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2 per cent off NI though. That's persuaded me. I can look past the corruption, nepotism, incompetence, financial mismanagement, acceptance of racism, xenophobia, misogyny and discrimination of most kinds, breaking of international laws, suppression of human rights, relaxing of food safety standards, inaction on polluters, support of genocide, undermining of public services, public attacks on our institutions and public servants, promotion of tax havens, ideologically driven austerity, contempt for the peace process in NI, contempt for the regions, constant lies, and the catastroflucks that were Boris Johnson and Liz Truss.
At least we get a few extra quid in our pockets (as long as you ignore the larger sums they've taken out through stealth taxation by freezing income tax thresholds).
Surely after the mess they've made, people aren't going to be bought by such an obvious tactic, are they?
Theoretically it could help, lots of people with 2nd homes are struggling as higher mortgage payments are more than the rent they're receiving, so a lower cgt bill could help them decide to sell these houses ,bringing more houses onto the Market which could lower house costs for everyone. Being in Spain it doesn't affect me but just saying there could be benefits!
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Wealth taxes? Pah! on 14:14 - Mar 6 with 2104 views
Wealth taxes? Pah! on 14:08 - Mar 6 by Daninthecampo
Theoretically it could help, lots of people with 2nd homes are struggling as higher mortgage payments are more than the rent they're receiving, so a lower cgt bill could help them decide to sell these houses ,bringing more houses onto the Market which could lower house costs for everyone. Being in Spain it doesn't affect me but just saying there could be benefits!
In your scenario, if someone is struggling to pay the mortgage on a second home I doubt a 4% difference in the capital gain on that home is going to be the deciding factor on whether they sell it.
SB
Avatar - IC410 - Tadpoles Nebula
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Wealth taxes? Pah! on 14:16 - Mar 6 with 2092 views
Wealth taxes? Pah! on 14:06 - Mar 6 by Swansea_Blue
2 per cent off NI though. That's persuaded me. I can look past the corruption, nepotism, incompetence, financial mismanagement, acceptance of racism, xenophobia, misogyny and discrimination of most kinds, breaking of international laws, suppression of human rights, relaxing of food safety standards, inaction on polluters, support of genocide, undermining of public services, public attacks on our institutions and public servants, promotion of tax havens, ideologically driven austerity, contempt for the peace process in NI, contempt for the regions, constant lies, and the catastroflucks that were Boris Johnson and Liz Truss.
At least we get a few extra quid in our pockets (as long as you ignore the larger sums they've taken out through stealth taxation by freezing income tax thresholds).
Surely after the mess they've made, people aren't going to be bought by such an obvious tactic, are they?
They are scum. It's a pathetic attempt at a bribe and will be paid for with longer waits for appointments and many other critical services.
Wealth taxes? Pah! on 14:06 - Mar 6 by Swansea_Blue
2 per cent off NI though. That's persuaded me. I can look past the corruption, nepotism, incompetence, financial mismanagement, acceptance of racism, xenophobia, misogyny and discrimination of most kinds, breaking of international laws, suppression of human rights, relaxing of food safety standards, inaction on polluters, support of genocide, undermining of public services, public attacks on our institutions and public servants, promotion of tax havens, ideologically driven austerity, contempt for the peace process in NI, contempt for the regions, constant lies, and the catastroflucks that were Boris Johnson and Liz Truss.
At least we get a few extra quid in our pockets (as long as you ignore the larger sums they've taken out through stealth taxation by freezing income tax thresholds).
Surely after the mess they've made, people aren't going to be bought by such an obvious tactic, are they?
2% you say, I'm bought.....
Ade Akinbiyi couldn't hit a cows arse with a banjo...
They are scum. It's a pathetic attempt at a bribe and will be paid for with longer waits for appointments and many other critical services.
They are doing what nearly every government in power does before an election, try to buy votes. You can't blame them as they are in real trouble as their time has come, it's over and they know it.
Just hope the electorate sees the bigger picture. Sadly I don't trust the general public on matters like these but this is the system that we've got.
They are scum. It's a pathetic attempt at a bribe and will be paid for with longer waits for appointments and many other critical services.
This from the BBC.
Jeremy Hunt says public spending is set to rise every year until 2029, and, against some expectations, he will keep the total for departments growing at 1% above inflation per year.
But take into account population growth as well as inflation, and that some areas like health and schools, for example, have protected budgets - and it means other departments may see the equivalent of budgets falling by 15% per head in total by 2029.
Those areas include the likes of prisons, courts, local government services. We don’t have any details on where exactly the axe could fall.
Sure, as the chancellor says, there may be potential efficiency improvements - but these are services already under huge pressure. A thorny issue for whoever is in government after the election.
Jeremy Hunt says public spending is set to rise every year until 2029, and, against some expectations, he will keep the total for departments growing at 1% above inflation per year.
But take into account population growth as well as inflation, and that some areas like health and schools, for example, have protected budgets - and it means other departments may see the equivalent of budgets falling by 15% per head in total by 2029.
Those areas include the likes of prisons, courts, local government services. We don’t have any details on where exactly the axe could fall.
Sure, as the chancellor says, there may be potential efficiency improvements - but these are services already under huge pressure. A thorny issue for whoever is in government after the election.
[Post edited 6 Mar 14:35]
And no doubt this will be the questionable CPI measure of inflation, so in real terms we’ll see a decrease.
Starmer is correct, there’s no imagination here, albeit I’m not sure anybody expected anything inspiring. The Labour green plan would have at least offered some investment, and at £28bn the cost would be offset by GDP growth, therefore wouldn’t even be additional spending.
The Tories financial legacy will been to oversee a record debt to GDP ratio, two sovereign downgrades, crashing Uk gilts and sterling (having to be bailed out by the BoE), Brexit, world beating inflation. Oh yeah, and buying too much index-linked debt compared to our peers and therefore getting us bent over on interest servicing our debt.
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Wealth taxes? Pah! on 15:02 - Mar 6 with 1836 views
Wealth taxes? Pah! on 14:08 - Mar 6 by Daninthecampo
Theoretically it could help, lots of people with 2nd homes are struggling as higher mortgage payments are more than the rent they're receiving, so a lower cgt bill could help them decide to sell these houses ,bringing more houses onto the Market which could lower house costs for everyone. Being in Spain it doesn't affect me but just saying there could be benefits!
I can only see property prices going one way, and that's not down. Once interest rates come down from these levels (which they certainly will over the next couple of years) then a combination of pent up demand, debt 'feeling' cheap again relative to today, increased consumer confidence, and crucially the rich pumping their cash back into assets as savings rates come down will only serve to further drive up the cost of housing.
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Wealth taxes? Pah! on 15:02 - Mar 6 with 1835 views
I wouldn't have thought so because of the polls but this is Faisal Islam's take.
"What we heard today suggests the chancellor and the prime minister are waiting for another OBR forecast and an opportunity for further tax cuts before going to the country.
Interest rates should be lower. Growth should be higher. Real household disposable income is now forecast to return to pre-pandemic levels in the next year. Cuts to energy bills will start to be felt. The Bank of England is expected to have started cutting interest rates too.
Economics do not always drive the politics, but despite the opposition daring the PM to call an election in May, the signals from today suggest it'll be in the autumn."
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Wealth taxes? Pah! on 15:18 - Mar 6 with 1772 views
They are doing what nearly every government in power does before an election, try to buy votes. You can't blame them as they are in real trouble as their time has come, it's over and they know it.
Just hope the electorate sees the bigger picture. Sadly I don't trust the general public on matters like these but this is the system that we've got.
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Wealth taxes? Pah! on 15:25 - Mar 6 with 1748 views
And no doubt this will be the questionable CPI measure of inflation, so in real terms we’ll see a decrease.
Starmer is correct, there’s no imagination here, albeit I’m not sure anybody expected anything inspiring. The Labour green plan would have at least offered some investment, and at £28bn the cost would be offset by GDP growth, therefore wouldn’t even be additional spending.
The Tories financial legacy will been to oversee a record debt to GDP ratio, two sovereign downgrades, crashing Uk gilts and sterling (having to be bailed out by the BoE), Brexit, world beating inflation. Oh yeah, and buying too much index-linked debt compared to our peers and therefore getting us bent over on interest servicing our debt.
Interesting analysis from a former Bank of England policy maker following the Budget, which has a read-across to my post earlier today about the fiscal rules.
"On paper, the Chancellor will just about meet his fiscal rules, and the OBR forecast that the public debt/GDP ratio will fall in five years. But these forecasts rest on fiscal fantasies. They assume that petrol taxes will rise in line with inflation, even though the government has decided against doing that for fourteen consecutive years.
What’s more, they assume that the government will deliver a painful public spending squeeze – with little or no growth in real spending per head in the next few years – even though it lacks any credible plans to achieve this. The government has learnt to game the OBR framework by pencilling in future fiscal restraint without appearing to be serious about delivering it."
And this from someone at PWC suggests he will be a rounding error away from breaking the rules.
"As his starting headroom was limited, he did what most Chancellors are famous for - take with one hand and give with the other - to further fund his tax cuts. The most notable revenue raising measures he announced were around taxing on non-domiciled individuals, tobacco and vaping products, extending the energy profits levy and adjusting the Air Passenger Duty.
On balance though, this means that the Chancellor’s headroom at the end of the fiscal period is very limited and thus is dangerously close to breaking his own rules. The OBR expects around £9 billion of headroom to remain - if fuel duty remains frozen, this would get it down to £4.5 billion, which is virtually a rounding error."
[Post edited 6 Mar 15:30]
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Wealth taxes? Pah! on 15:30 - Mar 6 with 1716 views
I wouldn't have thought so because of the polls but this is Faisal Islam's take.
"What we heard today suggests the chancellor and the prime minister are waiting for another OBR forecast and an opportunity for further tax cuts before going to the country.
Interest rates should be lower. Growth should be higher. Real household disposable income is now forecast to return to pre-pandemic levels in the next year. Cuts to energy bills will start to be felt. The Bank of England is expected to have started cutting interest rates too.
Economics do not always drive the politics, but despite the opposition daring the PM to call an election in May, the signals from today suggest it'll be in the autumn."
There may be a slight easing of rates, but anyone expecting any material improvement before 2025 is probably going to be disappointed. Financial markets have projected a base rate of 4.25pc at the end of this year. Plus don’t forget millions of people will be tied into ‘high’ rates for 2/3/5 years so disposable income is not going to magically increase overnight, much as the government would like.
This is exactly why the BoE has to remain independent so that monetary policy is not manipulated for political gain. In fact in the Truss crisis you had the bizarre situation whereby the BoE and government were effectively working against each other.
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Wealth taxes? Pah! on 15:36 - Mar 6 with 1696 views
There may be a slight easing of rates, but anyone expecting any material improvement before 2025 is probably going to be disappointed. Financial markets have projected a base rate of 4.25pc at the end of this year. Plus don’t forget millions of people will be tied into ‘high’ rates for 2/3/5 years so disposable income is not going to magically increase overnight, much as the government would like.
This is exactly why the BoE has to remain independent so that monetary policy is not manipulated for political gain. In fact in the Truss crisis you had the bizarre situation whereby the BoE and government were effectively working against each other.
But it's the only game in town for them, and they will hope the right wing press (as in 1992) will overturn the odds by trumpeting the tax cuts, and scaring the nation about Labour's tax plans, even though the overall tax burden will be the highest since WW2.
[Post edited 6 Mar 15:39]
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Wealth taxes? Pah! on 15:47 - Mar 6 with 1652 views
But it's the only game in town for them, and they will hope the right wing press (as in 1992) will overturn the odds by trumpeting the tax cuts, and scaring the nation about Labour's tax plans, even though the overall tax burden will be the highest since WW2.
[Post edited 6 Mar 15:39]
This (from the Guardian) is the start of what could be a long election campaign.
Governments don’t like performing U-turns, but for Jeremy Hunt there were two bonuses from lifting two of Labour’s tax plans; it funded his tax cuts, and might force Labour to drop some of its more attractive spending plans.
To emphasis this point, CCHQ has just sent a briefing note to journalists saying Labour must now explain whether it is going to abandon these policies, or find another way of funding them.
The Tories say these are the policies Labour was planning to fund with £1.6bn from the abolition of non-dom status.
More NHS appointments (£1.1bn per year) Breakfast clubs in schools (£186m per year) More NHS equipment (£171m per year) More NHS dental appointments (£111m per year)
And the Tories says these are the policies that Labour plans to fund with £4.9bn from the extension of the windfall tax.
Home insulation programme (£1.32bn a year) Green-related jobs (£500m per year) Setting up GB Energy (£1.66bn a year) Creating a sovereign wealth fund (£1.46bn a year
Labour is holding a briefing this afternoon, so we should get some sort of response then.
The Tories expect to raise more from the abolition of non-dom status than Labour said it expected to raise. But Labour’s version of the extension of the windfall tax is forecast to raise more than the Jeremy Hunt version, which he says will raise £1.5bn by 2029, and so not all the Labour revenue has been spent.
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Wealth taxes? Pah! on 16:07 - Mar 6 with 1602 views
But it's the only game in town for them, and they will hope the right wing press (as in 1992) will overturn the odds by trumpeting the tax cuts, and scaring the nation about Labour's tax plans, even though the overall tax burden will be the highest since WW2.
[Post edited 6 Mar 15:39]
In today’s post received next years tax code. With State Pension increasing next month my tax code has been reduced accordingly.
A timely reminder that the budget does nothing for me. I’m sure I’ve read that Pensioners , as a group, are more likely to vote and more likely to vote Tory. Guess many will have forgotten about this if the Election isn’t until later this year.
Wealth taxes? Pah! on 14:06 - Mar 6 by Swansea_Blue
2 per cent off NI though. That's persuaded me. I can look past the corruption, nepotism, incompetence, financial mismanagement, acceptance of racism, xenophobia, misogyny and discrimination of most kinds, breaking of international laws, suppression of human rights, relaxing of food safety standards, inaction on polluters, support of genocide, undermining of public services, public attacks on our institutions and public servants, promotion of tax havens, ideologically driven austerity, contempt for the peace process in NI, contempt for the regions, constant lies, and the catastroflucks that were Boris Johnson and Liz Truss.
At least we get a few extra quid in our pockets (as long as you ignore the larger sums they've taken out through stealth taxation by freezing income tax thresholds).
Surely after the mess they've made, people aren't going to be bought by such an obvious tactic, are they?
I'd rather some functioning public services than the few quid that will put in my pocket. Now the savings when I sell my property portfolio on the other hand.....kerching!!
"They break our legs and tell us to be grateful when they offer us crutches."
I'd rather some functioning public services than the few quid that will put in my pocket. Now the savings when I sell my property portfolio on the other hand.....kerching!!
What a despicable "budget".
Public services are collapsing and letting everyone down. That costs more in the long run. Crime hurts the economy, court delays hurt the economy, health and mental health hurth the economy etc etc.
So cut them again and drop a tiny bit off tax. But dont focus it on the least well off. Give it to everyone.
Then drop CGT on second homes. The most pointless tax measure imaginable. Its only purpose is to put more money in wealthy pockets. There is no way that such a change would actually change people's decisions on buying or selling a property.
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Wealth taxes? Pah! on 17:19 - Mar 6 with 1446 views
Wealth taxes? Pah! on 16:07 - Mar 6 by Pinewoodblue
In today’s post received next years tax code. With State Pension increasing next month my tax code has been reduced accordingly.
A timely reminder that the budget does nothing for me. I’m sure I’ve read that Pensioners , as a group, are more likely to vote and more likely to vote Tory. Guess many will have forgotten about this if the Election isn’t until later this year.
And the frozen personal allowances do the work of recouping apparent tax cuts.
Following on from my original post, this is an interesting development.
"Jeremy Hunt has promised to voluntarily pay more capital gains tax on his properties so that he does not benefit from a tax cut he introduced.
The chancellor refused to disclose how many houses he owned but said he would pay a higher tax rate on any proceeds from selling his property.
Asked on ITV’s Peston programme on Wednesday night how many houses he had, Hunt said: “These are personal questions.”
When announcing a capital gains tax cut in the budget on Wednesday, Hunt aimed a jibe at Labour’s deputy leader, Angela Rayner, who has faced questions about the sale of her former council house. “I see the deputy leader of the Labour party paying close attention, given her multiple dwellings,” he said.
Hunt cut the rate of capital gains tax paid by higher-rate taxpayers when selling second homes from 28% to 24%.
Asked whether he himself would benefit from this, Hunt told Peston: “In fact I won’t benefit from the CGT change because I took that decision and I have decided that, when it comes to the properties I own, it would be wrong to benefit from a direct decision like that, so I will pay tax at the previous rate.” He confirmed that he would voluntarily pay 28% capital gains tax if he sold one of his properties.
Pressed on why he wouldn’t say how many houses he had when he had joked about the sale of Rayner’s home in the Commons, Hunt said: “I was teasing Angela Rayner. We declare all these things.”
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Wealth taxes? Pah! on 10:28 - Mar 7 with 1116 views
Wealth taxes? Pah! on 16:07 - Mar 6 by Pinewoodblue
In today’s post received next years tax code. With State Pension increasing next month my tax code has been reduced accordingly.
A timely reminder that the budget does nothing for me. I’m sure I’ve read that Pensioners , as a group, are more likely to vote and more likely to vote Tory. Guess many will have forgotten about this if the Election isn’t until later this year.
This from the Guardian emphasises the point you make, and I don't think many pensioners will forget this.
"There is a big group of losers: pensioners, who are already exempt from NI but affected by freezes to income tax thresholds. All 8 million taxpaying pensioners will see their taxes increase, by an average of £1,000 – an £8bn collective hit. This approach is justified with tax cuts focused on working-age employees and the self-employed, who currently pay higher rates of tax than pensioners or landlords, but it is a staggering turnaround from the approach of Conservative governments since 2010, who have generally focused support on pensioners."
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