Thetownend.com

Don't we normally have a budget thread? Always seemed to generate some lively discussions in the past.

We could have a "how much will I be worse off by thread"

Or: "It's the other lot's fault" thread

Everything has been so heavily trailed this time (raising of threshhold, stamp duty to 7% for property purchases > £2m, additional rate income tax to fall to 45%).  Also rumours that corporation tax to fall to 24%, not 25% as previously planned.

So I wonder if there are going to be any surprises?  Doubtful, in my view.  None of us are going to be any better off after today.

I can only assume these 'leaks' are softeners for a couple of surprises.

Raising the tax threshold is a cert I reckon.
Wonder if he will do something on fuel duty

Here is my budget comparison from the time that things became important to me......

1987                 Year                      2011
  31p            Fuel (per litre)            136p         4.4 times as much
  72p            Pint of Beer                310p         4.3 times as much

The rest is just numbers  :)

On that subject, I heard an interesting piece on the radio recently. Apparently the government do not carry out any sort of analysis on the impact of a rise in duty (quelle surprise) and base any rise on pure terms i.e. an extra 1p per litre will generate £X million in extra tax revenue.

I can't remember who it was that was interviewed, but they had carried out some analysis and proved that a 5p cut in fuel duty could actually have the same net effect on the economy as a 2p rise in duty.

OK so the tax threshold rises should be good news. But the coffers have the equivalent of Old Mother Hubbard's cupboard to play with.

So we will be robbed of the tax threshold gains + more somehow.  When someone works it out feel free to post the answer!

All lower paid workers will be better off, slightly, due to the raise in tax free earnings. Think it's going up to £8500 this year, £10,000 next year that you don't pay any tax on.

£8105 from this April, £9205 next.

Heard this too....yes, a small cut in fuel duty may have a knock on effect to the hauliers thus possibly bringing supermarket prices down slightly etc, but on an inidividual basis, such is the extortiante price of fuel nowadays a small cut in duty will be the difference between £66 to fill my car up, and £65.60...eg, peanuts....

I am more concerned about things like removal of child benefit, that will have a massive impact on my income compared to the usual tinkering with fuel and beer prices etc.

you shouldn't drink and drive.

I will be about £14 a month better off thanks to the rise in income taxable wotsits.

Unlucky smokers. Inflation + 5% on tobacco. That's 37p on a packet of fags.

yay! i get to pay more to die

Exceptional work from Osborne mugging off 'Wallace and Gromit'

Any extension planned on stamp duty exemption for First Time Buyers?  Not going to complete by 24/03/2012 so looks I'm going to be paying this.  Working people's budget my arse.

Why not cut child benefit?  Something which was introduced to help swell the population after it dwindled after WWII.  In 2012, living in overcrowded Britain, why do we need to provide people incentives to have offspring?  If you want a sprog, fucking pay for it.  This might make jobless slags think twice before getting themselves knocked up and demanding a house....

As you can see, I'm a liberal leftie...

Nope. Already covered SDLT. No mention of an extension.

Bollocks.

Child benefit is not an incentive to have kids.  It's a small recognition of the additional costs parents incur in bringing up children and goes a very small way towards offsetting some of those costs.  When some folk without kids do put forward the argument that the state should not contribute (via a contribution from taxation) to any of the costs of bringing up the next generation, it conveniently ignores the fact that everyone, regardless of whether they have children or not, has a stake in the next generation.  Simply put...when you're 85 and living in a care home, who's going to be wiping your arse for you?  No man (or woman) is an island.  Child benefit is an excellent example of redistributing income to folk who need it more for the betterment of society as a whole.  It's a real shame it's being messed about with.

I fully agree, and I was the one who actually bought it up, however, walrus does have a point, in this current me me me society, CB, along with a number of benefit schemes are being abused, by lazy goodfornothing spongers...

Vote Labour

"Budget" not "Election" arriba  :)

Really? oh silly me

I'm a good old fashioned leftie but Labour are completely unelectable

Certainly while they've got this twerp Miliband in charge

Any worse than the current condem mob? they feather their own nest as today shows.
Rich get richer

I have to agree.

So if child benefit was scrapped tomorrow, would people stop having children?

How will today's children purchase a house with the housing market ever increasing, lenders increasingly fussy and student loans growing to excessive proportions?  I've only managed to get on the housing ladder due to assistance from my parents (they're remortgaging and I subsequently pay two lenders - risky in the extreme).

Everything that the ministers in government benefitted from as young men are being taken away, piece by piece, leaving only the very rich and the have nots to profit.

All the main parties feather their own nest, you must know that by now?

A £40,000 tax cut for the highest earners announced today. All in it together

the biggest problem with the 50p tax rate is the top earners avoiding paying it by putting large propertions of their salaries in pensions...not sure what reducing the rate to 45p will achieve...its closing avoidance loopholes which are required...

There remain some very odd anomalies in the tax code.  For example, anyone earning between £100k and £116k is still effectively taxed at 60% (because this is the band over which the tax free allowance is gradually withdrawn)...and that's even before NI etc.  Hardly worth earning at all when tax is deducted at that level.

But if you do earn £116k, you put £16k into a pension and effectively get tax relief of 60%.

Absolutely.  And most do, I would think.

Thank fuck for that.

On the Child benefit note, why the fuck should a family earning over £50k pa receive any benefits whatsoever? Beyond me....

Aha, so the 40% bracket threshold has come down..

this says it all really

I agree actually

Me too. I also don't understand people complaining about a benefits cap at £24k. I know hundreds of people that would love to have £24k after tax every year for actually working...

No net effect on taxpayers though due to the increase in personal allowance.

Work = £24k pa ? Well done, you support yourself and you pay taX.

I cant be arsed to do the maths for the opposite.

Anyway, I is BNP innit...

If you can't afford to have children without child benefit then you shouldn't have them.  That way only rich people would have children and within a couple of generations all poor people would be extinct and child poverty would be a thing of the past...

My point was £24k in benefits should be ample, as virtually none of my mates earn that much after tax yet pay bills, mortgages, bring up kids etc.

Don't suppose this had anything to do with some ofthose earners shelling out 250K for a private dinner with Cameron  :)

"Sod Off, I only had one poppadom, and none of the mushroom bhaji"