Thread: The Budget 2011 - (22nd March)
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21st Mar 2011, 10:27 AM #1
The Budget 2011 - (22nd March)
well with two days to go untill George Osborne, heaps more misery on us all what are you hoping for are you worried that there could be a futher rise in either tax / NIC or VAT.
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21st Mar 2011, 10:41 AM #2
This is going to be a bit of a blow: http://www.independent.co.uk/news/uk...e-2247764.html
Si xx
I've just got my handcuffs and my truncheon and that's enough.
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21st Mar 2011, 11:15 AM #3
Generally it won't be a bad budget I don't think, as they'll want to make it look as though they are "softening the blow" of the cuts so far. So haven taken everything away, this will be the budget where they give us a few crumbs back and expect thanks.
Si.
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21st Mar 2011, 1:22 PM #4
Frankly they should have shut down the Jersey tax dodge years ago. It may benefit consumers, but it's a despicable practice that's torn the high street a new a-hole.
Ahem.Pity. I have no understanding of the word. It is not registered in my vocabulary bank. EXTERMINATE!
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21st Mar 2011, 1:24 PM #5
I begrudgingly but broadly agree, though as posts on the HMV Thread show, even without the loophole the high street has proved incapable of sensibly setting prices so they don't rip off consumers. So I find it hard to sympathise much.
Si.
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21st Mar 2011, 1:54 PM #6
The supermarkets will keep the prices of new CDs down to £9.99. At least, until their competition is well and truly squashed.
Pity. I have no understanding of the word. It is not registered in my vocabulary bank. EXTERMINATE!
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21st Mar 2011, 2:06 PM #7
I think I'll continue to use Play etc. purely because not only are the prices good but the service is too. I wouldn't mind too much if the prices rose a bit. HMV has gathered bad will from me because of their pricing antics on the high street, so I'd rather use Play on-line than HMV on-line. It's not so much that the prices are HIGH, but that they're inconsistent.
Si.
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21st Mar 2011, 6:31 PM #8Captain Tancredi Guest
I think the online retailers have been preparing for this for a while- I recently ordered two DVDs from Amazon in the same order and one was dispatched from the UK and one from Jersey, purely becuse the price of the second was enough for it to make a difference. What it doesn't do, of course, is increase the consumer's purchasing power, so it's interesting to see that the music and DVD industry seems to be keeping neutral because unit sales will no doubt go down over the next few years unless they cut RRPs to compensate.
Otherwise I think that with local elections due in about six weeks and the measures from the emergency budget last year still kicking in, it should be generally uncontroversial. For the coalition to divide over its first budget would be disastrous for all involved.
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22nd Mar 2011, 1:56 PM #9
Mr Osborne may not have a great deal of room to manouevre in as it turns out: http://www.newstatesman.com/blogs/th...wing-inflation
Si xx
I've just got my handcuffs and my truncheon and that's enough.
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23rd Mar 2011, 1:55 PM #10
The key points of Chancellor George Osborne's Budget on 23 March 2011.
FUEL, CIGARETTE AND ALCOHOL DUTIES
Fuel duty to be cut by 1p per litre from 1800 GMT
Planned 4p per litre rise due in April to be delayed to 2012
Annual fuel duty escalator to be scrapped until 2015
VAT on fuel will not be reduced
No additional changes to alcohol duty rates
Tobacco duty rates up by 2% above inflation, duty regime to be reformed
INCOME TAX
No personal tax increases
Personal tax allowance to rise a further £630 to £8,015 in April 2012
Consultation on long-term plan to merge income tax and National Insurance
50% top rate of tax to remain but review of how much it raises
UK ECONOMY
2011 growth forecast downgraded from 2.1% to 1.7%
2012 forecast also down from 2.6% to 2.5%
Inflation set to remain between 4% and 5% in 2011
BORROWING
Forecast borrowing of £146bn this year, £2.5bn lower than anticipated
Borrowing to fall to £122bn next year, dropping to £29bn by 2015-16
National debt forecast to be 60% of national income this year, up to 71% in 2012
OTHER TAXES AND ALLOWANCES
Council tax to be frozen or reduced this year in every English council
10% discount on inheritance tax for people leaving 10% of estate to charity
Rise in air passenger duty to be frozen this year
Private jet users to pay passenger duty for first time
Levy on so-called "non-doms" up to £50,000 for those resident in the UK for 12 years
Tax avoidance clampdown to raise £1bn this year
Support for families in the south-west of England with water bills
HOUSING
Government-backed shared equity scheme to help 10,000 first-time buyers
HELP FOR BUSINESS
Corporation tax to be cut by 2% in April, not 1% as previously planned
Bank levy to be adjusted so banks do not pay less tax as a result
43 tax reliefs to be scrapped as part of simplification of tax code
£350m of business regulation to be scrapped
No new regulation on firms with fewer than 10 staff for three years
Business rate relief holiday for small firms extended for another year
New rules to require planners to prioritise growth and jobs
£100m funding for science facilities
21 "enterprise zones" to be launched, backed by tax incentives
JOBS AND SKILLS
Funding for 12 further university technical colleges
40,000 new apprenticeships for young people out of work
Funding for 100,000 work experience placements
PENSIONS
Accepts Hutton review of reform of public sector pension contributions
Long-term aim for £140 a week flat-rate state pension - not to apply to current pensioners
TRANSPORT
£100m for repairing potholes in England
£200m support for regional railways in England
GREEN MEASURES
£2bn extra funding for Green Investment Bank - to launch in 2012The Institute for Fiscal Studies calculates that measures due to come into place in April 2011 will be equivalent to a loss of £200 per household on average, however that figure rises to £480 per household if the January rise in VAT is included
Si xx
I've just got my handcuffs and my truncheon and that's enough.
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23rd Mar 2011, 2:56 PM #11Inflation set to remain between 4% and 5% in 2011
Nothing at all there to stop us being fleeced by the power companies.
Si.
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23rd Mar 2011, 3:24 PM #12
well the tax threshold for low income people going up to £8000, by April 2012. was good news although I feel this is more to keep the Lib/Dems happy rather than the Consevratives wanting to do it.
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23rd Mar 2011, 3:25 PM #13
Yeah, we'll get about £45 a year back. Woo.
Si xx
I've just got my handcuffs and my truncheon and that's enough.
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23rd Mar 2011, 5:49 PM #14
The tax threshold is a nonsense if you ask me. I've done three months bar work in the last year, and I paid tax on it. When do I get this back? Knowing I might get it back a year later doesn't help me pay my bills or buy food.
How much money is wasted taking tax from people, only to give it back later? Yet another government, and budget, that claims it's going to cut "red tape", ignoring the bleeding obvious.“If my sons did not want wars, there would be none.” - Gutle Schnaper Rothschild
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