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MNHQ

Budget 2012 explained: Live webchat with Mark Dampier, Head of Research at Hargreaves Lansdown, Wednesday 21 March 12.30-2pm

23 replies

AntoniaMumsnet · 19/03/2012 16:28

It's Budget day on Wednesday. What will happen to the 50p tax rate? Will we see a mansion tax? What about child benefit?

It could be a red letter day for your family finances. We are delighted to welcome Mark Dampier to Mumsnet for a live budget webchat. Mark is head of research at Hargreaves Lansdown, the independent financial adviser, and an all-round financial guru. He will be translating the Chancellor's statements as he makes them, and finding time to answer your comments.

Mark will be busy keeping an eye on Osborne, so please don't post questions about your own family finances here (we've got plans for a special Q&A about this later, see below). Do join us here at 12.30, when the fun begins.

Coming up: We've set up a Q&A with a panel of experts to take questions on your family finances after the Chancellor sits down.

Next week, Mumsnet favourite Alvin Hall will be in on Thursday 29 March for a live webchat on savings and investments.

It's all about the Money at Mumsnet HQ.....

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MNHQ

AntoniaMumsnet · 21/03/2012 12:30

We're delighted to welcome Mark Dampier to Mumsnet to help us decode the budget. The Chancellor is just about to stand up and we'll be off.....

MNHQ

AntoniaMumsnet · 21/03/2012 12:35

The Chancellor claims that this will be a Budget for working families; let's wait and see what concrete measures he announces!

MNHQ

AntoniaMumsnet · 21/03/2012 12:43

The OBR's growth forecast has risen to 0.8 per cent. A rise, true, but the UK economy still looks stagnant...

MNHQ

AntoniaMumsnet · 21/03/2012 12:47

@Haziedoll

I can't actually watch it because it makes me feel sick with nerves. Any announcements to do with cb and working families please post on here for me.

Will do, Haziedoll.....

MNHQ

AntoniaMumsnet · 21/03/2012 12:52

  • A white paper on the growing cost of social care for the elderly
  • A rolling review of state pension age
  • An extra £100 million for armed forces housing, and doubling of council tax relief for families of serving armed forced personnel
MNHQ

AntoniaMumsnet · 21/03/2012 12:57

@Swed

From the budget: 2012 inflation forecast is 2.8% and down to 1.9% for next year and then 2% thereafter

As a saver, how do I protect my savings aganist inflation when interest rates are so low? I'm already fully invested in a (Hargreaves Landsdown Grin)equities ISA, but what else can I do if I may need access to my savings in next 5 years, say?

Hi Swed,
We'll be setting up a Q&A for questions about individual finances as soon as the Chancellor sits down...
Do post this question on that!

MNHQ

AntoniaMumsnet · 21/03/2012 13:01

  • A fund for faster broadband across the UK
  • A tax credit scheme for video games and high end television companies
  • Reduction in red tape for businesses seeking planning permission
  • Confirmation of relaxation of Sunday trading over Olympic period
MNHQ

AntoniaMumsnet · 21/03/2012 13:10

  • Confirmation of new single tier pension for future pesnioners set at £140
  • Basic state pension to rise by £5.30 from April
  • 20 million tazpayers to get a simple tax statement
MNHQ

AntoniaMumsnet · 21/03/2012 13:11

  • Corporation tax cut by 1% immediately and down to 22% by 2014
MNHQ

AntoniaMumsnet · 21/03/2012 13:13

@QueenOfAllBiscuitsandMuffins

DID HE JUST CUT CORPORATION TAX????

He did, QueenofALBiscuitsandMuffins. by 1% immediately and down to 22% by 2014, with some indication he wants it to fall further....

MNHQ

AntoniaMumsnet · 21/03/2012 13:15

The vice taxes...
37p a pack on cigarettes from 6pm tonight
0p on alcohol.

MNHQ

AntoniaMumsnet · 21/03/2012 13:18

  • "Agressive tax avoidance is morally repugnant" says Osborne; more staff allocated to tackle tack avoidance and evasion
  • Confirmation of crack down on evasion of stamp duty. Increasing stamp duty on property over £2million bought by corporates to 15 per cent. Capital Gains tax on properties held by overseas companies.
MNHQ

AntoniaMumsnet · 21/03/2012 13:27

Child benefit: Stands by the principle of his child benefit reforms.
But
Instead of withdrawing all at once - it will only be withdrawn where someone earns over £50,000 and the witdrawal will be gradual. So only those with an earner of £60,000 will lose all their CB.

MNHQ

AntoniaMumsnet · 21/03/2012 13:29

@Thetokengirl

Tell me more about CB, please?

So instead of £42,000 as the threshold for CB loss it will be £50,000. Above £50,000, you will lose 1% of CB for every £100 earned. By the time you earn £60,000 you'll get nothing.
Sounds tricky to adminster...

MNHQ

AntoniaMumsnet · 21/03/2012 13:30

@pumpkinsweetie

Basically a single person on £50,000 will get it lowered if they £100 over £50,000 or lose it at £60,000 but a couple on 90,000 will still get it i thinkConfused

It looks like it. We'll track down the Budget documents and double check...

MNHQ

AntoniaMumsnet · 21/03/2012 13:35

The personal allowance will increase by £1,100 in 2013-14 to £9205

MNHQ

AntoniaMumsnet · 21/03/2012 13:43

@MarkDampier

[quote pumpkinsweetie] Does anyone know of any tax credit changes?

need to look at small print, its not always mentioned in speech.[/quote]

A quick look at the Budget documents where some of the small print can be found, suggests that not much planned on tax credits. Apart from this:

"From 2012-13, a couple where at least one partner is entitled to Carer?s Allowance may qualify for WTC, including the childcare element, where at least one partner works at least 16 hours per week"

MNHQ

AntoniaMumsnet · 21/03/2012 14:07

A massive thank you to Mark for guiding us through the Budget; not so much for your expectation we'll all be working until we're 70!

A quick reminder that you can send your questions on how the Budget will affect your family finances to our Q&A here

And thanks again to Mark.

MNHQ

AntoniaMumsnet · 21/03/2012 14:45

Thanks northernlurker Smile

If any of you have questions about HRP post them here and we'll get them answered. Sometimes it's tricky to get into the detail straightaway because it's buried under the rhetoric......

JustineMumsnet · 21/03/2012 16:20

This reply has been deleted

Message withdrawn at poster's request.

MNHQ

JustineMumsnet · 21/03/2012 17:00

@mumsneedwine

Glad you find it amusing Justine. Unfortunately for some of us it's not very funny as its the difference between my kids being able to go on school trips with their friends (this year they will total over £1000 and that's for 3 trips). State schools and things everyone else in their year goes on. We live in SE, 3 bed house, 2 vauxhall cars and are going camping in Ireland for holiday. We have just enough at moment but am now going to have to tell kids they can't go on things. Hubbie may take home £2400 a month but after mortgage & utilities and food and child we are usually left with nothing. CB funds the kids. No holiday from now on so might sell tent. Or children.

Sorry, sorry, posted that on the wrong thread - will delete and repost blog link I mean to post here!

MNHQ

JustineMumsnet · 21/03/2012 17:11

Here's the blog I've written on budget - sorry again for getting my posts muddled!

MNHQ

JustineMumsnet · 21/03/2012 18:58

@Bramshott

Justine - great blog post, but the point about lone parents is a really key one (and one that people keep glossing over by saying "of course single earner families don't have childcare costs") and I think it risks getting lost because of your type of loan for lone - any way you can change it?!

yes will try [shame]

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