The BUDGET! - Thoughts?

[Saint Andrew]

Chancellor George Osborne.

Before we all get defenses, please keep this clean, don't need this topic to be moderated.

1. The Office of Budget Responsibility expects UK to avoid recession and is revising growth forecast for this year up to 0.8%.
2. Inflation forecast to fall from 2.8% this year to 1.9% next year.
3. Unemployment expected to peak at 8.7% this year.
4. Borrowing forecast to fall from £126 billion this year - £11 billion less than forecast in Autumn Statement - to £21 billion by 2016/17.
5. Cost of operations in Afghanistan to be £2.4 billion less than expected. Extra £100 million to be spent on armed forces accommodation.
6. State pension age to be automatically reviewed to ensure it keeps up with growing longevity.
7. Consultation to be held on offering gilts - Government bonds - with maturity terms of more than 50 years.
8. "Major package of tax changes" to boost oil and gas extraction in North Sea, and £3 billion new field allowance west of Shetland.
9. Tax credits for video games, animation and TV production in the UK.
10. Funding for faster broadband in UK's 10 largest cities.
11. Legislation for relaxed Sunday trading laws on eight Sundays during Olympics and Paralympics, starting July 22.
12. Reform of tax system for small firms and review of VAT.
13. Simplification of tax system for pensioners.
14. Single-tier state pension to be introduced - estimated to be £140.
15. Personal tax statement will explain how taxation is spent.
16. Headline rate of corporation tax to be cut further from next month by one percentage point - to 24%. Future cuts to go ahead as planned.
17. Bank levy to be increased to 0.105% from next January, raising £2.5 billion a year.
18. No change in alcohol duty.
19. Duty on all tobacco products to rise by 5% above inflation from 6pm tonight - 37p on a packet of cigarettes.
20. New duty on gaming machines.
21. Changes to taxation on gambling firms, imposing tax at the place of consumption to discourage online gambling moving offshore.
22. Fair fuel stabiliser means above-inflation rises in fuel duty will return only if price of oil falls below £45 a barrel.
23. Vehicle excise duty to rise by rate of inflation. Duty frozen for road hauliers.
24. Government to consult on anti-tax evasion rules.
25. Stamp duty charge on properties above £2 million through a company to rise immediately to 15%.
26. Stamp duty rate of 7% on properties worth more than £2 million.
27. 50p tax rate raised £1 billion - a third of the amount forecast.
28. Top rate to be reduced from 50p to 45p from April 2013.
29. Changes to taxation mean the Treasury will receive "five times more money each and every year from the wealthiest in our society".
30. Child benefit to be reduced incrementally when one member of household earns more than £50,000. Child benefit will be removed completely at £60,000.
31. Personal tax allowances to rise by £1,100 from next April. Tax-free allowance to rise to £9,205, making 24 million people £220 a year better off.

[Chadsaw]

Easier said/written than done. American comes up with brilliant plans like this, yet still ends up going over their budget like 5 months into the economic year. But then again, American politics are retarded.

 

Looks interesting though.

[Saint Andrew]

Easier said/written than done. American comes up with brilliant plans like this, yet still ends up going over their budget like 5 months into the economic year. But then again, American politics are retarded.

 

Looks interesting though.

 

 

Couldn't have said it better. :thumbsup:

 

It's just a shame nothing is still being done for 16 - 24 years unemployed (General). I'm extremely happy about the Tax-free allowance to rise to £9,205. I think the rails and the duty on gaming (Broadband, etc..) are a waste of money, could be found for better. Alcohol also needs an increase, costing the NHS Millions.

 

I'm not sure why Labour are so dedicated for everyone to pay tax equal. The poor can't afford to keep paying, making them worse off. Taxing the rich is the only way we'll get this debt gone. Although, the 5x more tax for the rich (£100,00 +) expected to be paying is a little traumatic in general.

 

It's been good, I think he's done a good job overall.

[AndyIbeat]

growth forecast will shrink as the year goes on.

[-Joey-]

U.S Government is corrupt end of story.

[Chadsaw]

U.S Government is corrupt end of story.

You are close minded if you think its corrupt. They are not, they are just to busy fighting among themselves to get anything done. Politics are now just a tear down of an opposing candidate, rather than a mediator of our Nation.

[`Pure]

U.S Government is corrupt end of story.

ya let the soviet union rise again brother!

[Azrael]

U.S Government is corrupt end of story.

ya let the soviet union rise again brother!

YEAH BUDDY!

[Brooks Ltd]

U.S Government is corrupt end of story.

You are close minded if you think its corrupt. They are not, they are just to busy fighting among themselves to get anything done. Politics are now just a tear down of an opposing candidate, rather than a mediator of our Nation.

Exactly.

[Saint Andrew]

U.S Government is corrupt end of story.

You are close minded if you think its corrupt. They are not, they are just to busy fighting among themselves to get anything done. Politics are now just a tear down of an opposing candidate, rather than a mediator of our Nation.

Exactly.

 

 

Amazes me how off-topic we got and somehow U.S is involved. Your Politics are complete different to ours, as your parties oppose candidates on who to run, ours work as a team.

[Nippon]

Interesting. I don't know UK economy well enough and don't have the time or interest to study the budget in detail, but it looks rather promising. The real GDP growth forecast is, curiously, the same as here in Finland for the next year, modest but quite realistic IMO.

 

Not knowing much about your budget, I'll have to go off topic here ^_^

 

U.S Government is corrupt end of story.

You are close minded if you think its corrupt. They are not, they are just to busy fighting among themselves to get anything done. Politics are now just a tear down of an opposing candidate, rather than a mediator of our Nation.

 

Honestly, I think your nation has just as bad a government as it deserves. It's completely beyond me how you can pretend to be a parlamentary republic (or, even more disturbingly, a democracy!) with two ruling parties and such a one-sided (or, in some cases, heavily polarized) political field.

 

As for UK, this news gave me the chills and made the ground tumble as Orwell rolled over in his grave.

Revealed: government plans for police privatisation

 

How on earth could anyone in their right minds support this? You are going to hand over the right to detain and harm you or anyone around you to firms, whose only responsibility is to make profit for their shareholders! On top of that, your nation is already the most surveilled among the post-industrial countries. I could never accept some of the laws that your government is passing.

 

"They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety." -Benjamin Franklin

[Father Justin]

U.S Government is corrupt end of story.

ya let the soviet union rise again brother!

YEAH BUDDY!

WTF LMFAO

[Chadsaw]

@Nippon

 

In no way do I support American politics, I just happen to live here... -_-

[Ghostlyboy69]

America..

[Going Pking3]

As for UK, this news gave me the chills and made the ground tumble as Orwell rolled over in his grave.

1984? Great novel, if anyone actually reads on these boards, I recommend it.

[CorruptPure]

nahhhhh

[Hugh]

BBC: Chancellor George Osborne says UK economic recovery is "on track"

 

What he didn't say is that it's soundly tied down and the train is due any minute.

[AndyIbeat]

BBC: Chancellor George Osborne says UK economic recovery is "on track"

 

What he didn't say is that it's soundly tied down and the train is due any minute.

 

lmfao

[Saint Andrew]

BBC: Chancellor George Osborne says UK economic recovery is "on track"

 

What he didn't say is that it's soundly tied down and the train is due any minute.

 

 

LOL! :thumbsup:

[Haf1a]

I actually think Uk economy might slowly come back unless Iran gets bombed lol