Close

Results 1 to 16 of 16

Thread: The Budget 2014

  1. #1
    DF Super Moderator Ganty's Avatar
    Join Date
    Jan 2007
    Location
    Leicester
    Posts
    9,414
    Thanks
    1,102
    Thanked:        833
    Karma Level
    1249

    Info The Budget 2014

    (Reuters) - British finance minister George Osborne presented his annual budget statement to parliament on Wednesday.
    Following are highlights from his speech:

    BUSINESS ENERGY BILLS
    "We are going to have a 7 billion pounds package to cut energy bills for British manufacturers - with benefits for families and other businesses too."

    INCOME TAX

    "Next year there will be no income tax at all on the first 10,500 pounds of your salary.
    "Ten and a half thousand pounds tax free. 800 pounds less in tax every year for the typical taxpayer. Our increases in the personal allowance will have lifted over 3 million of the lowest paid out of income tax altogether."

    HELPING SAVERS

    "There is a 10 pence starting rate for income from savings. It is complex to levy and it penalises low-income savers. Today I am abolishing the 10 pence rate for savers altogether.
    "And we will almost double this zero-pence band to cover 5,000 pounds of saving income. One and a half million low- income savers of all ages will benefit.
    "Two thirds of a million pensioners will be helped. "

    PENSIONS:

    "I am announcing today that we will legislate to remove all remaining tax restrictions on how pensioners have access to their pension pots.
    "Pensioners will have complete freedom to draw down as much or as little of their pension pot as they want, anytime they want. No caps. No drawdown limits.
    "Let me be clear. No one will have to buy an annuity."

    TAX RELIEF ON ISAs

    "We will make ISAs simpler by merging the cash and stocks ISAs to create a single New ISA."
    "We are going to make the new ISA more generous by increasing the annual limit to £15,000."
    "£15,000 of savings a year tax free - available from the first of July."

    RAISING TAX THRESHOLDS

    "I can also confirm today that the higher rate threshold will rise for the first time this Parliament, from 41,450 pounds to 41,865 pounds next month, and then by a further 1 percent to 42,285 pounds next year.
    "And because I am also passing the full benefit of today's personal allowance increase on to higher rate taxpayers - people earning 42,000, 43, 50, 60, all the way up to 100,000 pounds will be paying less income tax because of this Budget."

    WHISKY, BEER TAXES

    "Scottish Whisky is a huge British success story. To support that industry, instead of raising duties on whisky and other spirits, I am today going to freeze them.
    "And with some cider makers in the West Country hit hard by the recent weather, I am going to help them by freezing the duty on ordinary cider too.
    "And then there's beer. I know the industry, led so ably by my Honourable Friend for Burton, have been campaigning for a freeze. But beer duty next week will not be frozen. It will be cut again by 1 pence."

    GAMBLING DUTIES

    "Turning to gambling duties.
    "Fixed odds betting terminals have proliferated since gambling laws were liberalised almost a decade ago.
    "These machines are highly lucrative, and therefore it's right we now raise the duty on them to 25 percent. We will also extend the horserace betting levy to bookmakers who are based offshore.
    "And we'll look at wider levy reform and at introducing a ‘racing right' to support the sport."

    SUPPORTING BUSINESS INVESTMENT

    "In 2012 I increased the Annual Investment Allowance ten-fold to 250,000 pounds. This generous allowance was due to expire at the end of this year - and all the business groups have urged me to extend it.
    "So we will. But we'll do more. We're going to double the Investment Allowance to 500,000 pounds, extend it to the end of 2015, and start it next month."

    HIGHER STAMP DUTY FOR CORPORATE HOMES ABOVE 500,000 POUNDS

    "We will expand the tax on residential properties worth over 2 million pounds to those worth more than 500,000 pounds."
    (Homes exceeding 500,000 pounds will now be subject to higher 15 pct stamp duty IF they are bought by a company)

    NORTH SEA OIL/SCOTTISH INDEPENDENCE

    "We will introduce now a new allowance for ultra high pressure, high temperature fields to support billions of pounds of investment, thousands of jobs and a significant proportion of our energy needs.
    "Even with these measures, the North Sea is a mature basin - and the OBR have today revised down the forecast tax receipts by a further 3 billion pounds over the period.
    "The Scottish economy is doing well and jobs are being created.
    "But this is a reminder of how precarious the budget of an independent Scotland would be. These further downgrades in the tax receipts would leave independent Scots with a shortfall of 1,000 pounds per person.
    "Britain is better together."

    LOWER AIR TAX ON LONG-HAUL FLIGHTS

    "From next year, all long-haul flights will carry the same, lower, band B tax rate that you now pay to fly to the United States."

    DOUBLING LENDING TO EXPORTERS

    "Our exports have grown each year and the OBR today forecast rising export growth in the future. But we're starting from a low base and we've got many lost years to catch up.
    "For decades the British government has been the last port of call, when we should be backing British businesses wanting to sell abroad.
    "Today we fundamentally change that. And we're going to start with the finance we provide our exporters. We will double the amount of lending available to 3 billion pounds."

    CLAMPING DOWN ON TAX AVOIDANCE

    "While the vast majority of wealthy people pay their taxes, there is still a small minority who do not. We will now require those who have signed up to disclosed tax avoidance schemes to pay their taxes, like everyone else, up front."

    ON UKRAINE:

    "While for now the OBR do not expect the situation in Ukraine to have a large impact on us, they do warn that an escalation risks higher commodity prices, higher inflation and lower growth."

    SPENDING CUTS IN NEXT PARLIAMENT

    "We must bring our national debt substantially down."
    "Analysis published today shows just running a balanced current budget does not secure that. Instead, Britain needs to run an absolute surplus in good years.
    "So I can confirm that in addition to the cuts this year and next, there will be cuts in the next Parliament too.
    "To lock in our country's commitment to this path of deficit reduction we will seek the support of Parliament in a vote. And I will bring forward a new Charter for Budget Responsibility this autumn."

    SPENDING PLEDGE

    "We are entering a critical phase and we must learn from the past. Every time a post-war government has embarked on public spending cuts, real spending has risen back to its previous heights within three years.
    "And sure enough there are those today who say: ease up, spend more, borrow more. That would mean debt rising towards 100 percent of GDP - undermining growth.
    "It would be a huge mistake and we are not going to let that happen. Many Chancellors, faced with a recovering economy and improved borrowing forecasts before an election, would be tempted to squander the gains.
    "I will not do that today. These gains were hard won by the British people - and we're not going to jeopardise their economic security."

    HOUSE PRICE RISKS

    "I today re-confirm my remit for the Monetary Policy Committee, including the target of 2 percent CPI inflation - which the OBR expect will be met this year, next year and in the years ahead.
    "Although the OBR forecast that house prices will remain below their real-terms peak until at least 2018, I have asked the Committee to be particularly vigilant against the emergence of potential risks in the housing market."

    BORROWING

    "Britain was borrowing 157 billion pounds a year before we came to office. This year we expect to borrow 108 billion pounds. That's 12 billion pounds less than forecast a year ago.
    "In 2014-15 the (OBR) say it will fall to 95 billion pounds. Then it falls again to 75 billion pounds in 2015-16, then 44 billion pounds, then down to 17 billion pounds.
    "In 2018-19 we won't be borrowing at all. We will have a small surplus of almost 5 billion pounds.
    "Taken together, these new figures mean Britain will be borrowing 24 billion pounds less than was forecast."

    ON OBR DEFICIT FORECASTS

    "I can tell the House that the Office for Budget Responsibility have revised down the underlying deficit in every year of their forecast. Before we came to office the deficit was 11 percent.
    "This year they say it will be 6.6 percent - lower than forecast and down a third.
    "Next year, 5.5 percent - down a half.
    "Then it will fall to 4.2 percent, 2.4 percent and reach 0.8 percent in 2017-18. In 2018-19, they are forecasting no deficit at all - instead, at plus 0.2 percent, a small surplus."

    ON OBR GROWTH FORECASTS

    "Today the OBR forecast growth in 2014 of 2.7 percent. That's the biggest upward revision to growth between Budgets for at least 30 years.
    "Growth next year is also revised up to 2.3 percent. Then it's 2.6 percent in 2016 and 2017. And with the output gap closed around a year earlier than previously predicted, growth returns to around its long-term trend, at 2.5 percent in 2018."

    BUDGET DEFICIT

    "The deficit is down by a third. Now in the coming year it will be down by a half. But it is still one of the highest in the world - so today we take further action to bring it down."

    BRITISH RECOVERY

    "I can report today that the economy is continuing to recover - and recovering faster than forecast.
    "But the job is far from done. Our country still borrows too much."

    [Only registered and activated users can see links. ]

    Any good for any of you?

    As an aside, I've come to detest the expression "The squeezed middle". Are you fucking serious? The very terminology is completely illogical. If you are of middle class, you are not squeezed.

    Also, I'm fairly sure the vast majority of people interviewed for news, etc... hve no idea what entering the "Higher rate" tax bracket entails. I'm certain they think all of their income is taxed at 40%. How did they get jobs paying that well in the first place?
    Last edited by Ganty; 19th March 2014 at 07:22 PM. Reason: Formatting

  2. #2
    DF PwNagE Geko's Avatar
    Join Date
    Jun 2001
    Location
    Earth
    Posts
    5,971
    Thanks
    1,175
    Thanked:        1,281
    Karma Level
    601

    Default Re: The Budget 2014

    Quote Originally Posted by Ganty View Post


    As an aside, I've come to detest the expression "The squeezed middle". Are you fucking serious? The very terminology is completely illogical. If you are of middle class, you are not squeezed.

    Also, I'm fairly sure the vast majority of people interviewed for news, etc... hve no idea what entering the "Higher rate" tax bracket entails. I'm certain they think all of their income is taxed at 40%. How did they get jobs paying that well in the first place?
    Middle Income. Not Middle Class. You can also be Middle Class and not earning large amounts. Class doesn't = earnings.

    I earn well.... At the same time, I live in West London. So my money doesn't go very far. I could move, I want to. But... I want to be near my children more, and they live in West London. If they still lived with me, I'd have gone to Qatar. Where they don't worry too much about taxation.

  3. #3
    DF PwNagE Geko's Avatar
    Join Date
    Jun 2001
    Location
    Earth
    Posts
    5,971
    Thanks
    1,175
    Thanked:        1,281
    Karma Level
    601

    Default Re: The Budget 2014

    Just to add... Regardless of my earnings and any potential growth of my salary. I am, and always will be.... Working Class.

  4. #4
    DF VIP Member Rick Sanchez's Avatar
    Join Date
    Dec 2004
    Location
    Shoney's
    Posts
    3,911
    Thanks
    1,343
    Thanked:        394
    Karma Level
    371

    Default Re: The Budget 2014

    All these cuts are great for the countries pocket but where are they going to find the shortfall? Are they going to start taxing the big multinational corporations like Vodafone and Google who avoid billions in taxes
    [Only registered and activated users can see links. ]
    DF Members Receive 25% Off Our Web Hosting Plans. - PM For More Info. - Authorised By Admin.

  5. #5
    DF Super Moderator Over Carl's Avatar
    Join Date
    Apr 2006
    Location
    London
    Posts
    13,193
    Thanks
    4,340
    Thanked:        1,779
    Karma Level
    1321

    Default Re: The Budget 2014

    I only bothered to look at the bit that interests me and that reads quite strangely.

    WHISKY, BEER TAXES

    "Scottish Whisky is a huge British success story. To support that industry, instead of raising duties on whisky and other spirits, I am today going to freeze them.

    They're making loads of money so let's throw loads more money at them instead of helping struggling businesses.

    "And with some cider makers in the West Country hit hard by the recent weather, I am going to help them by freezing the duty on ordinary cider too.

    Erm, the cider industry has recently been [Only registered and activated users can see links. ] so lets cut the crap about weather.

    "And then there's beer. I know the industry, led so ably by my Honourable Friend for Burton, have been campaigning for a freeze. But beer duty next week will not be frozen. It will be cut again by 1 pence."


    So they are openly admitting they don't give a shit about the public they should be serving, it's all about corporate lobbying if you want to get things done.

  6. #6
    DF PwNagE GTI's Avatar
    Join Date
    Aug 2006
    Location
    Switzerland
    Posts
    7,718
    Thanks
    1,579
    Thanked:        2,241
    Karma Level
    1181

    Default Re: The Budget 2014

    Nothing on petrol... thats good innit?

  7. #7
    DF Jedi bbshark's Avatar
    Join Date
    Jul 2001
    Location
    shh im hiding
    Posts
    3,906
    Thanks
    287
    Thanked:        296
    Karma Level
    541

    Default Re: The Budget 2014

    well ive used the bbc budget calc and it reckons im going to be better off by £392. bet it doesnt feel like it.

    [Only registered and activated users can see links. ]
    bbshark. The Member with the first ever DF Fine

    [Only registered and activated users can see links. ]
    [Only registered and activated users can see links. ]

  8. #8
    DF Jedi TIN CAN's Avatar
    Join Date
    Jan 2003
    Location
    UK
    Posts
    4,254
    Thanks
    165
    Thanked:        64
    Karma Level
    542

    Default Re: The Budget 2014

    Haha £190 better off... Wow I feel so much better now Hahaha...... but that doesn't cover all the other things that we will get hit by....

    Sent from my HTC One using Tapatalk
     iPhone 6 baby...
     iMac 24", 2.4Ghz, 500GB, 4GB RAM
     Macbook Pro 2.4Ghz, 250GB, 4GB RAM

  9. #9
    DF Probation Goldberg's Avatar
    Join Date
    Jun 2001
    Location
    Landaaaan!
    Posts
    14,466
    Thanks
    1,333
    Thanked:        1,558
    Karma Level
    1171

    Default Re: The Budget 2014

    £183 better off.. I had best drink more beer to increase the figure.
    Child benefits are funny, I will be £4.15 better off a year. Thanks ...
    We all make mistakes sometimes

  10. #10
    DF PwNagE ant3b's Avatar
    Join Date
    Apr 2004
    Location
    United Kingdom
    Posts
    8,130
    Thanks
    600
    Thanked:        165
    Karma Level
    621

    Default Re: The Budget 2014

    183 better off apparently..... not much at all

  11. #11
    DF VIP Member Bald Bouncer's Avatar
    Join Date
    Jun 2001
    Location
    UK
    Posts
    9,312
    Thanks
    4,289
    Thanked:        5,742
    Karma Level
    1275

    Default Re: The Budget 2014

    Everyone seem to forget the crippling VAT of 20% which has had us all paying an extra 2.5% on most purchases for the last 3 years and the Theatre tax breaks not on that list, something only 5% of the population ever use yet gets masses in grants, benefits and lottery money etc but of course that's 5% of the population not 5% of MP's peers and family.

    From September 2014, theatre productions will qualify for a 20 per cent tax credit while touring productions will gain a 25 per cent relief. The Treasury scheme covers plays and musicals as well as opera, ballet and dance.

    3 Thanks given to Bald Bouncer

    elephantsoup (20th March 2014), Mobileman (20th March 2014), ZX7R (20th March 2014) 


  12. #12
    DF PwNagE Mobileman's Avatar
    Join Date
    Mar 2001
    Location
    No.1 The Toon
    Posts
    6,440
    Thanks
    1,625
    Thanked:        1,050
    Karma Level
    721

    Default The Budget 2014

    £123 better off, food will go up by more than that so prob end up no better off

  13. #13
    DF Super Moderator
    evilsatan's Avatar
    Join Date
    Jul 2004
    Location
    Essex
    Posts
    20,361
    Thanks
    1,194
    Thanked:        3,439
    Karma Level
    1592

    Default Re: The Budget 2014

    The only positive I saw in this was a healthy increase in the ISA so you can earn and save £10,500 tax free and pay income tax but save tax free a further £4500. Not a big deal in the grand scheme of things but allows a large amount to be safeguarded from their greedy hands each year.

    They shouldn't focus on the tax cuts or increases, if focus was shifted to the systems in place and the abuse of said systems then we could plug the larger leaks of public cash and use that instead of VAT increases, fuel and alcohol duty. But all they care about is public image ready for the next election and looking after their pals in the big corporations.


  14. #14
    DF Super Moderator DJ Overdose's Avatar
    Join Date
    Jul 2001
    Location
    On da decks.
    Posts
    10,385
    Thanks
    1,077
    Thanked:        2,466
    Karma Level
    1203

    Default Re: The Budget 2014

    Fuck theatre's....

    Lack of support for new and small businesses will fuck people up. Most regular ppl maybe better of by a few hundred sheets, but at what cost?


    DJ OD
    [Only registered and activated users can see links. ]
    [Only registered and activated users can see links. ]
    [Only registered and activated users can see links. ]

  15. #15
    DF Super Moderator Over Carl's Avatar
    Join Date
    Apr 2006
    Location
    London
    Posts
    13,193
    Thanks
    4,340
    Thanked:        1,779
    Karma Level
    1321

    Default Re: The Budget 2014

    Someone needs to make a calculator that takes tax rates into account, but also considers wage cuts and the real cost of inflation with weightings for commonly used items such as fuel. I'll bet if someone put that together and set it to compare the projected end of this tax year vs pre 2008, it will be easy to show those in power aren't making us better off.

    2 Thanks given to Over Carl

    DJ Overdose (20th March 2014), Mobileman (20th March 2014) 


  16. #16
    DF Admin 4me2's Avatar
    Join Date
    Nov 2000
    Location
    Kent
    Posts
    32,888
    Thanks
    2,038
    Thanked:        2,073
    Karma Level
    2464

    Default Re: The Budget 2014

    The whole thing was a puke inducing act of spin and self promotion of the (untserve ourselves party.

    It was supposed to be a fucking budget not a Party political broadcast.

    Do we also have to have these fucking stupid photo shoots every year of an utter (unt holding up a battered red suitcase as he'd just won the world cup ?

    Thanks to 4me2

    Ashley (22nd March 2014) 


Similar Threads

  1. [World News] Greece sees end of recession in 2014 with new budget
    By 4me2 in forum News & Current Affairs
    Replies: 0
    Last Post: 8th December 2013, 07:28 PM
  2. How much....!!!! New Budget
    By wtaylor in forum The Dog and Duck
    Replies: 26
    Last Post: 14th March 2008, 07:34 PM
  3. £200 Budget Cam
    By stuz in forum Cameras & Photography - Hardware
    Replies: 8
    Last Post: 24th August 2005, 12:03 PM
  4. Budget 8cm 1.4GB DVD-R 25 tub £5.99 ( inc VAT )
    By mummikub in forum Cheapskates Corner
    Replies: 1
    Last Post: 16th April 2005, 10:28 AM

Social Networking Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •