crushing them. :evil:
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    (Original post by Barksy)
    Lowering taxes makes us more competitive in a time when we need it.
    Makes who more competitive?

    (Original post by Barksy)
    The public sector is bloated as it is and needs further trimming.
    http://www.nursingtimes.net/nursing-...056506.article

    Yeah, so bloated that paramedics are doing nurses' jobs.

    (Original post by Barksy)
    Perhaps if you put aside your bitterness and stopped indulging in divisive class-warfare you could see the reality of the situation. But as a self-proclaimed socialist this may prove difficult for you.
    Its not my side waging class war.
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    (Original post by Barksy)
    It is quite rich to slander the Chancellor of the Exchequer's economic credentials when you openly advocate Marxism.
    hahahaha love this
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    [QUOTE=Kibalchich;41912071]Who owns business? Not working class people, not poor people. All this does is to keep profits up. It won't be reinvested in jobs as no one has any money to buy goods and services.



    The reason tax receipts went down initially is that people brought their accounts forward. It would have gone up again. The top rate of tax used to be much higher and it wasn't a problem.[/QUOTE]

    We live in a more globalised world now though than before. Where before the wealth creators wouldn't have moved, they will now.

    How did the 75% income tax rate go in France again?
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    [QUOTE=Scots King;41914399]
    (Original post by Kibalchich)
    Who owns business? Not working class people, not poor people. All this does is to keep profits up. It won't be reinvested in jobs as no one has any money to buy goods and services.



    The reason tax receipts went down initially is that people brought their accounts forward. It would have gone up again. The top rate of tax used to be much higher and it wasn't a problem.[/QUOTE]

    We live in a more globalised world now though than before. Where before the wealth creators wouldn't have moved, they will now.

    How did the 75% income tax rate go in France again?
    Re-introduce capital export controls.
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    [QUOTE=Kibalchich;41914410]
    (Original post by Scots King)

    Re-introduce capital export controls.
    It's hard enough as it is to enforce our tax code - would this not be a similar nightmare?
 
 
 
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