Tax Cuts On The Cards...

[DaDaDa]

...apparently.

Have they gone completely mad? Where has the money to support this suddenly appeared from? Also, any cuts in VAT surely won't be passed on by retailers - they'll just up their profit margins.

Temperamentally I would normally agree with you. However in this situation I think they are necessary. Borrowing is at appalling levels, but we are at a point where everything needs to be tried in order to prevent the recession from becoming a depression. When the BofE minutes are published on Thursday I wonder if we will see what it was that caused them to panic so much.

I am no fan of Gordon Brown, by the way.

I wouldn't mind my 10% tax bracket back. I never fitted into the groups that were compensated and it will hit me hard.

Rather this than the Tory plan of giving a few grand to any employer who takes on someone who has been on unemployment benefits for 3 months. Would work massively against me- will need to work next year but only benefit I get is carers, which won't necessarily stop if working depending on hours (and might just trasfer to my DH). I don't see why I should be penalised in terms of likelihood of finding work just because we have been self supporting and DH has been employed if that makes sense?

I personally wouldn't be against restructuring the tax system and closing tax loopholes to redistribute in favour of low earners, but we know that won't be what will happen. It'll be borrowed, and who will ultimately pay it back....?

I am disappointed by this. I think more borrowing is certainly necessary to get us through the recession, but would think it better spent in actively creating employment than in just cutting taxes and hoping the market will take care of the rest.