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The Budget 2014

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Key points of Budget 2014: At-a-glance

 

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Here are the key points of Chancellor George Osborne's Budget.

 

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Taxation

Point at which people start paying income tax will be raised to £10,500

Bingo duty will be halved to 10%

Threshold for 40p income tax to rise from £41,450 to £41,865 next month and by a further 1% to £42,285 next year

Inheritance tax waived for members of emergency services who give their lives in job

Tax on homes owned through a company to be extended from residential properties worth more than £2m to those worth more than £500,000

All long-haul flights to carry lower rate of air duty currently charged on flights to US

 

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Savings/Pensions

Cash and shares Isas to be merged into single New Isa with annual tax-free savings limit of £15,000 from 1 July

The 10p tax rate for savers abolished

All tax restrictions on pensioners' access to their pension pots to be removed, ending the requirement to buy an annuity

Increase total pension savings people can take as a lump sum to £30,000

 

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Fuel, Alcohol and Tobacco

Beer duty cut by 1p a pint

Duty on ordinary cider frozen

Fuel duty rise planned for September will not happen

Tobacco duty to rise by 2% above inflation

 

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State of the economy

GDP forecast to grow by 2.7% this year and 2.3% next year, then by 2.6% in 2016 and 2017 and by 2.5% in 2018

 

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Coinage

Twelve-sided £1 coin to be introduced in 2017

 

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Welfare cap

Budget to be capped at £119bn for 2015-16

 

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Inflation

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Public borrowing/deficit

Deficit forecast to be 6.6% of GDP this year, 5.5% in 2014-15 then falling to 0.8% by 2017-18 with a surplus of 0.2% in 2018-19

Borrowing forecast to be £108bn this year and £95bn next year, leading to a surplus of almost £5bn in 2018-19

A new charter for budget responsibility to be brought in this autumn

Promises to make permanent £1bn reduction in government department overspends

 

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Business

Lending for exporters doubled to £3bn and interest rates on that lending cut by a third

Business rate discounts and enhanced capital allowances in enterprise zones extended for three years

 

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Housing/infrastructure

Help to Buy equity loan scheme extended to 2020

Support for building of more than 200,000 new homes

£270m guarantee for Mersey Gateway bridge

Legislation to give Welsh government tax and borrowing powers to fund infrastructure needs, including improvements to M4

£140m extra for flood defence repairs and maintenance

£200m made available to fix potholes

 

 

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Tax on homes owned through a company to be extended from residential properties worth more than £2m to those worth more than £500,000

Cash and shares Isas to be merged into single New Isa with annual tax-free savings limit of £15,000 from 1 July

Fuel duty rise planned for September will not happen

Help to Buy equity loan scheme extended to 2020

:Y: 

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As if

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Not bad

Major political points scored today

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Not bad

Major political points scored today

defo

 

help to buy ext to 2020

 

projected deficit to be in surplus 2018-19

 

borrowing forecasts down 

 

gdp expected to grow

 

so far labour been proved wrong 

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Labour have been proved wrong? 

 

The vast majority of the country give zero fucks about this budget, every positive spin they try and put on their government is null and void when you look at how people are living due to policies they've put in place.

 

You've got people in full time employment still needing subsidisation just to make ends meet, food banks on the increase, people being exploited on zero hours contracts, the decimation of the NHS with morale amongst staff at an all time low all the while they sort out their chums by selling off public services and giving them tax breaks.

 

If the people of this country have an iota of sense between them they'll be out and the next election by a landslide.

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Labour have been proved wrong? 

 

The vast majority of the country give zero f*cks about this budget, every positive spin they try and put on their government is null and void when you look at how people are living due to policies they've put in place.

 

You've got people in full time employment still needing subsidisation just to make ends meet, food banks on the increase, people being exploited on zero hours contracts, the decimation of the NHS with morale amongst staff at an all time low all the while they sort out their chums by selling off public services and giving them tax breaks.

 

If the people of this country have an iota of sense between them they'll be out and the next election by a landslide.

suffer now to prosper later

 

i speculate that with food banks, if more pople know about them - more will use them. 

 

If i could get free food why wouldnt I - in fact i might just find out where my nearest food bank is and fill my fridge.

 

zero hour contracts i agree needs to be abolished

 

the selling off public services i also do not agree with 

 

but the fact that borrowing is decreasing and gdp is increasing when labour suggested that cutting would not result in this- informs me that they have been proved wrong.

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and labour aint winning no election with ed miliband at the helm

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Who is going to prosper from this suffering?

 

The people that are prospering from the actions of this government have never suffered and never will whilst the people being hit the hardest aren't going to benefit today, tomorrow or  in a decade.

 

You can speculate but the facts are that people are struggling financially and are having to resort to food banks. This isn't speculation.

 

It's all well and good banging on about GDP but when it comes at the expense of a significant drop in the quality of life of the vast majority of the population what does it actually matter?

 

It's like people in finance forget how these numbers and calculations relate to actual people.

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Who is going to prosper from this suffering?

 

The people that are prospering from the actions of this government have never suffered and never will whilst the people being hit the hardest aren't going to benefit today, tomorrow or  in a decade.

 

You can speculate but the facts are that people are struggling financially and are having to resort to food banks. This isn't speculation.

 

It's all well and good banging on about GDP but when it comes at the expense of a significant drop in the quality of life of the vast majority of the population what does it actually matter?

 

It's like people in finance forget how these numbers and calculations relate to actual people.

 

What will Labour do differently?

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Both these political parties are rotten to the core

 

Both noncey dodgy fuckers who are dividing this country even more destroying the middle class and the rich getting richer

 

Vote UKIP

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Smh

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Beer and bingo, pmsl

Taking people for afromans

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Beer and bingo, pmsl

Taking people for afromans

Cool story
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Who is going to prosper from this suffering?

 

The people that are prospering from the actions of this government have never suffered and never will whilst the people being hit the hardest aren't going to benefit today, tomorrow or  in a decade.

 

You can speculate but the facts are that people are struggling financially and are having to resort to food banks. This isn't speculation.

 

It's all well and good banging on about GDP but when it comes at the expense of a significant drop in the quality of life of the vast majority of the population what does it actually matter?

 

It's like people in finance forget how these numbers and calculations relate to actual people.

i geuinuely believe that my children will benefit 5-10 years from now ( and thats if the next goverment dont come on and start spending like theres no tomorrow again)

 

look at spain , greece and italy and compare there economic situation to ours 

 

these cuts were needed. As i said suffer now to enjoy later - we (or our parents) were enjoying times when the economy was in boom , spending recklessly, living a high life on credit and enjoying the fruits  of the labour throwing money at everything without looking at the balance sheet.

 

of course quality of life is going to drop significantly in times of austerity but i can bet it would be much worse in the long term if the cuts werent implemented.

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of course quality of life is going to drop significantly in times of austerity

 

 

not for me

 

/

 

a penny off a pint

 

these lot are genuinely so far removed from normal humans that they think a fucking penny is going to win them votes

 

so insulting

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obviously i was speaking in a genreal sense

 

3 years ago i remeber you were complaining  jobless, spending all your days smoking weed after endless searching for employment 

 

now (from what i have gathered) you are doing well for yourself by selling stuff on the net/ becoming a entrepeneur 

 

that tells me you are more conservative than you think 

 

 

/

 

the penny of a pint is very insulting dunno what made them include that in the budget - shouldnt even have bothered

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People being brainwashed to think that we need to lower our living standards while the rich get richer and there profits grow

I can't believe they are getting away with it destroying the middle class and making it a rich vs poor society

How can the people be downgraded but the ultra rich increase there worth and we suffer

It's basic economics and plain to see but people love to think its our fault we used to live better like we don't deserve it and should be scraping by

Those other euro countries fucked up losing there currency and fully intergrating into the EU and look at them now sufffering even worse then us

Under the NWO it was there plan to downgrade your lifestyle and you be happy for it as I stated many years ago on here but people want to point the finger and laugh like its a conspiracy theory, look who is laughing now, they laughing at you for being happy to live like that

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who is laughing and who is happy to live like 'that'

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Did you not post we should suffer now? Why should we suffer?

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nvm

 

Reduced/removed the 55p tax you had to pay on drawing down a lump sum from your pension pot. A lot of people normally use their pension savings to purchase an annuity for a regular yearly income, think they've said they'll look at this closely and implement some change for more transparency, as the insurance companies were making a lot of money on annuities which were giving sub standard returns. But don't see how reducing/removing the 55p tax on draw downs would stop people from purchasing annuities though.

 

As far as the ISAs go, they've increased the tax fee limit to 15k from around 11.3k, so you can pay in an extra 4kish into your ISAs before you lose the tax benefit which I guess is decent, don't get the hype with that, but should be welcome by the middle class.

 

A lot of money to be made for tax advisors working with high net worth individuals now I guess, they haven't really done anything to corporation tax apart from increase Annual Investment Allowance to 500k from 250k, which I guess is a good boost for manufacturers looking to purchase plant & machinery in the next 2 years.

 

One that stunned me the most was the stamp duty land tax on enveloped dwellings (residential houses owned by companies), reducing that threshold will catch a lot of 'middlers' who were doing this to avoid the 4% tax on sale of these dwellings, guess that's where they're looking to make some tax revenue from all the cuts they've had on pensions. Which is weird because about 20 years ago stamp duty made barely any revenue for the crown, and they wanted to scrap it entirely. Funny how it's a big business now. 

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Safe fam

so thats why guys selling annuities are crying, basically redundant.

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Who is going to prosper from this suffering?

 

The people that are prospering from the actions of this government have never suffered and never will whilst the people being hit the hardest aren't going to benefit today, tomorrow or  in a decade.

 

You can speculate but the facts are that people are struggling financially and are having to resort to food banks. This isn't speculation.

 

It's all well and good banging on about GDP but when it comes at the expense of a significant drop in the quality of life of the vast majority of the population what does it actually matter?

 

It's like people in finance forget how these numbers and calculations relate to actual people.

i geuinuely believe that my children will benefit 5-10 years from now ( and thats if the next goverment dont come on and start spending like theres no tomorrow again)

 

look at spain , greece and italy and compare there economic situation to ours 

 

these cuts were needed. As i said suffer now to enjoy later - we (or our parents) were enjoying times when the economy was in boom , spending recklessly, living a high life on credit and enjoying the fruits  of the labour throwing money at everything without looking at the balance sheet.

 

of course quality of life is going to drop significantly in times of austerity but i can bet it would be much worse in the long term if the cuts werent implemented.

 

 

Spain, Greece and Italy all have something in common which was a major contributing factor to their current situation so I don't think they're the best reference points.

 

Benefit how exactly?

 

With a decrease in social mobility, expensive healthcare, an educational system that harks back to the victorian age?

The Tories believe there is a social order that needs to be restored which is largely dependent on the have nots remaining have nots and this is reflected in the policies they've brought into place.

 

Could you explain to me the purpose of threatening people with withholding their welfare unless they work full time hours for global corporations with billions in profits? Or how about the intention of making it so that appealing against unfair dismissal costs anything from £250 to £950 when it was previously free?

 

Every single independent body agreed that the cuts were too deep and too quick but the d*ckhead who's only other previous job was folding towels at Selfridges felt he knew better hence the situation we're in. These man missed every target they outlined when they got into office by a fucking country mile and I'm supposed to be positive because they're on course to meet their revised targets? They can get fucked.

 

They're highly skilled at diminishing people's faith in community to the extent that all anybody gives a fuck about is 'how am I doing?', take 2 minutes to see how the majority of people are doing and what most independent bodies think their policies will mean in the long term and then come back and give me the spiel about the long term good. It's funny that you mentioned you don't agree with them privatising public services but yet you back them when it's central to their whole government,  do you work in finance by any chance?

 

They don't have the nickname of the Nasty Party for no reason.

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if the Tories win the next election I'm giving up on this country

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