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TSR MHoC Budget Report 2016 Watch

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    There now follows the TSR Government's Budget on behalf of the Chancellor of the Exchequer, the Rt. Hon. James Milibanter MP. The House will have 7 days to question the Chancellor.



    TSR MHOC Budget Report 2016

    Rt Hon James Milibanter MP

    Executive Summary
    This Budget sets out a new dawn for the British people. It sets out great investment, the likes of which haven’t been seen since the days of Clement Attlee. We’re revamping the nation's energy sector, we’re holding energy companies to account, we’re building much needed social housing, we’re paving the way a for new wave of affordable private housing, we’re lifting the burden of tax from the hard working, we’re defending the British public against terrorism, we’re encouraging investment in infrastructure and we’re encouraging investment in the British people.

    The Government aims to reduce the deficit through the increased revenues that our investment and tax changes will bring, and once the deficit has been eliminated we can then work on reducing a mountain of debt stocked up by past Governments who had cut too much and spent too little. The Deficit remains at 4.9% of GDP, we aim to reduce it through extra revenues rather than attack those who work the hardest and those who are most vulnerable. Through investment in the public we can insure their economic security that will allow them to pursue all that they’re capable of. Through investment we will see our economy thrive, the power stations being built will help reduce the productivity gap between the north and the south, and boost economies through the need for labour, building materials and engineers.

    This Budget sets out the plans the Government will take to:

    > Reform the Tax system to make it more progressive

    > Invest in Infrastructure, more houses and cheaper energy bills

    > Improve value for money and quality of service in our health service and railways through the removal of PFIs and the state taking over franchise contracts

    > Reform the Monarchy in a way that does not harm the symbolism but makes it more cost effective

    > Create a Welfare System that works for everyone

    > Defend our Nation

    Reforming our Tax System
    This Government believes that there is much needed reform in our tax system to ensure that those with the broadest shoulders bear the most and to make sure that the hard working and the vulnerable have a little more in their pockets to get the bills paid. Wealth redistribution is an important aim of our government as the prosperity that we bring, we’d like to bring to all, not just a select few at the top.

    We in Government want to see more money in the pockets of our hard working families, we want to see businesses paying their fair share, we want to see a progressive tax system which doesn't hurt the most vulnerable in our society like council tax and business rates did, we want to encourage businesses to grow, we want people to achieve their aspirations and we want to inspire a greater quality of life for all people, the likes of which we haven’t seen before.

    The measures that we will take to achieve this are:

    > Raise the Personal Allowance to £12,500

    > Raise the Higher rate threshold to £50,000

    > Reintroduce the 50% tax rate on earnings over £150,000

    > Reform the LVT into a Land only Rental Value Tax

    > Lower VAT to 15%

    > Increase Inheritance Tax to 50% and remove the exemptions of unquoted Business assets and agricultural land

    > Introducing a 20% Sugar Tax to put the health of our nation first (£1bn)

    Total change in revenue: £38bn

    The higher personal allowance and higher threshold of the higher rate of income tax will have a cost of £10bn which will be somewhat recouped from the £6bn which will come in from the 50p rate

    There is also the Ground Rent Tax which will take over from the Land Value Tax. The Ground Rent Tax will bring in £63bn per year, and will not hit people anywhere nearly as hard as the Land Value Tax did.

    Lowering VAT to 15% will cost £27.75bn but will largely be covered by funds raised in other areas.

    The increase to Inheritance Tax and removal of exemptions will raise £5bnin revenue

    The introduction of the Sugar Tax will bring in £1bn of revenue

    Change in revenue: £41.25bn
    Investing in our Nation
    As we all know, the UK is at the brink of a housing crisis. Past Governments have not been building enough homes or taking enough of a stake in the market to ensure quality of service and value for consumers. This Government would like to buck that trend by investing in our housing stock, building hundreds of thousands of homes, we’re investing in our energy sector by building nuclear power plants and tidal fences, we’re investing in our railways by taking over the franchise contracts and turning TFL into a worldwide franchise, we’re investing in electric cars and offshore wind as well as solar energy. The Government is investing into the future of the British People.

    The investments that we’re making are:

    > Building 500,000 council homes in the UK

    > Building 7 Nuclear Power Stations

    > Building 7 Tidal Fences

    > Investing in student loans for British students who wish to study abroad

    > Kick starting over 1,500 flood defence schemes across the country meaning 300,000 homes will be better protected from flooding

    The 500,000 Council Homes that are being built in the UK would have a total cost of £100bn, £50bn for the construction of the Houses and another £50bn for the cost of the infrastructure. At current borrowing rates, this would cost £2bn per year, though it's easily paid for by the revenues from the rents. £400 per month multiplied by 500,000 is equal to £2.5bn per year, making this particular investment very profitable for the British public.

    As for the Nuclear Power Stations and the Tidal fences, as energy demand increases the supply must also increase in order to meet those ever increasing demands. As such, the Government has taken it into our own hands to build 14 power stations at a total cost of £56.15bn. The project is being funded by splitting the costs into 3 and using the revenues gained from the Ground Rent Tax to pay for each part of the project annually.

    In Government we will also be investing in our future Students who may well decide to travel abroad to study, in order to aid our future generations we'll be offering them the same student loans that we'd offer to any student that wishes to study here in Britain. This will cost about £700m and will be funded by general taxation.

    We in Government also believe that the travesties that have occurred during recent years over flooding are unwarranted and shouldn't be able to continue and as such we're increasing the flood defences budget by £2.3bn protecting hundreds of thousands of homes from flooding.

    By investing in the British people as we are, we’re allowing them to achieve all that they can, the investments pump energy into our economy as steel production increases, concrete is needed, labour is needed, the north of our country gets their economy revamped. Increased energy supply as well as market reform means cheaper energy for all in the UK, and of course, increased housing supply means cheaper housing too. As a Government we want the very best for the people of the UK, which is why we're here investing in the country, investing in cleaner air, investing in a brighter future.
    The National Education Service - A bid for the Future
    Teacher salary costs - £229.5m.

    Building buying costs - £110m.

    Learning resources budget -£765m.

    Each college will have a grant of £5m to cover materials needed for course teaching, which should be more than enough to ensure each college is well stocked.

    IT budget - £76.5m - each college will have a £1m budget for IT resources. The reason this is so high is that it includes the costs related to buying computers for IT-related courses.

    Maintenance budget - £306m. Enough for £2m per college, enough for basically anything to go wrong given these will be pretty big buildings.

    In Government we believe that education doesn't have to stop at 18, so we’re providing a National Education service to all that want it no matter their age or prior education. We believe that a more qualified British people can only be a good thing and this project will make us even more able to compete with other nations across the world. The national education service will give people the guiding hand they need to push themselves and move beyond what had previously seemed impossible.
    Improving our Health Service and Railways
    In this Government we believe that there are some services that rely on the state for accountability and quality of service. So we’re holding the railways and the health service at the top of our agenda. They’re of such paramount importance to us that with the wishes of the people, we’re taking private interests out of them.

    Not only will we be bringing the health service and railways into the hands of the people we will also be sharing our transport system with the world too, by allowing TFL to bid for contracts all over the country and the rest of the world. We’re also very focused on the health and well being of everyone in the country and as such we’ll be giving as much time and energy into mental health as we put into physical health. So we’re going to be increasing funding for Child and Adolescent Mental Health Services who do a great job in offering assessments and treatments when children and young people have emotional, behavioural or mental health difficulties.

    The changes we’re making our:

    > Cancelling any PFI contracts still in effect in our nation's hospitals

    > British Rail will start taking over rail franchise contracts as they run out

    > TFL will be able to bid for franchise contracts throughout the country and the rest of the world

    > Increasing funding for CAMHS

    > Addressing the £12bn shorfall in NHS spending which will fund;

    800,000 more operations and treatments
    5.5 million more outpatient appointments
    2 million more diagnostic tests
    Access to GP services in the evenings and at the weekend, and 7-day access to hospital services

    Total cost: £12bn

    Reforming our Monarchy
    The monarchy has been present and active in showing great leadership at times. To many, our monarchy still has a role to play today, however, an issue arises when accountability and public finances comes up, and therefore its ceremonial role in UK politics must be maintained. We in government will be decreasing the cost of our monarchy and increasing its transparency.

    The Government believe that Buckingham Palace is a great potential tourist attraction for the UK, up with the likes of the London Eye and the London Dungeons with well decorated state rooms with a very high historical value. This great potential for Buckingham Palace is locked away given its closure to the public for the majority of the year. What we’ll do in Government is extend all Buckingham Palace tours all round the year. In 2012, the number of visitors was 514,000 for the 78 days the Palace was open, leading to a daily average of 6590. Taking £18 as the average price for a ticket, the revenue generated during that year was £9.252 million. All revenue will be transferred to the government.

    The Sovereign Grant will be amended to allow the government decrease or increase the amount depending on amount needed by the Monarch for the next financial year and any and all costs involving the Monarchy shall be recorded and reported to the HM Treasury by the relevant department or local council.

    We can easily see£20mbeing raised from these measures if Buckingham Palace is kept open to the public for 220 days a year, with 5000 people visiting a day on average, with £18 as the price per ticket.
    Creating a Welfare System that works for all
    Over the last 5 years we have seen the most vulnerable in our society suffer and bear the brunt of Tory cuts, we in Government are putting an end to it. We believe that by lending a helping hand to those in a vulnerable position we can help them achieve their full potential, by people having more money to spend they can boost their local economies too, by parents being able to afford to give their children the life they deserve we will see a new generation capable of taking over. This Government is committed to giving the people of this country what they deserve and as such what we will do is:

    > Increase the benefit cap to £26,000 per year for those in London (Cost: £60.75bn)

    > Increase Job Seeker’s Allowance to £80 per week no matter the age of the applicant (Cost: £1bn)

    > Abolish Workfare

    > Move the responsibility of back-to-work assessments to GPs

    > Lower the age that one can claim Housing Benefit back to 18 (Cost: £120m)

    > Commission a separate Work Support Programme for disabled people

    > Focus the Work Capability Assessment on the support disabled people need to get into work

    > Introduce a Child Benefit cap for no more than 3 children (Save: £300m)

    Total Cost: £880.75m

    These changes will grant people the safety and security that they need, no matter what vulnerable positions they find themselves in. The lower benefit cap had priced people out of their homes and left them in even a dire position than they were in before. Increasing Job Seeker’s allowance means that these people are in a more stable position to go out and find the jobs that they’re looking for, it makes sure that people can afford to eat, to travel, to actually live.

    This Government believes that Workfare is little more than state sponsored slavery. We also believe that those companies taking advantage of the system have behaved immorally and unethically. People had been forced to work up to and including 40 hours a week without pay from their employers and without a guaranteed job at the end of it. In fact, most of the people working for Sports Direct and Poundland for up to 6 months did not receive a full time job by the end of the scheme.

    Not only this but by providing a tailored responsible approach to benefits affecting disabled people we can avoid the mistakes of policies like the Bedroom Tax which unfairly target disabled people and make them worse off than they need and deserve to be. This Government’s commitment to the disabled, and other more vulnerable sections of society is quite clear, and we won’t stop until we’re certain that everyone who can work is in work and everyone who needs help can get the help they need.

    Defending our Nation and Providing Justice for the People
    For us in Government, the necessity to defend the public from ever present and increasing dangers will never go amiss, nor will the necessity to provide justice for any and everyone within our borders. 2015 had not been a year of comfort for most of us affected by the worst in foreign affairs, and whilst we don’t believe that 2016 will be much different we in Government are committed to increasing the safety and security of the British People and the rest of the world’s people too. As such we will be ever maintaining our alliance with NATO and will be pressing on to achieve the multilateral disarmament that the world needs. We also believe in Government that if we are to address these issues at all, we must do so in the most effective way possible, with the least threat to civilians and British servicemen.

    What we’re going to do is:

    > Increase the Cyber intelligence budget for MI5 and GCHQ by £0.3bn

    > There shall be a £0.4bn increase in funding research/development or purchase of weapons of precision warfare.

    > Channel £0.6bn into Afghanistan to be spent on infrastructure and redevelopment

    > Provide a £0.1bn increase to the counter-terrorism department of MI5

    > Decrease the scale of the Trident system, committing to multilateral disarmament and saving £1.4bn

    > Increase the Legal Aid Budget by £250m, reversing the cuts made by Michael Gove.

    > Increase the budget towards prison development by £210m

    > Increase the budget going into the digitisation of the courts by £3.1bn,

    Total cost: £3.56bn

    The changes to defence and justice that we're making aren't just increasing spending, but investing in the future. By digitising the courts now we can save £200m a year, our reversal of the cuts to legal aid mean that no one in this country will be denied justice simply for not being able to afford it. We will have a better prison system too, our reforms and spending increases will reduce re offending through more effective rehabilitation, will reduce the cost of transporting prisoners between courts and prisons, stamp out the organisation of crime from within prisons, and stem the availability of drugs and other illicit substances. The probation reforms that we're undertaking in Government are needed in the country, the current system is too expensive to maintain and our reforms will reduce the costs of the system and reinvest them into extending probation support to 45,000 short-sentence offenders for the first time, to tackle re offending.

    By investing in the prison estate also, this government will reduce running costs in prisons by £80 million a year when the reforms are complete. New investment will also fund video conference centres, allowing up to 90,000 cases to be heard from prison instead of court, and will deliver more safety improvements in prisons, including body scanners and mobile phone blocking technology.

    Culture, Communications and Connectivity; Bringing the Country Together.
    We in Government see the office for Culture, Communications and Connectivity as incredibly important. The words "British Values" are bounced around a lot what we're doing in Government is nothing short of a testament to those two words and what they mean. This Government believes in giving people a chance, so that's what we're doing, we're investing in the future of our nation and also the present. We make sure that if someone wants to be an artist then they have every resource available to them to achieve that goal, if someone wants to be a footballer we do the same, if someone wants to be a writer, banker, salesperson, soldier we are here to guide them through the process and support them every step of the way. This approach starts with investing in our infrastructure.

    A set of proposals laid out by the Office for Culture, Communications and Connectivity are as follows:

    > £80 million in capital for English Heritage in 14/15 to set up a charity to secure the future of our heritage sites and keep them in public ownership. Resource funding for English Heritage reduced by 10 per cent, while their capital grant programme will be maintained at 14/15 levels.

    > £250 million in capital for broadband, bringing superfast broadband to 95 per cent of homes and businesses by 2017.

    > Enable the tourism industry to deliver faster, more balanced economic growth andstreamline and refocus tourism organisations in the process
    i. Start £120m marketing campaign to attract additional visitors to the UK, to generate £2.3bn visitor spend and 4.6m visitors
    ii. Reform Visit England to facilitate increased industry expertise on its board
    iii. Restructure Visit Britain to ensure better targeting of high-value and emerging tourism markets, and to achieve significant reductions in its administration costs
    iv. Modify Tourist Boards to become smaller, highly focused, industry-led partnerships
    v. Contribute to Government’s £25m rural tourism initiative via £12m Visit England marketing investment
    vi. Deliver £24m campaign to promote domestic tourism and generate £500m extra tourism spending

    > Manage £100m match-funding programme to establish endowments and strengthen fundraising skills in the cultural sector, raising at least an equivalent amount from private donors

    > Invest £150m to support the British Museum, Science Museum and Victoria and Albert Museum to replace out of date museum storage at Blythe House with new world-class storage facilities to preserve and protect over 2 million fragile and sensitive objects.

    > £20m investment to expand the Great Exhibition of the North and to create a new Great Exhibition Legacy Fund.

    > £7.4m to install Wi-Fi in libraries

    > £4.4m to reimburse tour companies organising trips to the UK for Chinese tourists for the cost of visas

    > £3.1m for First World War commemoration projects including the Thiepval memorial

    > £2m to increase the number of football coach educators

    > £1.5m increase to the grant scheme for repairs and maintenance to Listed Places of Worship, and

    > £0.5m to fund a campaign advertising Loch Ness as a UK destination for international travellers.

    > £8m for football infrastructure projects

    > £30m for Cultural Protection Fund - A government-backed scheme to protect cultural sites from the destructive forces of war and ISIL terrorists.

    Total Cost: £812.9m
    TSR Current Spending Commitments
    V775 - Soldier Welfare Reform Act = £0.39bn
    V801 - Pension Replacement and Elderly Care Bill 2015 = £13.04bn
    V810 - National Employment Database Bill 2015 = £0.1bn
    V826 - Energy for the Elderly Act 2015 = £1.28bn
    V836 - NHS Parking Charges Regulations Bill 2015 = £0.329bn
    V838 - Independent Savings Accounts Bill 2015 = £0.612bn
    V841 - Value Added Tax on Sanitary Products and Contraception Bill 2015 = £0.015bn
    V842 - Cannabis Legalisation Bill 2015 = £1.23bn
    V854 - Criminal Law (Court Procedure) Bill = £0.0025bn
    V867 - The Alternative Tax Bill 2015 = £40.42bn
    V870 - Under Occupancy Penalty (Repeal) Bill 2015 = £0.39bn
    Total Difference: £51.5715
    Government Spending Breakdown
    Defence Budget: £43.59bn

    > V775 Spending Difference

    Home Office Budget: £12.3bn

    Foreign and Commonwealth Budget: £2.4bn

    International Development Budget: £8.5bn

    Health Budget: £127.729bn

    > V836 Spending Difference
    > Increase of £12bn to the Health Budget

    Work and Pensions Budget: £158.43bn

    > V801, V810, V826, V870 Spending Difference
    > Increase of £880.75m going on welfare reforms

    Education Budget: £57.4bn

    > Increase of £700m into the budget

    Business, Innovation and Lifelong Learning Budget: £35.5bn

    > V783 Spending Difference

    Transport Budget: £14bn

    Energy, Environment and Climate Change Budget: £12.6bn

    > Merging of the Energy and Climate Change Department and the Department of the Environment, Food and Rural Affairs
    > Increase of £2.3bn going to flood defences

    Culture, Connectivity and Communications Budget: £6.1bn

    > Increase to the DCCC budget of £812.9m

    Communities and Local Government Budget: £34.7bn

    Justice Budget: £11.6575bn

    > Increase to the Ministry of Justice’s Budget of £3.575bn
    > V854 Spending Difference

    Cabinet Office Budget: £0.5bn

    Others: £166.6bn

    > Decrease of £20m on the Crown Estate Office

    Total infrastructure investment: £18.95bn

    > Cost to implement the Department of the Environment, Energy and Climate Change’s proposals
    > Increase of £2bn for HMRC on £100bn the Social Housing Scheme

    Total expenditure: £676.2565bn
    Total Tax Revenues
    Income Tax: £161.888bn

    > V838 Receipt Differences

    National Insurance Contributions: £110bn

    VAT: £83.245bn

    > V841 Receipt Differences
    > 15% VAT Rate

    Fuel Duties: £26.8bn

    > As per the cut to Fuel Duties outlined in the budget and VM368

    Tobacco Duties: £9.9bn

    Alcohol Duties: £10.4bn

    Betting and Gaming Duties: £2.3bn

    Vehicle Excise Duty: £5.9bn

    Air Passenger Duty: £3.2bn

    Insurance Premium Tax: £3.2bn

    Landfill Tax: £1.3bn

    Climate Change Levy: £2bn

    Agg. Levy: £0.3bn

    Customs Duties: £2.8bn

    Capital Gains Tax: £5.4bn

    > V846 Receipt Differences

    Inheritance Tax: £8.9bn

    > As per the removal of exemptions
    > increased rate to 50%

    Ground Rent Tax: £63bn

    > As per the changes to V867

    Stamp Duty Land Tax: £12.7bn

    Stamp Duty on Shares: £3.1bn

    Corporation Tax: £40.5bn

    Petroleum Revenue Tax: £1.2bn

    Bank Levy: £2.7bn

    Other Taxes and Royalties: £29.4bn

    Interest and Dividends: £19.3bn

    Gross operating surplus, rent, other receipts & adjustments: £22.8bn

    Sugar Tax: £1bn

    Wealth Tax: £5.25bn

    > As per V867

    Drugs Tax: £1.23bn

    > As per V842

    Total Revenues: £639.713bn

    Total Deficit: £36.5435bn
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    Closing Statement
    The UK economy advanced 0.4 percent from June 15 to September 15, lower than estimates of a 0.5 percent gain and slowing from a downwardly revised 0.5 percent expansion in the previous period. Gross capital formation and public spending grew less than anticipated and drag from net external trade was smaller than expected. The Government believes that this is due to the lack of investment into our economy. By this Government lowering income Tax, keeping corporation tax at 20%, keeping the lowered Capital Gains Tax, removing council Tax and Business Rates, Lowering VAT, building 500,000 council homes, building power stations all over the country, investing in new cleaner technologies we’re leading the country into a brighter future and we should be seeing the economy grow at a faster rate than the current RL levels.

    There were plenty of opportunities for me to have reached a surplus at the end of this budget, had we kept the original Land Value Tax, kept VAT at 20%, made no changes to welfare and so on, but this Government firmly believes that whilst it would be brilliant to begin paying off the national debt that currently costs us over £40bn a year, balancing the books in return for damaging the economy is not the most pragmatic thing to do. We believe it is much better to increase economic growth through investment, and even if it means taking a little longer to balance the books then at least it will be done in a sustainable fashion.

    There are a great deal of achievements in this budget, not only have we seen the great investment in infrastructure that we wanted to see, we have also managed to close the deficit further than the RL Government have. By focussing on wealth taxes rather than taxes on consumption this government has put the country on track to vastly encourage economic growth. I am sure that plenty in the House will see the 50p tax rate and be instantly put off, though if they would actually look at the numbers, it means a tax cut for high earners as well as middle and low earners alike. Keeping the additional rate at 45% would have been too much of a cost to bear so in order to keep the deficit anchored concessions had to be made.
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    The thread has been opened.
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    Reserved post.
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    This is a broadly agreeable budget that does definitely help those who need it. There are some things I would like to see removed from the budget - namely the reduction of trident and the changing of the funding to the monarchy.
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    I'm obviously not going to comment on the content of the budget and its proposals etc. However it's obviously a lot of writing and I'd like to thank James Milibanter for investing his time and effort into producing something of this magnitude for the House.
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    (Original post by nebelbon)
    This is a broadly agreeable budget that does definitely help those who need it. There are some things I would like to see removed from the budget - namely the reduction of trident and the changing of the funding to the monarchy.
    The most part of the monarchy reform is to amend the sovereign grant and open up Buck House to the public
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    (Original post by RayApparently)
    I'm obviously not going to comment on the content of the budget and its proposals etc. However it's obviously a lot of writing and I'd like to thank James Milibanter for investing his time and effort into producing something of this magnitude for the House.
    I thank the speaker for his comments and express my gratitude for his services to the House.
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    I'd like to commend the Rt(?) Hon. Gentleman for his work over the last few weeks. I look forward to debating this.
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    (Original post by PetrosAC)
    I'd like to commend the Rt(?) Hon. Gentleman for his work over the last few weeks. I look forward to debating this.
    It is Rt, as per the title, and it's been 3 weeks.
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    (Original post by James Milibanter)
    It is Rt, as per the title, and it's been 3 weeks.
    I wasn't sure after the changes to how we were appointing to the Privy Council Indeed it has
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    (Original post by James Milibanter)
    The most part of the monarchy reform is to amend the sovereign grant and open up Buck House to the public
    Considering we recently voted on the issue of Trident, isn't it fair to leave it out of the budget rather than trying to shimmy it through?
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    (Original post by nebelbon)
    Considering we recently voted on the issue of Trident, isn't it fair to leave it out of the budget rather than trying to shimmy it through?
    People would have then said "you haven't even mentioned trident"
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    I will be voting Nay due to problems raised internally, which I don't feel were considered adequately.
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    (Original post by nebelbon)
    Considering we recently voted on the issue of Trident, isn't it fair to leave it out of the budget rather than trying to shimmy it through?
    Well no, because it has spending implications. I wanted to cover the angles, so where there were changes to departments, they have been made clear. I'd also like to make it clear that though it is unconventional, the LotO, myself or the PM can put the budget to vote.
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    (Original post by hazzer1998)
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    Oi, what do you think you're doing?
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    (Original post by PetrosAC)
    People would have then said "you haven't even mentioned trident"
    Nah I'd have been fine with that
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    (Original post by nebelbon)
    Nah I'd have been fine with that
    I was contemplating taking Trident out, but I decided not to budge-it.
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    (Original post by James Milibanter)
    Well no, because it has spending implications. I wanted to cover the angles, so where there were changes to departments, they have been made clear. I'd also like to make it clear that though it is unconventional, the LotO, myself or the PM can put the budget to vote.
    As a point of order, where did you get that idea from? This is not an SOI.
 
 
 
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