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!

Why should parents be responsible for their working adult children?

And how on Earth are young people on low wages supposed to save enough money to pay a deposit on a flat?

I think the ageism in the budget is shocking

You could work full time, rent a flat, run your own household from 18-23 and then get made redundant and be living on the street with no recourse to public assistance

Not to mention having got paid less for those 5 years than adults older than you

Absolutely shocking this infantilisation of people old enough to have families, contribute to the economy and fight for their country in the military

special
LLPs are Limited Liability Partnerships and the offshore ones are why London is the Money Laundering capital of the world.
No other country allows what London does.

I do hope that all of the gloaters on here with nice big investment posts (yeah Claig that includes you)
have seen the tax rise they face on their dividend income ....
anything up to a 38% increase
AND pension contributions are capped
AND BTL interest will be capped at 20%

There's no money in the nhs for funding now. A friend of ours is working as a technician but can't qualify as a paramedic as he can't afford to do a degree and the nhs can't afford to help him. I'm going to look into things but my dd had it all sorted, had investigated everything including grants.

Laurie is spot on

Sister, yes unless you earn less than the new threshold you will see a reduction.instead of capping the top end they moved the bottom so everyone will have a cut.

We face a country where adults will be living with their parents for approx 10 years longer than they used to.

The current London living wage is £9.15, I think so to raise it to £9 in 2020 is pretty meaningless.

Also, the increase still won't off set the reduction in tax credits for certain families.

I agree, brilliant budget. Let's hope this deals with some of the people I know who refuse overtime because they would then get less in tax credits, and the two people I know who have deliberately reduced their hours so that they could claim tax credits.....well done George.
student loans not grants...yes!
corporation tax lowered ....yes!
tax credits reduced to 2 kids...yes!....don't have them if you can't afford them.
pensioner benefits protected...yes!
opening the champagne now.

Well I've got another 1% pay rise over the next four years. That's nearly a decade on the same wage. Whoop whoop.

We face a country where adults will be living with their parents for approx 10 years longer than they used to

But going back before then it was normal for three generations of a family to live together. That wasn't altogether bad - it meant care was available within the home for children and the elderly.

I am worried sick after this budget. DH is a civil servant earning 16k. By 2019 there will have been almost 10 years of only 1% pay rises for him yet no one seems to have realised this applies to low paid workers as well. So this budget for has meant a pay cut in real terms for almost a decade.

Sallying so you're suggesting it's an acceptable state of affairs that adults under 25 get paid less and can't support themselves?

Duplo, it is not a cut...inflation is less than 1% And if you are not happy with £16K then can you get a job. Plenty of couples now where both work.

I agree with the cuts. For too long people on benefits received more than many in work....working people have been subsidising those on benefit. I travel around the country a lot and have seen many job vacancies...notices on shop doors asking for staff...there are jobs out there but many on benefit don't want to work. I visit family near Liverpool and meet plenty of people who have, and expect a comfortable life on benefits.

It's a vicious budget for the working poor.

And students from poor backgrounds.

And certain disabled groups.

And large low-income families.

Other than that it's fine.

Oh yes, and young people without families. They're a bit shafted. But they probably won't vote anyway.

I have 2 disabled children and do work despite the fact if i gave up I could claims more tax credits and carers allowance. Inflation may be low now but no-one knows what it will be over the next 4 years

Long jumping just sounds like you're bitter. "MY situation means I have to (and am able to) work so everyone else should have to, regardless of individual situation!"

So are the tax credits I am currently receiving for my 2 DC affected?

The working Tax Credit earnings threshold has been slashed. So if you work, you'll lose out.

Lashes, I don't agree plums' post was offensive at all. It just expresses an opinion you very much disagree with. Which is fine. But your attacks aren't.

It's making the rich richer and poor poorer, as always under right-wing governments. Unless you're in the top 10% by wealth, you'll be handing cash to those who are, before you know it!
People voted for it, so they deserve it!

Poorneglected
Its 1% a year, which is admittedly a lot less than rural inflation, but Public sector staff get DB pensions which are pretty much gone from the private sector.

longjumping
Gotta hope nobody in your bubble relies on dividend income as part of their portfolio
Or that they are micro businesses whose tax bills will rise significantly

Gotta hope that you do not rely on nurseries whose bills will rocket
as will all of the naice fee paying schools who rely on tax credits to top up the TA and support staff wages

I guess SOME people moaning about it are the ones who will have to get off their arses and start thinking how they are going to provide for themselves for a change

Pretty offensive IMHO

coffeeisnectar - you have to go to uni to be a paramedic now??!! Sorry to miss the point of the thread but that is ridiculous!

I've posted on another thread that I cannot see why the min wage isn't the same, the only possibility - which Gideon hasn't expressed - being that it might nudge employers to employ more under 25s. That's a long shot though. I think denying housing benefit to young people is awful.

Lashes, the rich always come up with lines like that to make the situation seem fair. That's to say, they're rich because they worked for it, when most didn't! Not in an honest way anyway...
Ignore them L&L.