Budget 2012

[Samdy Gray]

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

[4D]

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

[Flashheart]

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

[Ardiles]

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.

[Samdy Gray]

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

[Phil_S]

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

[4D]

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 

[Samdy Gray]

Wonder if he will do something on fuel duty

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.

[Batch]

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!

[jayohaitchenn]

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.

[Samdy Gray]

£8105 from this April, £9205 next.

[jimmy_onions]

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.

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.

[sonicyouth]

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 

you shouldn't drink and drive.

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

[Samdy Gray]

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

[sonicyouth]

yay! i get to pay more to die