Budget day, time to take our medicine

Munkey

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Probably one of the more important budgets in recent years.

I think we can expect VAT to jump to 20%
Banks to have a levy placed on them that essentially a token gesture to show the public they're doing something
Massive cuts in transport spending
Cuts in fuel rebates
Cuts..
Tax..
Cuts..

Unemployment is rising along with household debt, government spending will contract which will mean a lot more taken from those of us in work.

Interest rates will likely remain low for years in order to prevent Britain from going bankrupt. The whole situation is a mess and savers will be hammered whilst reckless borrowers get rewarded.

We're at 1.48 vs the $, an amazing price considering our situation. This could be the last chance we have to dump sterling and convert our savings into a more worthwhile currency or commodity.
 

Penners

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Munkey I can't believe you want to drop the £

tut tut tut :)

The yuan is the current currency that's going to rise against the dollar since the pegs have been removed.
 

mozr

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I think you are right, but it sounds like they are going after the welfare system too.

About time.
 

janobi

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I just hope that the cuts and taxes are proportional, and fair. Not just hammering the less well off within the country, who are already struggling due to the financial crisis facing us all.

I personally would like to see an increase in taxes for those earning over £50,000 a year, and also closing of tax loops that many of the rich take advantage of. I have also heard that the rich will be charged for health services and stuff, which I think is an excellent idea, as they would normally go private, then allow them to on the NHS, but the NHS will benefit from these monies, rather than individual doctors.

Big increase in fuel, and alcohol will no doubt insue which will cripple all of us, I await yet another riot of the thatcher 80's.
 

Munkey

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Munkey I can't believe you want to drop the £

tut tut tut :)

The yuan is the current currency that's going to rise against the dollar since the pegs have been removed.

With real interest rates being negative, anyone holding more than a few hundred quid in sterling is a mug, but you know that Penners, thanks for the taunt though :) My allegiance is to money, not to any one currency.

I'd agree mozr, Labour did a sterling job at buying the publics votes through the welfare system, although I must admit had I been a teenage girl with no prospects I'd have let witchy get me up the spout. I probably would have asked for a fully loaded Winabago from Coatbridge council.

So far as the cuts being proportional goes, there is practically no difference in the lifestyles of the rich or poor. They all wear Louis bloody Vitton..
 

janobi

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With real interest rates being negative, anyone holding more than a few hundred quid in sterling is a mug, but you know that Penners, thanks for the taunt though :) My allegiance is to money, not to any one currency.

I'd agree mozr, Labour did a sterling job at buying the publics votes through the welfare system, although I must admit had I been a teenage girl with no prospects I'd have let witchy get me up the spout. I probably would have asked for a fully loaded Winabago from Coatbridge council.

So far as the cuts being proportional goes, there is practically no difference in the lifestyles of the rich or poor. They all wear Louis bloody Vitton..

Yeah but the chavs get theirs from down the local market and they are fake. I agree that the welfare system needs to be reviewed, again the support offered to single young pregnant females is a joke, as is the support offered to drug users, with regards to housing. I cannot get a flat or house due to the restrictions placed due to pregnant young drug riddled girls, or just drug riddled people. Instead I have to pay exorbotant amounts in privately renting, to allow me to have my own space.

There is so much wrong with this country, that I dont any party can sort out the problems that we are currently facing. The welfare system is a joke, and needs to be overhauled immediately. As does the tax system, the expenses of the MPs amongst other things. Trident can be placed on hold for 10 years saving us several billion pounds, surely this is a saving that must be made.
 

witchy

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I'd have let witchy get me up the spout.

Aye, instead of making me where those stupid fecking condoms. :(

I probably would have asked for a fully loaded Winabago from Coatbridge council.

Just the one?

Yah, Cider isn't going up, I can spend next weeks Giro on a crate of Merrydown and a slab of Tennents Super.
 
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earwig999

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I personally would like to see an increase in taxes for those earning over £50,000 a year, and also closing of tax loops that many of the rich take advantage of. I have also heard that the rich will be charged for health services and stuff, which I think is an excellent idea, as they would normally go private

The problem is currently if you earn or have a combined income of over £34k per year you are classed as rich, which in todays times is not rich.

Why is it that the people that pay taxes into the sytem, then have to pay again for healthcare ie. prescriptions, yet people that don't work and put in to the system are able to take things for FREE?

I pay my income tax into the system but others on the street pay nothing in yet get given everything by the government. I hope this changes.

You should have a fund set aside for healthcare that you pay into and use it as and when required, but if you don't contribute into the pot you can't take any out.
 

Bracket

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May be controversial to say but my opinion on this one:

:: Tax credits to be reduced to families earning over £40,000 next year

Personally I think that is still way too high,it should have been capped at £30,000

Anyone who earns £40,000 a year shouldn't be needing Government tax credits in the 1st place.

I'm bringing up two kids,I work full time with only my wage coming in the house. The tax benefits are the only benefit I receive but I'd like to see some of these high earners live on my yearly wage and then they would realise how needed our tax credits are compared to their own.
 
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Munkey

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Trident can be placed on hold for 10 years saving us several billion pounds, surely this is a saving that must be made.

I personally would like to see an increase in taxes for those earning over £50,000 a year, and also closing of tax loops that many of the rich take advantage of.

I'd keep Trident, the ability to blow up the world at only £100B is rather cheap IMO.

£50k isn't a lot of money and taxing those who decide to work hard and make a life for themselves is wrong. I don't want to give more of my hard earned cash to some ponce who can't be asked to work, or some slag who gets pregnant and therefore earns the right to live next door to me even though she hasn't done a days work in her life. There was a time not too long ago when teenage pregnancy was frowned upon, now it's the norm. Far too many people sponge off the welfare state, it's time the kitty got smaller and not larger, being unemployed is meant to be unpleasant but looking at some of the younger unemployed people these days you'd never know. This was one of the reasons I voted Tory.

So far as closing loopholes, well that's impossible as the rich will always have smart accountants.

Key points for the emergency budget

● Growth for the UK economy predicted to be 1.2 per cent this year, 2.3 per cent for 2011

● Value-added tax to rise by 2.5 percentage points to a rate of 20 per cent from January 4 2011

● A banking levy introduced from January 2011. Tier 1 assets will be exempt from levy which is expected to raise £2bn :(

● Corporation tax to be cut by one point a year over the next four years, taking it to a rate of 24 per cent by 2014-15

● UK’s structural budget deficit should be in balance by 2015-16 :Laugh:

● Unemployment forecast to be 8 per cent of GDP this year, falling to 6.1 per cent by 2015-16 :Laugh:

● Benefits to be linked to the CPI rather than the RPI :)

● Child Benefits frozen for 3 years

● Capital gains tax for higher-rate taxpayers will also rise from 18 per cent to 28 per cent. The £10,100 annual exemption will remain, and lower-income investors will still pay 18 per cent on capital gains beyond this. :FRIGHT:
 

cat123

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All I can say is brace yourselves because this country is heading for years of small growth and high unemployment. The reason they are targeting the welfare system is because they know that thousands more are going to be needing welfare over the next 5 years.

I said it at the time of the election that if the Tories got power they would increase VAT which they have and Mervyn King has also hinted at increasing interest rates.

Every well respected economist has ridiculed the ConDem's plans and backed the Labour plans to stimulated the economy but people chose the ConDem's now it's time for the nasty cuts, rising unemployment and repossessions to begin.

As for the Liberal Democrat's IMO they are finished as a political party, they have blatantly sold their soul's for a place in government. Never trust a Liberal Democrat! :Angryfire
 

Munkey

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I said it at the time of the election that if the Tories got power they would increase VAT which they have and Mervyn King has also hinted at increasing interest rates.

Personally I doubt it. We practice keynesian economics which means low interest rate environment for at least another 3-5 years. Borrowing is 5% over base so we could see max interest rate rises of 3% which would in effect be 8% for borrowers and appx 0% for savers.

I'd be going all in on anything that loves low interest rates right now.

Cheers fudgie, I'll have a read of that tonight.
 

tornadojay

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benefits good maybe the ones that should not be here will go home fat chance but atleast they cant rent a house for 3000 a month now i feel sorry for the ones that cant find work jobs r not easy to find now
 

K

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WOW i cant believe the moaners arent whinin about fags/booze and petrol staying at the current rate...

TBH the only thing that will hit me is the extra vat :)

Cheers cons.. :) happy days..
 

cat123

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Personally I doubt it. We practice keynesian economics which means low interest rate environment for at least another 3-5 years. Borrowing is 5% over base so we could see max interest rate rises of 3% which would in effect be 8% for borrowers and appx 0% for savers.

I'd be going all in on anything that loves low interest rates right now.

Cheers fudgie, I'll have a read of that tonight.

Why would he be giving interviews hinting at interest rate rises? I really do fear the worst for the next 5 years. Good luck to everyone I hope most can weather the storm without it hampering there life too much, it's the people who are at risk of losing their homes and jobs who didn't create this crisis that I have most sympathy with.
 

elniro

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The VAT rise is a joke...17.5% was bad enough but a whole 5th of the good value in tax? Come off it.
How will this benefit the economy? All this does is screw everyone over, cos people's pay sure as hell aint gonna rise to keep up with this.

We get taxed the crap out of, is it right that we are the most taxed people in the world?
People in other countries would have rioted by now lol...revolution anyone?
 

Munkey

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Why would he be giving interviews hinting at interest rate rises? I really do fear the worst for the next 5 years. Good luck to everyone I hope most can weather the storm without it hampering there life too much, it's the people who are at risk of losing their homes and jobs who didn't create this crisis that I have most sympathy with.

Lets face it, real interest rates have nothing to do with what the government decides, it's the banks that make the key decisions. Interest rates are at 0.5% set by the BoE but banks only offer that rate to savers whilst borrowers pay 5% over. Osborne can say what he likes as the banks will offer rates that suit them and not the chancellor of the BoE.

Hell even Northern Rock are offering around 1% and they are owned by us.
 

witchy

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Lets face it, real interest rates have nothing to do with what the government decides, it's the banks that make the key decisions. Interest rates are at 0.5% set by the BoE but banks only offer that rate to savers whilst borrowers pay 5% over. Osborne can say what he likes as the banks will offer rates that suit them and not the chancellor of the BoE.

Hell even Northern Rock are offering around 1% and they are owned by us.

Munkey, you have got to be DW's biggest money nerd.

You're forever talking about interest rates and stuff like that. I'm impressed.

I don't know what any of it means. :err:
 
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