*** The 2017 Budget *** Official Matchday thread

[LamieRobertson]

Well 2% extra NI by 2019, same as income tax up 2% really. About £700 a year for a £45k earner, £300 a year for a £25k earner. Hammond needs to build the Brexit slush fund incase the £350m / week doesn't come off!!!

Breaks a manifesto pledge..quell surprise ..not!

 

[nicko31]

Very little relief on business rates, £1000 for pubs with less than £100k rateable value. Meanwhile the nations public schools still a bit fat ZERO business rates

 

[beorhthelm]

£70bn of tax cuts over the next 5 years for those who need them the least.

honestly dont know where Corbyn finds £70bn cuts from, i didnt see any explicit tax cuts though maybe they found some in the detail. does this include the increases in basic and higher rate tax allowances?

 

[heathgate]

In the aftermath on the BBC... even the notoriously anti-Tory, champagne socialist Laura Keunsberg couldn't deliver her usual negative spin.....

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[Two Professors]

Bit selective with advanced countries,isn't it?Where are Russia,Canada,Brazil,India etc?Or are they not advanced enough for the FT?
3/10 Must try harder

 

[highflyer]

In the aftermath on the BBC... even the notoriously anti-Tory, champagne socialist Laura Keunsberg couldn't deliver her usual negative spin.....

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eh? On what possible basis would you describe her as 'Anti-Tory'? Being a bit nasty to the Donald?
There is very little to spin because the budget was almost entirely inconsequential. Look at the estimates for financial implications of the various announcements. Square root of bugger all. He basically said nothing except that they will carry on as they were. Which is screwing the poor in favour of the rich. See FT graph above...

 

[highflyer]

Yes, well spotted. That lefty FT - trying to pull the wool over your eyes with selective data. *******s!
What exactly do you think they would be hiding by excluding those countries?
You could exclude every country except the UK and it wuld still be damning. The other countries simply serve to illustrate that this is not inevitable in the context of global trends, and indeed the UK has actually managed to buck the trend in terms of its upwards redistribution.

 

[nicko31]

View attachment 82705

Bit selective with advanced countries,isn't it?Where are Russia,Canada,Brazil,India etc?Or are they not advanced enough for the FT?
3/10 Must try harder

I think putting Canada on the graph would really show how far we are behind. As for the others, really still emerging economies

 

[Two Professors]

Yes, well spotted. That lefty FT - trying to pull the wool over your eyes with selective data. *******s!
What exactly do you think they would be hiding by excluding those countries?
You could exclude every country except the UK and it wuld still be damning. The other countries simply serve to illustrate that this is not inevitable in the context of global trends, and indeed the UK has actually managed to buck the trend in terms of its upwards redistribution.

Shows just how much being a contributor to the EU has held us back!

 

[Two Professors]

I think putting Canada on the graph would really show how far we are behind. As for the others, really still emerging economies

Tell me you're having a laugh with that comment!

 

[highflyer]

Shows just how much being a contributor to the EU has held us back!

Ah, sorry. I didn't realise this was a parody account.
Obvious enough now, but sometimes not so easy to tell!

 

[beorhthelm]

Shows just how much being a contributor to the EU has held us back!

as the budget managed to not mention Brexit, can we keep it out of the budget thread?

 

[nicko31]

Shows just how much being a contributor to the EU has held us back!

Tell me you're having a laugh with that comment!

 

[Pavilionaire]

Hammond tells the House that people going down the limited company route has costs the Exchequer billions, in which case:

1) Why did George Osborne introduce a £5,000 Dividend Allowance that positively encouraged incorporations? and
2) Why did Hammond commend Osborne's decision to reduce corporation tax from 20% to 17%, again positively encouraging incorporations?

For a limited company earning £45K of profit Hammond reducing the Dividend Allowance by £3,000 raises an additional £225 in dividend tax per annum from 2018/19 but the 1% drop in CT from next month will decrease tax revenues by £450 in both years.

The bottom line is with the 2% increase in Class 4 NI for the self-employed then going limited is EVEN more attractive than it was before.

 

[kingcole]

Hammond tells the House that people going down the limited company route has costs the Exchequer billions, in which case:

1) Why did George Osborne introduce a £5,000 Dividend Allowance that positively encouraged incorporations? and
2) Why did Hammond commend Osborne's decision to reduce corporation tax from 20% to 17%, again positively encouraging incorporations?

For a limited company earning £45K of profit Hammond reducing the Dividend Allowance by £3,000 raises an additional £225 in dividend tax per annum from 2018/19 but the 1% drop in CT from next month will decrease tax revenues by £450 in both years.

The bottom line is with the 2% increase in Class 4 NI for the self-employed then going limited is EVEN more attractive than it was before.

This was a tax rise in itself. Before this was introduced basic rate tax payers didn't pay any dividend tax as they was the rather complex tax credit where one was charged 10% and then had it refunded. The rates paid by higher and top rate tax payers on dividends was much lower so when the change happened the allowance eased what was a massive hike in taxation on those who received dividends.

Your 2nd point, although factually correct on the surface actually means that the company has an extra £450 available to distribute as a dividend. A top rate tax payer would lose 38.1% of this extra £450

 

[Wrong-Direction]

Sticking it to the little guy what a surprise

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[WonderingSoton]

Flexible hours is not something that is the preserve of the self-employed. Try employing female staff with young children - you're basically agreeing to flexible hours dependent upon child sickness, child care availability.

Crikey I hope this poster has donned his armour before all the feminists shout at him.

 

[highflyer]

Crikey I hope this poster has donned his armour before all the feminists shout at him.

As a feminist, I did think about it. but then decided not to bother.
I have a job and a life. Can't fight every battle.

 

[Two Professors]

as the budget managed to not mention Brexit, can we keep it out of the budget thread?

It had been until you mentioned it!

 

[portslade seagull]

Well 2% extra NI by 2019, same as income tax up 2% really. About £700 a year for a £45k earner, £300 a year for a £25k earner. Hammond needs to build the Brexit slush fund incase the £350m / week doesn't come off!!!

How do you suppose we fund the NHS