Trumpo Budget Review.
What budget? I can only describe the first budget from Alistair Darling as blah blah blah…
Looking at the headlines, it seems that creating any positive impact was not a prime objective, the statements where what we all know - that its tough out there and UK PLC is going to get itself into more debt over the next few years.
Headlines:
- The ability to save cash in your ISA increased to £3,600 per person.
- No increase in fuel tax (2p rise was planned in last budget).
- Non Doms now having to pay £30,000 per year to be here.
- Cigarettes up 11p from today.
- Govt Borrowing up to £43bn 2008/9.
- No Stamp Duty for share ownership purchases if below 80% personal ownership.
- 6% above inflation tax rise on booze. (4p a pint, 14p bottle of plonk, Spirtis 55p, Cider3p a pint).
- Corporation tax now at 28% from April 08.
- 70,000 new homes planned with sites already identified.
- Key workers can access shared ownership money such as teachers and nurses.
- Winter fuell allowances up for over 60 from £200 - £250 over 80’s £300 - £400.
- Small Business capital gains tax maintained at 10%.
- Tax disc levies for gas guzzlers of up to £950 for the Chelsea tractors..
Oh, an lots of talk over very very important economic issues such as supermarket carrier bags!
Any comments for the chancellor?
You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.
March 12th, 2008 at 3:37 pm
Yet again the new labour have demonstrated there spineless attitude to the well being of this country,what about the important issues,Immigration,relentless taxation,Education the tax burden on the UK population done through stealth taxation and we still have to borrow £43bn to balance the books we will not only resemble a 3rd world country we will in effect be one, if these Gov ministers where employed in the a real PLC rather than UK PLC the P45s would be on there way
March 12th, 2008 at 3:46 pm
I’m sorry I thought TRUMPO was a financial site, it is clearly becoming a political site.
Come on guys drop the politics and lets all concentrate on the important issues.
March 12th, 2008 at 3:59 pm
Robin - This blog site is for people who wish to let off steam and air their views without judgement, I think the political element and the current hard hitting impact of the financial credit crunch are so closely linked that crossover is inevitable…
The important issues affecting our economy are unfortunately steered by politicians.
Your Democratic Trumpo!
March 12th, 2008 at 4:57 pm
Separate economics and business from politics ? come on get real. This Government continues to show ineptitude in their handling the economy and now people are waking up to the realities of a tax/borrow and spend policies. The tax burden is about to fall heavier upon the business community, just at a time when it is we who need the help. Brown and his cohorts have been very lucky up until now, surely his luck is about to run out. Let the people speak and demand a general election before they mess it up even more.
March 12th, 2008 at 5:00 pm
I used to think that Brown economic policies were a joke, but give the unbelievable level of economic incompetence that is now coming to light and see Darling speaking about the fantastic job they have done…………it’s not funny, it’s sad.
Especially, as I suspect, they [Brown etc] actually, really, believe what they say.
This once Great Nation has never EVER been finacially in such a poor state at this point of the economic cycle
March 12th, 2008 at 5:35 pm
Since the last nine years have been so farcical that if written as a novel, it would have been a “best seller” for holiday reading,let me continue with a solution for those (not just the better off) who enjoy driving “Chelsea tractors” and “gas guzzlers.
Buy a pristine pre 1973 “WO” or “Royce” and not only have eye catching transport, pay no Road Tax whatsoever. The less wealthy amongst us could then convert to LPG. QED !
March 12th, 2008 at 6:15 pm
Biggest headline for business’s was the lowering of Corporation tax from 30 tp 28%. Smallprint states smaller companies get a rise from 19 to 22% !
March 12th, 2008 at 7:26 pm
Note 63 abolishes sideways loss relief for sole traders with non active participants.This wipes out many of the Schemes designed to raise funds for “Green” technology. So much for Mr Brown much publicised championing of this type of investment. It is a wonder the man can sleep in his bed at night.
March 12th, 2008 at 8:14 pm
Fantastic comments; I will now be purchasing “classic car monthly” and forming a new website insomniacbrown.com - you fellow bloggers have lifted my spirits.
Sharp observation on the corporation tax Paul Chitty - more of the same please ladies and gents.
Heartfelt thanks.
March 13th, 2008 at 1:02 am
Well, what did we expect. This government which has introduced over 150 new “stealth” taxes and has an income of £18,500 PER SECOND. Now has to borrow £42,000,000,000 to fund its spending plans. If they were a business they would all be fired for gross incompetence and a lot of them would be in prison for embezzlement and fraud. We are being taxed beyond belief and the desire to do better and work harder is being crushed out of us. No wonder 700 Brits are leaving the UK EVERY DAY! Oh what has become of you my beloved country?
March 13th, 2008 at 3:12 am
Very dull budget. Nothing to get excited about.
The tax on non-domiciles is a bad idea. These people like to avoid tax - that’s why they are here as non-domiciles. Many of them will now leave the UK. They tend to be very wealthy people who spend a bucket-load of money while living in the UK.
When will we get a Chancellor with some balls to increase VAT to 25%, cut income tax, cut government spending and sack all the unnecessary new public sector workers (100,000?) Labour has added to the payroll during its tenure?
March 13th, 2008 at 11:41 am
Feel the same as most other comments no action taken as country spirals into recession.With costs increasing on fuel, food,and virtualy everything else.Where oh where do the goverment get their inflation figures from.I felt like commenting on general election but not sure what there is to replace these goons,
March 13th, 2008 at 1:46 pm
I love budget day…the build up, the excitement - pictures of a leering chancellor holding the dispatch box…..the fact that we all now what’s coming…..
Yet again another parsimonious budget from a chancellor. They leak the details days in advance so we know what’s coming and then BOOM!- Hit us with a real scorchers like carrier bags!!!?? And BIG hikes in the price of small pleasures to combat binge drinking. Like the next time a binge drinker decides to get faceless with a load a rabid mates they’ll worry that it’ll set them back an extra couple of quid? After the first two or three bottles of wine/spirits I think you’ll find financial expediency gets pushed to one side. As usual the majority are penalised for a minority.
Seriously though - somebody needs to actually look at the tax burden -it’s tough enough to make money - but keeping it? Can’t they understand that bleeding people white is not the way to long term health and happiness?
For years I’ve advised people on financial issues -’average’ people don’t have a bean left in their account at the end of the month after paying for essentials like shelter, food and clothing - so much for savings and a pension. No wonder we’re a nation of borrowers on the brink of financial meltdown…
March 13th, 2008 at 2:21 pm
Will the increased duty on beer stop the supermarkets selling beer as a loss leader? Will the pubs and clubs survive? Hopefully the increased duty will compensate for the reduced consumption.