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Thread: the new budget details .....

  1. #1
    Ex Vec-C Admin Deztroyer's Avatar
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    Default the new budget details .....

    key points...

    TAX

    From January 4 2011, the main rate of VAT will rise from 17.5% to 20%. Current zero-rated items like children's clothes and magazines will remain exempt.
    Corporation Tax will be cut next year to 27%, and by 1% annually for the next three years, until it reaches 24%. The small companies' tax rate will be cut to 20%.
    The government will help low-spending councils in England to freeze council tax for one year from April 2011.
    Capital Gains Tax remains at 18% for low and middle-income savers but from midnight, higher rate taxpayers will pay 28%.
    UK ECONOMY

    The economy is predicted to grow by 1.2 % this year, 2.3% next year, 2.8% in 2012, 2.9% in 2013 and 2.7% in both 2014 and in 2015.
    The UK is set to miss the previous government's "golden rule" - of borrowing only to invest over the economic cycle - in the current cycle by £485bn.
    Consumer price inflation is expected to reach 2.7% by the end of 2010 before "returning to target in the medium term". The inflation target remains at 2%, as measured by the Consumer Prices Index.
    Unemployment is forecast to peak this year at 8.1% and then fall for each of the next four years, to reach 6.1% in 2015.
    BORROWING

    The structural current deficit "should be in balance" by 2015-16.
    The balance of spending cuts vs tax rises would be 77% to 23%.
    The measures are forecast to result in public sector net borrowing of £149bn this year, £116bn next year, £89bn in 2012-13 and £60bn in 2013-14. Mr Osborne said by 2014-15 borrowing would reach £37bn, falling to £20bn in 2015-16.
    SPENDING

    Mr Osborne said the state now accounted for "almost half" of all national income which was "completely unsustainable".
    He said current expenditure would rise from £637bn in 2010-11 to £711bn in 2015-16, blaming a "rapidly rising bill for debt interest".
    He said his Budget implied further £17bn cuts in departmental spending by 2014/15, unprotected departments face an average real cut of around 25% over four years.
    He said compared with the plans set out by Labour, the government would cut additional current expenditure by £30bn a year by 2014-15.
    There would be no further reductions in capital spending totals in this Budget but "careful choices" would be made about how it was spent. Projects with "a significant economic return to the country" would be prioritised - assessed in the autumn spending review.
    PUBLIC SECTOR PAY

    Public sector workers face a two-year pay freeze, although 1.7 million of those earning less than £21,000 will get a flat pay-rise worth £250 in both years.
    PENSIONS

    The government will accelerate the increase in state pension age to 66.
    BENEFITS

    Child benefit will be frozen for the next three years.
    Tax credits will be reduced for families earning over £40,000 next year.
    From 2011 - except for the state pension and pension credit - benefits, tax credits and public service pensions will rise in line with the Consumer Price Index, rather than the, generally higher, Retail Price Index, saving over £6 billion a year by the end of the Parliament.
    Housing Benefit will be reformed so there is a maximum limit of £400 a week, to save £1.8bn a year by the end of the Parliament.
    The government will introduce a medical assessment for Disability Living Allowance from 2013 for new and existing claimants.
    BUSINESS

    From April 2011, the threshold at which employers start to pay National Insurance will rise by £21 per week, above indexation.
    Tax relief for the video games industry will be scrapped.
    CIGARETTES, ALCOHOL AND FUEL

    No change this time round
    ENVIRONMENT

    BANKS

    A bank levy is being introduced

    0-Large smile ......every time it's driven

  2. #2
    Regular Member gtr1000's Avatar
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    Default

    Quote Originally Posted by deztroyer View Post

    PUBLIC SECTOR PAY

    Public sector workers face a two-year pay freeze, although 1.7 million of those earning less than £21,000 will get a flat pay-rise worth £250 in both years.
    Not what I wanted to hear from Mr Osborne.

  3. #3
    Full Member Big Sig's Avatar
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    Default

    Quote Originally Posted by gtr1000 View Post
    Not what I wanted to hear from Mr Osborne.
    It was always going to happen, I for one am surprised its not a pay cut like in so many private sectors. My missus will not be please either.

    I expected the whole thing to be a lot worse than it is, although I am sure I have missed a lot of the details
    Now I need a turbo to keep up!

  4. #4
    Regular Member Jezzy's Avatar
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    Default

    More VAT. Woohoo!

    D'oh!!!

  5. #5
    Full Member Penfold101's Avatar
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    Default

    There's my new word for the day 'indexation'...

  6. #6
    Regular Member Vectra_C_Chris's Avatar
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    Default

    Heard all about this on sky news yesterday. You guys seem to be in pretty deep. Hope it all works out in the end.

  7. #7
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    Default

    Personally, I think it's ridiculous that Cigs and Alcohol haven't been increased.

    If they became more expensive, people would drink/smoke less, meaning less people in casualty (mainly due to drink on Fri/Sat night) and therefore the NHS would save money.

    It's a win win for the government I just can't understand why they didn't do it.

  8. #8
    Full Member Big Sig's Avatar
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    Default

    Don't forget people, that another 2.5% on VAT is another 3p(ish) per litre on fuel.
    Now I need a turbo to keep up!

  9. #9
    Regular Member Jezzy's Avatar
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    Quote Originally Posted by Gayno View Post
    Personally, I think it's ridiculous that Cigs and Alcohol haven't been increased.

    If they became more expensive, people would drink/smoke less, meaning less people in casualty (mainly due to drink on Fri/Sat night) and therefore the NHS would save money.

    It's a win win for the government I just can't understand why they didn't do it.
    Because they want to be popular and get re-elected. Being popular is often different from doing the right thing.

  10. #10
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    Default

    Good point, shame really.

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