The Budget
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My bottle of wine will cost more but it will be balanced out by my road tax...
...but what I REALLY want to know is what the difference between THIS budget and the Conservatives budget would be. Surely a helpful aid on how to vote in the next general election would be to give us their alternative, step-by-step as G. Brown has today? I'D read it!
PS.Eddie, the link in your blog post doesn't work.
Budget:
If you ask me it's just a lot of post neo-classical endogenous growth theories.
I'd be interested too, Tim, especially since in so many ways the differences between the two parties are being eroded away, on the face of it. But the Tories still don't seem to have made up their minds about a great number of things.
However, getting back to the point, it seems my family will be about 拢100 better off. My aged mother will not be affected at all as she does not pay tax, has nothing to bequeath, already has central heating, doesn't fly, drive, drink or smoke. She has never been so well off.....by that I mean it's the first time she has had real savings, to the tune of 拢3000. Riches, indeed.
I don't think anyone noticed, Eddie. Here you go..
Well after looking into one particular aspect that affects me - namely 'Road Tax' I was releived that our Range Rover a 2.5TD (Diesel) will only go up by 拢5 a year - for the next three years, as it was registered before March 2001, therefore not falling under the new system of carbon emissions, but on engine size. It's currently 拢170 a year.
Lee Vitout (2), Hahahaha! I love you.
Well, from the little I've gleaned so far, I reckon I'll be about 拢50 a year worse off (again!). Every yea since I started a "proper" job (as opposed to the McJobs I had at college/school) I've lost out at budet time. I guess it's my own fault for working for a reasonably good salary, & not having kids... Thanks, GB, for nothing yet again...
Budget was an election manifesto in thin disguise.
Lots of taxes up now and reductions in 1 or 2 years time.
Its all very new labour... headlines today, delayed tax reductions, immediate tax rises, get one up on the opposition etc...
Will I be better off... I doubt it..
Look, let's face it: we'll all be worse off one way or another.
That's what Budgets are FOR.
End of.
Isn't there any news today???
Fifi
Jam tomorrow?
Look like he has produced his successor's budget. I have yet to see much of significance that will be implemented within the next 12 months.
As for that headline 2p cut. First pay an extra 10% on 拢2150, then earn another five times that to get it back. If my reckoning is right, anyone earning less than 拢15K is going to be worse off. Can someone remind me, was it Major who introduced the low rate for low earners?
Look like he has produced his successor's budget. I have yet to see much of significance that will be implemented within the next 12 months.
As for that headline 2p cut. First pay an extra 10% on 拢2150, then earn another five times that to get it back. If my reckoning is right, anyone earning less than 拢15K is going to be worse off. Can someone remind me, was it Major who introduced the low rate for low earners?
Listening to Eddie, I realise that it was Gordon who introduced the 10% band (see 11 above@05:16). Major must have done something else when he was chancelor.
As a Civil Service pensioner and on present income leversl I will be 拢10 a month worse off from 2008 when the Income Tax rate changes take effect. Brown and the Labour party do not get my vote.
Phil
Shropshire.
In view of there being a vacuum of good government and an absence of an alternative is it not right that those of us born in the late 1940鈥檚/early 1950鈥檚 should consider using the experience we have gained through our lifetime, outside the 鈥減olitics industry鈥 to form a party of reason?
The objective to provide the governance of the country by reasonable people dedicated to be 鈥渢he voice of reason鈥 in an increasingly complex and dangerous world.
Legislating reasonably and for good reason. A party of reasonable, reasoning, tolerant, fair, firm and responsible people with integrity to guide the nation in this new millennium and ensure a country worth living in for our grandchildren & great grandchildren.
The Reason Party?
Likewise FFred (7). Now I'm really looking forward to the Council Tax rebanding so they can charge me 75% of even more!
getting rid of the lower tax band of 10% will largely effect mothers. As a large majority of mothers work part time to fit in with their children and will often earn less than 拢17,000. I will now be paying 10% more in tax while only earning 拢6,000. This will have a large effect on my family income.
Okay you lot - you have more dosh to spend, can I interest you in a bank account? Not one from the spread eagle range, of course.
Nigel N (13), the only thing I remember from John Major's tinkerings is TESSAs (Tax Exempt Special Savings Accounts). But Gordon Brown killed TESSA - and her sister, the PEP - and replaced her with the unwieldy and confusing ISA.
I am a 60 year old pensioner. I have a relatively small occupational pension as well as my State Pension. The effect of the so called reduction in Income Tax on me - together with the abolition of the 10% rate - is that I will be 拢173 a year worse off. My husband (who is also 60) works for minimum wage for 40 hours a week. He will be 拢133 a year worse off. We unfortunately, have some savings, so we are not entitled to any 'top-ups' or Council Tax rebates. How can Gordon Brown say that this budget benefits pensioners?????
Isn't it about time someone told Gordon Brown that pence is the plural of penny. He keeps telling us he is taking one pence off the cost of something. Does that mean he puts his one cats out at night? And he has one things to say to us? Please can someone put him right before he becomes PM and embarrasses us all even more.
Nigel (13) re Major must have done something else when he was chancelor.
Not necessarily...
Can't be certain but I think that we, as the family, may be better off but I as my business is probably worse off. Just about what I'd expect. As fifi says its a budget you don't expect to be better off.
This is a budget to get the middle england voters back - i.e. those who already have enough money. Labour Party - what a laugh: these so-called socialists have no idea what life is really like for the poorest in society. I hope that the true labour MPs use thier conscience and desert Blair, Brown and their cronies in droves.
The 大象传媒's Point-by-point: Budget page, which is here:
in part states that
"Lower starter rate of 10p to go, meaning all those who pay income tax will start at 20p in the pound - meaning little difference likely to take-home pay."
This page is time-stamped 17:19 GMT, so what excuse is there for the 大象传媒 parrotting what appears to be an extract from a Treasury press release?
The reality is that everyone earning under 拢17,000 or so will be paying more income tax, with the very lowest earning taxpayers having their marginal tax rate doubled from 10% to 20%.
Well, squeeze the poor till the pips squeak.
It's hit my pensioner Mum.
Labour? hah
I expect the 2nd car market for pre March 2001 Chelsea Tractors to rise so go out and corner the market me thinks. Clearly Comrade Brown is trying to make an impression with the masses rather than the classes.
It's disturbing me that there are so many posts about "How the budget will make me poorer" and few that consider whether it is a good budget for society in general. Have we all gone a bit "me me me" on the blog tonight? C'mon guys -- this isn't like us.
The link below seems to call into question the whole issue of the way motor vehicles are taxed in particular the changes in todays budget.
Thanks for highlighting the loss of 10% tax.I was so excited over last sentence in budget , telling anyone who would listen(husband'working from home' and two cats) that the increase in teacher's pension and state pension would actually make me richer.gordan brown was a saint etc.Actually i will pay more tax.Smile will be back tomorrow.
Sheila - 21 - welcome to Frog Pedants Anonymous. I'm with you on that one!
As FF and Gossipmistress, I too will be worse off - personally *and* professionally. Small companies Corp Tax went up (and we're a genuine small company). Perhaps I should follow my bank to Holland.
Anyhow, I was in wilds of Home Counties today, and had to stop off at security to visit their hut, sign in etc. For various reasons, got to talking about the budget, especially excise duties on cars (and size/age related changes), but on that tack these people were astonished to learn that Car Parking Zones (i.e. paying to park in the road outside your house) existed, let alone Richmond's loony headline grabbing (a la Gordon B) car Barking scheme (my current bete noir). A lesson in being too metropolitan, I think...
I did not get a chance to see if they knew of the Congestion Charge (or it's cost increase, or area increase, come to that), by this time I was late for my appointment.
I'm glad to notice that for the eleventh budget running, GB hasn't thought of putting any tax on ants' eggs.
I have no idea whether I will be better off or worse off by twenty quid here or there after this budget, but I'm slightly disappointed that a couple of things I'd vaguely hoped for, like rather higher duty on aviation fuel, haven't happened. Seems to me that people taking flights to the sun probably aren't so poor they have trouble finding the rent, so that wouldn't have hit the poorest, and it might have helped to preserve the planet a bit.
Wondering why no duty rise on spirits, too. Of course all the poorest people in the country drink those rather than beer or wine. And I didn't notice: he's put up the tax on cigarettes, but what about cigars?
Harrumph! Another non-appearance from last night. PUSH!
When the serving Government issues its yearly budget the "other two" parties will inevitably pick holes in it and with an air of superiority say, they would have done it better. Next year why don't all three parties put forward a budget. The business community and man in the street can then compare in real terms what the government has done for them, as well as seeing what a potential government would also have given. Its all well and good offering advice after the fact, lets see what the real effects of all three budgets would have been. If the government's budget is bad then at lets show what the Conservative and Liberal option would have been. A showcase for any party who has aspirations of running the country is to show how they would "run the country" rather than make churlish remarks.
Appy (28): When it comes to money, everyone is automatically "me me me" (rather like Opera Singers). Surely that's the nature of the beast?
Sandy (35): I have always thought that all political parties should reveal their own full Budgets, similar to their own manifestos at election time. What happens in the Budget is often a determining factor (however small) in election results, so if the shadow parties present their own ideas then it would help enormously to know how they are thinking in real terms.
Of course, there will be the added fun factor of comparing their 'hypothetical' Budgets with those they produce when finally in power. The Daily Mail would love that. That's the thing about being the Government, it's not as easy as it looks to the opposing bench.
As a part-time worker and carer for my mum I was hoping for an incentive to work a few more hours when I can. I work a basic 8 hours @ 拢6.39/hour. If I work more than 4 hours overtime a month I begin to lose combined Housing and Council Tax benefit at 85p in the pound. In the budget I was hoping Gordon Brown would consider the earnings disregard set at 拢5 since 1988.
from Hansard in 1995:-
"In November 1975 the figure was 拢4. It was not up-rated to 拢5 until 1988. If the figure of 拢4 had remained, and had simply been inflation proofed, it would now be worth 拢16 a week. The 拢5 figure of November 1988 would now be worth between 拢7 and 拢8 a week. Both figures are a more realistic contribution to the additional cost of being in work"
I would be interested to know what 拢4 in 1975 is worth now.
Belinda (36), Not everyone I hope. It makes me (me me) very sad anyway.
James (37), Thanks for that information. I didn't know that the limit on earnings before benefit is affected was still so low. When you say you were hoping that it would be addressed in the budget can I suggest writing to your MP about it before next year's if you haven't already? I know it won't help you now but if (s)he knows that it is a concern for you that's a start.