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!

OK don't drink..let's wait and see.

The reasons you stated are why it's such a gradual removal you see.

In the election before this, several people in my village told me they always voted Tory because it was the party of the small business owner. I wonder how they feel now.

I think Osborne has been very good with the smoke and mirrors - distracting us with one hand and pulling in some crap policies at the same time.

We have posters here complaining that the increased minimum wage is not enough, and others complaining that they can't afford to pay it.

Looks like they have got it about right then :)

talkinpeace - agree.

i'm surprised a conservative government has come down so harshly on small businesses - much higher tax bill and higher wages will deter a lot of people from setting up/maintaining small businesses - which have historically been encouraged as a way of generating jobs.

thecountess - not very happy. though i'd still prefer conservative to labour. thankfully we are looking to retire in 6ish years as running a small business is hard work - maybe this will mean we close the business earlier.

sorry pressed return too quickly....still at least i know that my higher tax bill will enable people to have a massive inheritance without paying any tax. that will console me when i'm slogging my guts out and my husband can't live at home due to work!! just shame it we won't benefit us as mother in care home and IL's live in wales

By business of course I meant big business - the others are just a petty bourgeoisie that always gets done over by the rich anyway.

The increase in wage to £9 for over 25s is a mistake. I require 60 hours of childcare to work FT which is a salary of £28k a year based on the new minimum wage. I don't want to be restricted to hiring a young person to look after my DC. So now I have these increased costs I either work less or demand my employer pay me more. Oh and then there is the issue of those making £9/hr who won't see their salaries go up.

Overall it's a terrible budget because it doesn't deal with the elephant in the room which is high living costs. There is no plan to get house prices under control. Also, there is no escaping the fact that as a society there are always going to be people who earn more than others. This isn't a bad thing and taxes are there to redistribute. Looks like they are trying to move away from this which will only end in society being in exactly the same spot as it is today, if not worse off, because of the higher wages.

Seething that the disabled are not being taken care of.

Clearly the Budget has to be looked at as a package, carrying on previous reforms to help businesses.

Under Labour, threatening to put up the Minimum Wage, what did they do pre May 2010 to stimulates the private Sector small, medium and large businesses after the financial/economic crash from 2008 - other than put UP taxes to all, via National Insurance and Fuel Duty - leaving a fat, enlarged, expensive Public Sector, Tax Credits that had gone up from £2 to £30 bil a year and businesses on their knees and left a £153 billion annual budget deficit/government overspend, to fix it all.

The UK economy over 13-years had become a high tax, high welfare/benefits/credits skewed economy away from the tax PAYING private sector, where for many it did not pay to work, as 3 million new citizens came HERE to DO the work - and all that would have stayed the same without reforms.

From 2010, as the Coalition was lowering taxes to businesses and citizens experiencing 'real' earnings falls from 2008, all you got from Labour was a continuation anti business rhetoric scaring them all shitless not to invest/hire any more from May this year - and promises to go back to policies of the 2000s and the class wars of the 1970's that caused old and current problems to businesses.

Those who think of businesses as the largest 100 in the FTSE, assuming the Conservative's 'look after their mates' are deluded, as ask the many tens of thousands of High Street shops that closed since late 2007.

As the EU says we cannot treat EU citizens any different on benefits, how much harder will it be for EU citizens to find work/homes here, as the UK has a better educated workforce, a thriving business sector, and it no longer pays people more to stay at home that have the ABILITY to work?

I'd suggest that if Labour had not took the economy in the direction they did, and instead addressed the problems in society rather than bribing them to keep quiet, some of those problems that gave rise to UKIP and the 5 million UK citizen needing social homes in 2010, would not have manifested themselves.

I'm a single mother of one child. I earn a full time wage. I'd like to point out before Conservative lovers ask, that I don't have a car, or sky TV, or go on 'nights out' - simply because I cannot afford to. I don't claim housing benefit or council tax either. Nevertheless, due to the new tax credit threshold I will be £1,294 a year worse off thanks to the scummy Tories. I have read on this thread a handful of people saying how fair the budget is (basically because it doesn't affect them) and that the loss of tax credits will be made up for in tax cuts and a rise in the minimum wage. I have news for them - this is all lies - just a smokescreen to rob the working class people - social engineering at it's finest! I am already fortunate enough to earn above £9 per hour so the NMW rise will not help me whatsoever (and I doubt it will actually help the lowest earners either, having to wait 5 years for it to come into power when living costs will have risen by then and £9 p/h is no longer a 'living' wage) - and the poxy £80 per year tax cut is nowhere near enough to cover my losses. I'm so bloody angry it is unreal. I absolutely hate the Tories and I wonder how they can sleep at night - because with all the worry I know I can't!

The true extent of the tax credits cuts wont hit home until next April, when they come into force.

Well done George Osborne my arse!

'Stonking budget', tally-ho!!

Your arse could have done a better budget

Yes, and it looks better than Osborne's smug face too.

Under Labour, based on their past clueless economic record and intent on benefits, it would have been the worst of all worlds; continual tax rises to all, more private sector job losses, the annual budget deficit/overspend rising towards £200 bil a year (so National Debt £2 trillion) - while cutting welfare/benefits.

www.dailymail.co.uk/news/article-389284/The-80-tax-rises-Labour.html

“Labour's planned National Insurance increase will cost jobs, Alistair Darling admits”
www.telegraph.co.uk/news/politics/labour/7539343/Labours-planned-National-Insurance-increase-will-cost-jobs-Alistair-Darling-admits.html

“In his evidence, Mr Darling defended his plans to increase national insurance, saying it was necessary to raise extra money to reduce Government borrowing, which will be £167 billion this year.”

October 2013; “Labour will be tougher than Tories on benefits, promises new welfare chief”
www.theguardian.com/politics/2013/oct/12/labour-benefits-tories-labour-rachel-reeves-welfare
“Rachel Reeves vows to cut welfare bill and force long-term jobless to take up work offers or lose state support”

August 2013; “Labour to substantially cut benefits bill if it wins power in 2015”
www.theguardian.com/politics/2013/aug/21/labour-to-cut-benefits-bill-2015

”Labour will cut the benefits bill "quite substantially" and more effectively than the Tories if it wins power in 2015, the shadow work and pensions secretary said on Tuesday”

”Liam Byrne, a Labour frontbencher, said the coalition's welfare reforms were failing to cut costs enough, and called for cross-party talks to "save" some of the government's key schemes.”

Personally I think this is going to be a disaster for us! At first i didn't think it was too bad but now I look further as a couple owning our own small business with 5 children it feels like George Osborne has pinned a picture of us up on his wall and just written a list of ways to make us suffer!

At home I think we will lose what tax credits we do get because it is a small amount anyway (our income last year was £32000 between us if that helps anyone clarify this!)

At work we pay a few minimum wage employees and pay ourselves with dividends. We don't pay much corporation tax anyway as we are small so the increase in wages will be way more than any reductions there.

Basically for home it means that we will be a little worse off not disasterous but enough that our spending will go down (not an economist but surely a vast reduction in spending power for god knows how many people is a bad thing?)

At work it means laying someone off too cover the difference - I know A LOT of small businesses will be doing the same.

Well, we're not under Labour, are we? So I have no idea why you bothered c&p'ing all that, isitme

The IFS responded to the budget today.
Those who think it's a great budget have been hoodwinked by headlines, sadly.
3 million families will be £1000 worse off.
13 million families will be £260 worse off.
The promised £9 living wage by 2020 is mathematically impossible for a huge number of public sector workers who currently earn around £7 and have a 1% pay freeze for the next 4 years.
George Osborne knows this.
He stupidly thinks we won't work it out, probably because he assumes us plebs are too thick.
Wanker.

Re "Basically for home it means that we will be a little worse off not disasterous but enough that our spending will go down (not an economist but surely a vast reduction in spending power for god knows how many people is a bad thing?)"

Remember much of this 'stuff' doesn't come in for a few years and/or only affects new claimants and /or those over 25-years old.

So as the economy continues to grow, employment continues to rise, all salaries having lost real term value since 2008 due to the worst recession in over 8-years rise, there will be more economic growth and money sloshing around.

Under Labour Council Tax went up an average of 110% over 13-years in addition to other taxes hiring over 1 million new government employees e.g. quangos, which on top of massive increases in Welfare/benefits was totally unsustainable by 2010 - and HAD to be rebalanced with 2 million new private sector jobs - so the freezing/lowering of taxes as salaries rise, will help.

www.telegraph.co.uk/news/politics/10574376/Graphic-Britain-outstrips-Europe-on-welfare-spending.html

Stopmithering .... re your numbers, are you aware that there are 54 million (give or take) people in the UK?

64.6 million Isit

Assuming a family has 3-4 people in it, then 3 million families left £1000 worse off, means 9 to 12 million UK citizens most severely directly affected.

And a majority of Brits worse off overall.

IFS numbers, not mine.
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