Emergency Budget

[techie_tubby]

Well I was impressed with the start of his speach today. Stood up, (and i'm paraphrasing here) but basically said, "I'm not going to bulls*it you, this budget is going to hurt" and fair play to him for that!! Did anyone know that there was a commission set up to look at the UK joining the Euro? Cheeky gits Labour are!!!

Public sector pay freeze for 1-2 years.
OP Bonus raised to £4800.
There will be a review into public sector pay so that top levels will pay no more then 20x the salary of the lower employees, plus a flat £250 pay rise for the lowest paid public sector employees
Inflation to stay at 2%.
State Pension age to rise to 66 earlier then planned.
Finally the tax credits will be sorted out. If you earn more then £40,000 then your benefits will be cut.
Child benefit is being frozen for three years.
Medical tests for disability allowance.
NI threshold up by £21 a week.
Lower small firms tax rate, 20%
Corporation tax being cut by 1% a year for 4 years.
Housing benefit cut to £400 a week for a 4 bed house.
Bank levy being introduced from Jan 2011 (can anyone expand on what this means? I'm not that savvy with financial terms)
VAT up to 20% from Jan 4 2011.
Alcohol, tobacco and fuel tax not being touched plus cider tax being scrapped.
Council tax frozen frozen for a year.
CGT to rise to 28% for higher rate tax payers and to stay at 18% for everyone else
Income Tax personnel allowance to rise by £1000, 880,000 to be taken out of tax altogether as they don't get paid enough.
Pensions earning link restored

Well well well.....what do the goaters think then?

 

[Max Reheat]

Am I right in thinking fuel will still go up because of the VAT rise? Not a financial expert by any stretch of the imagination but on looking at it it doesn't look too bad for your average working man. Could have been a whole lot worse

 

[Cake or Death]

well i have watched and to be honest never really understand what the hell they are on about. But what a bunch of kids. Cant they all just get along and work together. My ideas are better than yours, makes me fecking sick. one of you has to be wrong. How labour have the cheek to say this i do not know DT_Xtremez_25:

The VAT will hurt. I just hope fuel doesnt go up as this impacts on everything. This is the one key thing as far as im concerned. Everything is tied in with fuel product wise. That goes up you tin of beans goes up etc.

Time will tell! DT_Xtremez_40:

 

[alepie]

Am I right in thinking fuel will still go up because of the VAT rise? Not a financial expert by any stretch of the imagination but on looking at it it doesn't look too bad for your average working man. Could have been a whole lot worse

Petrol and Diesel are subject to VAT so the increase will kick in when the rate rises next year. The same applies to booze and fags, it sounds great having no duty increase but VAT will increase the price.

Just wait for the misery of the spending review and the SDSR, what is it he said? Average departmental cuts of 25%?

 

[Radartech]

Just wait for the misery of the spending review and the SDSR, what is it he said? Average departmental cuts of 25%?

He actually stated an average of 25%, but added that the departments under the most strain would have the smallest cuts "like education and defence"

Although that does not really help the fact that Afghanistan has sent the MOD £6BN over budget DT_Xtremez_42:

 

[busby1971]

There must be some small print

There must be some small print

Well that's not too bad and mostly expected, cannot see inflation coming down as when the effect of the current 2.5% rise works out they go an stick another 2.5% on it.

Hopefully there's not a few pains sneeking in like gobdon used to do.

I think that they are inflicting a bit of pain now so they have room for a few pre-election give-a-ways to help them get back in next time

 

[snowball1]

So no pay rise, more VAT, the reduced HTD etc and the SDR upcoming, glad I have less than 2 years to go!

 

[wobbly]

Hmm, so all us public sector bods, who have already been dual traded, had our manpower cut beyond workable limits and spend 4-6 months away in a sh#1thole called the Middle East can just take it up the arrse as normal. Did anyone else see this coming?

 

[Dizzywitch]

For me on a personal level it is hitting a little hard...

They cut the civil service jobs and tell me to go out to work.. I cant do voluntary work for more than 2 hrs nor earn more than £20 a week.. they freeze my F/A and possible cuts to child tax credit... school dinners go and help with uniforms. Dental now is being part paid for too.

They force me to work.ruling now changed to youngest starts school you work.. I have to find a job for more than 16 hrs that will let me have school holidays off... after school clubs and day clubs cost in region of £85 a DAY for TWo kids where I live... so they save no money there.

Im not a lazy person by any means, I help out daily in a funeral home voluntarily and run a home and 3 children and keep tabs on the 2 that old enough to leave home.

I never moan about my money because as a single mum I have plenty to live on £209 a week.. I have two savings accounts and make my money work for me... no designer gear nor nights out.. last trip down the pub was July 2009 so I don't waste my money.

But why force me to work full time and have my children as latch key kids? the eldest two werent and they good kids.

Erm... bit of epic reply for a quickie.... but then I'm a female so its expected haha.... and no, I'm not moaning or owt... I just feel a little sad they are going to make me worse off and use more of your tax payers money to say the kids have to go into clubs after or before school.

Will I do it tho... Like hell... I'm off to college so I can carry on being a mum and helping in the funeral home and get another exam under my belt....

Failing that I make a fab wife if any one is offering

Erm.... think I've finished now.... feel free to delete this post due to it being a load of woman waffle...and yes when I text I never stick to 4 words either !!! ;-)

 

[ZebrasKneecaps]

Does anyone know where you can watch it again???

Just got in from work and wanted to have a look for myself

 

[muttywhitedog]

Obviously not, as the vast majority on here pre-May 6 were trumpeting what a wonderful world a Tory Britain would be.

 

[Dizzywitch]

If you go to BBC news online you should be able to watch video of it on there

 

[vim_fuego]

Obviously not, as the vast majority on here pre-May 6 were trumpeting what a wonderful world a Tory Britain would be.

What choices were they left with? Put your hand on your heart and answer that honestly...

What I think stands out is that for the common man, the man who makes cars on a production line or the man who fills the potholes in the road this banking orientated recession and subsequent borrowing bonanza was absolutely nothing to do with him...This sentiment is the same for us as service people...Most of us are money savvy and look after our funds...we know not to borrow too much and plan for the future...So it does grate when we are asked to pay for bankers greed...and we all know that if the bankers are held responsible and asked to pay then they will just pass the pain onto the punters before they ever consider doing the honourable thing...

I would like to see the banking system ripped apart and rebuilt around the pillars of integrity and responsibilty...I would have liked to see more to do with the banks today.

As an aside when the banks pay back the money joe public loaned them when their greed got the better of them I was under the impression it had to be paid back...A deal of our nations debt would be wiped out if they did...

 

[ZebrasKneecaps]

Cheers Dizzy

I couldn't for the life of me find it on the BBC, I have just come off nights though so i probably wasn't looking properly, but i have found it here if anyone fancies a watch.

Just click on Commons Statements on the top right and its there DT_Xtremez_14:

 

[Max Reheat]

If you hit banks too hard wouldn't they just recoup it in bank fees and higher lending rates hitting the average man on the street anyway?

 

[Realist78]

If you hit banks too hard wouldn't they just recoup it in bank fees and higher lending rates hitting the average man on the street anyway?

That's a big problem. Those fcukers put us in the sh1t we find ourselves in, they should repay the money asap and that would actually sort out most of our deficit. The bankers will always recoup this cost from the personal account holders so what's the difference, their 'behaviour' remains?

 

[Life-Is-Good]

Hopefully there's not a few pains sneeking in like gobdon used to do.

Does anyone know where you can watch it again???

If you want the hot-poop without the waffle check here.

Don't know if I'm looking through honeymoon-period-rose-tinted lenses but I personnally think it's refreshing for a politician to tell it as it is.

The country is fcuked and if it was a business, would've been forced into adminstration ages ago.

I have no interest in what Labour may say about it: they are talking from the vantage point of a mess they helped create but don't have to clean up.

I was actually surprised just how bad it wasn't.

 

[Ex-Splitter and Proud]

I think it could have been a lot worse.

However, the forthcoming Spending Review and SDSR could have a much more drastic effectDT_Xtremez_42:

 

[I`m Ron Burgundy?]

That's a big problem. Those fcukers put us in the sh1t we find ourselves in, they should repay the money asap and that would actually sort out most of our deficit. The bankers will always recoup this cost from the personal account holders so what's the difference, their 'behaviour' remains?

They should be fcuking made to repay the money without raising rates as part of the conditions for having borrowed the money to stop them from going under. I never understood how they have got away with murder - they went grovelling cap in hand to the treasury and are now laughing their butts off while still paying out huge bonuses.... at the end of the day this crisis was largely their fault and we, the little people, are paying for it

 

[muttywhitedog]

IIRC, the Govt were given shares in the banks as part of the conditions for bailing them out. I read somewhere that their 43% shares in Lloyds represented about a 40p per share input. The shares are currently about 60p, which represents approx 50% paper profit on what the Govt put into Lloyds.

Obviously disposing of these shares in one fell swoop will be impossible, but I would expect to see a gradual selling of them as the economy improves and the bank returns to profitability, and the share price recovers to its historical norms.

Hopefully by the end of this parliament, the decision taken by Brown to invest in the banks will have proved to be a shrewd one which has more than trebled the return.