What Gideon the pidgeon forgot to mention
The budget has been delivered, and as usual the devil is in the detail. Now experts and politicos will be delving into the small print to find out all of the little changes and measures that George Osborne didn’t dwell on- those stings in the tail that will be causing the government trouble in the next few days. Here, we will be bringing them to you as they become apparent.
- The plans announced in the budget today are set to hit pensioners hard as the government pockets £1.2 billion by freezing age-related tax allowances. Freezing the personal tax allowance means a tax rise by the back door for around 150,000 pensioners who could face having to work longer with another review of the pension age – whilst Osborne drops the top rate of tax by 5%.
- The tax hike was presented as a “tax simplification” by Osborne – but experts quickly spotted the extra burden for some of the nation’s most vulnerable.
- The average family with children will lose £253 per year as a result of the measures contained in the budget- with the average household income reduced by 1% – but by2% for the poorest 20% of the population.
- Around 14,000 British millionaires will keep getting richer, paying £40,000 less in taxes each year as a result of the 5% tax cut given to them by the Chancellor.
- The OBR say that cutting the 50p tax rate will do nothing for the economy, making “no … material adjustments to the economy forecast”.
- The basic rate of tax threshold will fall from £34,370 to £32,245 between 2013 and 2014, hitting the squeezed middle once again, as the richest have their tax bills cut.
- 200,000 – 300,000 more people will start paying a higher rate of tax, with the threshold starting at £41,450.
- Following the budget, the OBR have dropped their forecast for business investmentthis year from 7.7% to just 0.7%.
- The OBR have also increased their forecast for public sector job cuts up by 20,000 to 730,000.
- The fact he has no balls and wants to keep all his friends and donors happy, especially the ones that could give him a job when he loses his.
- The fact Clegg has once again U-turned , this is what he said just a few months ago about the 50p rate:”I do not believe that the priority at a time like…[this]…is to give a tax cut to a tiny, tiny number of people who are much, much better off than anybody else.”
- Ed Nasalband actually said something right for a change.
” The poor will only work harder by making them poorer.And the rich will only work harder by making them richer.
Out of touch.
Same old Tories.”