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Thread: The Budget - Wed 18 May - what's your view.

  1. #1
    Senior Member Lighttouch's Avatar
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    The Budget - Wed 18 May - what's your view.

    I wonder what 'sweeteners' and rabbits will be pulled out of Osbourne's hat this morning!

  2. #2
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    I am wondering the same LT.

    Will he carry on regardless hitting the most vulnerable or will he try to butter is up? We all know there is an election looming and all sorts of promises are made, but I think it is a case of too little too late whatever he says.
    What lies behind us and what lies before us are tiny matters compared to what lies within us.

  3. #3
    TheAmazingAtheist
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    Osbourne don't care about us. He is only there for the rich and the bankers...

  4. #4
    Senior Member barbiejane's Avatar
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    the budget didn't do anything for "normal" people only the rich IMNO

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    Quote Originally Posted by barbiejane View Post
    the budget didn't do anything for "normal" people only the rich IMNO
    Whilst I respect your point of view the budget did do several things for 'normal' people. Increased tax threshold will mean more people, especially low paid, paying no income tax, plus the proposed increase in the 40% threshold. Changes to tax on savings will mean 95% paying no tax (you need significant savings to earn £1000 in interest). Lowered duty on beer etc. Small increase in the minimum wage.

    Then there is the increase in the bank levy, and changes to stop banks offsetting costs of PPI claims against tax, so banks paying more.

    I'm glad there wasn't a massive pre-election giveaway. Sometimes politicians need to do less.

    Now, when it comes to public spending, this is going to be more difficult but we really haven't been given the details yet.
    No single thing can define me; not my work, not my politics, not my hobbies, not my vices and not my disability. I'm way more complex than that!

  6. #6
    TheAmazingAtheist
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    Quote Originally Posted by vantage View Post
    Whilst I respect your point of view the budget did do several things for 'normal' people. Increased tax threshold will mean more people, especially low paid, paying no income tax, plus the proposed increase in the 40% threshold. Changes to tax on savings will mean 95% paying no tax (you need significant savings to earn £1000 in interest). Lowered duty on beer etc. Small increase in the minimum wage.

    Then there is the increase in the bank levy, and changes to stop banks offsetting costs of PPI claims against tax, so banks paying more.

    I'm glad there wasn't a massive pre-election giveaway. Sometimes politicians need to do less.

    Now, when it comes to public spending, this is going to be more difficult but we really haven't been given the details yet.
    Yeah BUT nothing for people with disabilities. We got left out!

  7. #7
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    No, I agree nothing for people with disabilities who aren't working and on low pay, or with savings, or drink beer/cider or whiskey.

    I drink wine so nothing in it for me!!
    No single thing can define me; not my work, not my politics, not my hobbies, not my vices and not my disability. I'm way more complex than that!

  8. #8
    vikstar
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    "the proposed increase in the 40% threshold."
    With the earnings threshold before you pay 40% being £42,385-£150,000, how many "normal people" will benefit from this ?

    Most "normal people" working or not are trying to scrape along and keep their heads above water.

    There is an interesting blog below.

    "A phrase to remember the Tory coalition by … You can’t polish a turd!"

    3rd blog down, https://speye.wordpress.com/

    "Changes to tax on savings will mean 95% paying no tax (you need significant savings to earn £1000 in interest)"
    You do need significant savings to get the full benefit of the £1000.

    You would have to have £100,000 in savings for a year at 1% annual interest rate, there are a few savings plans where you can get 2%, but even then you would need to have £50,000 saved for a year to benefit from the full £1000.

    How many "normal people" will this benefit ?

    It was reported yesterday that the average household debt in the UK has now hit an all time high of £10,000 per household. (excluding mortgages) I don't think these "normal people" will be doing much saving at all.

    I will not make any personal political statements, but I hope that everyone uses their vote intelligently, and votes tactically where appropriate.
    Last edited by vikstar; 24-03-15 at 13:30.

  9. #9
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    The number of tax payers paying 40% is roughly 4.5 million, about 15%, and that number has been increasing. It was 3 million in 2010. So that proposal will help a lot of people and families.

    Based upon the £11,000 personal allowance the number of people taken out of income altogether will be roughly 4 million. People earning over £100,000 have a lower threshold and for those over £120,000 it's zero.

    I agree that the actual financial benefit of the savings change will be minimal for lots of people, for higher rate tax payers the limit is £500 and zero for those earning over £100,000, but even if it's £50, £100 or whatever I'd rather have it in my pocket than the governments.

    But my main point was that some of the changes do help 'normal' people. Should there be more help, yes but that's a different point
    No single thing can define me; not my work, not my politics, not my hobbies, not my vices and not my disability. I'm way more complex than that!

  10. #10
    vikstar
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    "The number of tax payers paying 40% is roughly 4.5 million, about 15%, and that number has been increasing. It was 3 million in 2010. So that proposal will help a lot of people and families."
    I should imagine that a great part of these 4.5 Million live in the S/East/ London areas, as those wages do not correlate with the average earnings in the North and many other parts of the country.

    It is pointless us getting into a discussion as from previous exchanges with you it is apparent that your political bias seems to lean to the right which is the polar opposite to my own.

    No more to say really, hopefully voters will make the right decision at the ballot box.
    Last edited by vikstar; 24-03-15 at 15:40.

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