Well done George Osborne - stonking budget

[claig]

Tax free Allowance rising to £11000
40% tax threshold rising to £43000
Corporation Tax falling to 19% and then 18%
National Living Wage will reach £9 by 2020, will start at £7.20

If they carry on like this, Labour are finished and poor old UKIP and Farage won't stand a chance of getting a look in. But credit where credit is due - well done Osborne!

[GinandJag]

Hear hear!

[claracluck1978]

Hear hear!

[leccybill]

I'm no Tory fan but I think the cuts are in the right places this time.
I agree with almost every decision so far.
Not sure about the nom-doms, need to read more.

[lubeybooby]

As a life long card carrying labour voter, I'm actually quite impressed. The austerity could have been delivered in a much harsher fashion and I'm glad it wasn't.

[FragileBrittleStar]

It is truly dreadful and horrific . The whole ethos was of punishing welfare claimants and taking money from them to pay for everyone else.truly regressive and makes me feel ashamed to be British

[Hadron21]

Are you for real? Rich getting richer and poor getting poorer.

[Swifey]

I think it's bloody brilliant! Well thought out, and very fair!

[Binkleflip]

You will feel differently if you ever get ill or your employer folds!

[5446]

Completely agree, he nailed it.

IDS having the time of his life in the corner with his little jig

[Treats]

But is the Living Wage the same as the National Minimum Wage? The Living Wage - as I understand it - is an aspirational level set by poverty campaigners which SOME employers observe when setting pay levels. The National Minimum Wage is the statutory amount and much lower.

It's not a big deal to increase an aspirational, non-statutory wage level is it?

[Taja123]

Awful awful but let's make sure the have nots learn to know their place. Yes cuts are needed but it seems to be that the mist vulnerable in society will bear the brunt of the cuts. This to maintain Tory supporters.
LHA frozen while rents continue to increase means more people will be pushed into substandard housing.

They sicken me

[lubeybooby]

Well, we're stuck with a tory government like it or not, knew cuts were coming, and things could have been much worse.

[Tiredemma]

Yes its great

Lets shit on low pay workers. The shits that clean my car, the shits that dish up my kids meals in the school.

lets shit on the disabled too.

Fucking marvellous.

[TooExtraImmatureCheddar]

Whu cut corporation tax? I don't get why you would want to do this.

[TooExtraImmatureCheddar]

Why, goddammit!

[Baddz]

Can I ask a question?
Does that mean you only pay 40% tax on what you earn over £43000?
Also, why is stopping grants for the most underprivileged students had ceasing job for under 21s a good thing?
What about young vulnerable people who don't live with their families for very good reasons?

[Taja123]

I can't say all of it is bad but the burden seems to be carried by those least able to.
I guess I'll have to re look at if I will be able to leave Ab p if support is reduced ti prevent being able to live. I know I will get to a batter place eventually but not everyone can. Target the an users of the systems both welfare and tax, don't blanket denote all welfare recipients as feckless/work shy .

[claig]

'Why cut corporation tax? I don't get why you would want to do this.'

Reward business, incentivise business. Encourages more effort and investment and increases business activitye.

[sliceofsoup]

It's not a big deal to increase an aspirational, non-statutory wage level is it?

The National Living Wage he has introduced is compulsory and will apply to people over 25.

It is not aspirational, it is real, and is coming in in April. It will start at £7.20 and rise to £9 by 2020.

IDS did a little dance.

I greatly dislike the tories. But that budget surprised me.

Child benefit is untouched, tax credits are being cut, but we knew they would be. And the cut on support for 3rd and subsequent children will only affect children born after April 2017.

[claig]

'Does that mean you only pay 40% tax on what you earn over £43000?'

Yes

[NickiFury]

It wasn't as bad as it could have been.

[HeadDreamer]

'Does that mean you only pay 40% tax on what you earn over £43000?'

It's always been. Otherwise you'll get a stair effect, where people earning £43001 takes home significantly less than those at £42999.

And it's not actually £43k. This is the amount after salary sacrifices like childcare vouchers and pensions. I earn more than that and am still a lower rate tax payer under the current rate.

[sliceofsoup]

Also, why is stopping grants for the most underprivileged students had ceasing job for under 21s a good thing?

I am not sure either of those things are a good thing.

However, the grants are being converted into loans, so the support is still there, but it will be paid back with the other maintenance loan and tuition fee loan. Yes it is more debt, but as with the existing loans, repayment does not start until graduates are earning over £21k per year. I think he said he was increasing the maximum loan amount available too.

Cutting HB for under 21s is a dangerous move IMO. The young people claiming this are more than likely needing to because of very difficult circumstances at home. I can only see numbers of young homeless people rising.

[MadisonMontgomery]

I think it's great. Well done George Osbourne! Still very glad I voted Tory.

[Baddz]

Ok.
I'm a bit dense.
So....
If someone currently earns £49k and pays 40% tax
How much better off will they be under the new rules? If at all?
Also...wasn't the non Dom idea ed millibands!?