This Week's Budget
Posted by Caroline Nokes, MP for Romsey and Southampton North, at 07:42, Thu 24 June 2010:
George Osborne presented his first budget this week, which set out how the new coalition intends to deal with the record deficit. There were some tough measures, but there were also plans to help the least well off, like raising the tax free allowance by £1000. I would certainly be very pleased to hear your views on the budget. Best wishes, Caroline
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Posted by Stuart McAuliffe, 08:01, Thu 24 June 2010: (Is this post abusive?) #
By far the best budget that we have seen for many, many years. Just what the country needs to get it back on track.
Personally, we won't be really any better off, may be slightly worse off, but if that what takes to get us back on an even keel then so be it - at least everyone will be effected the same by this budget.
All in all, well done George.
Posted by Ben Bennetts, 08:18, Thu 24 June 2010: (Is this post abusive?) #
The first honest budget since the days of Ken Clarke.
Posted by Dr Peter Duncan, 09:28, Thu 24 June 2010: (Is this post abusive?) #
I am an academic, part of whose research concerns health inequalities. It is clear from the emerging evidence that those with least resources will, relatively speaking, lose the most from both this budget and the forthcoming spending cuts. For people, especially those on low incomes, who depend on public services, these cuts have the potential to be disastrous. There is an assumption that the way to get out of the current crisis is overwhelmingly through dramatically reducing public spending rather than through sensible and progressive taxation measures. It is deeply disappointing that no significant person in this supposed coalition government is questioning this assumption, or offering alternatives that might provide a better chance for the already threadbare social fabric of our country to hold together.
Posted by Gary Calder, 22:19, Thu 24 June 2010: (Is this post abusive?) #
It was perhaps inevitable that the Conservative response to questions during the election campaign about plans to raise VAT were suitably non-committal, as clearly a VAT rise was obviously at the top of their list (the LibDems "VAT Bombshell"), but they daren't say it for fear of losing votes.
Clearly some of the poorest in society (the unemployed, pensioners, families dependent on child benefit to supplement their income) will suffer most proportionally from the rise in VAT as it hits everyone across the board. The poorest are also more dependent on public services so cuts here will hit them in a double whammy effect.
No wonder Nick Clegg gave such a bumbling performance on the Today program as he floundered around trying to answer John Humphries assertion (backed up by IFS statements) that the budget was anything but fair and progressive.
Why was corporation tax not raised? Why was capital gains tax not raised by as much as expected?
Posted by Owain Clarke, 15:49, Fri 25 June 2010: (Is this post abusive?) #
Obviously tough things needed to be done, but this budget will punish the poor and risk a renewed recession.
Posted by Ian Taylor, 15:06, Fri 2 July 2010: (Is this post abusive?) #
A 25% cut in government spending that is estimated will cost 600,00 jobs and will also have a huge knock on effect on the private sector as capital projects and current expenses are cut, an increase in VAT, personal indebtedness still at high levels despite record low interest rates, no scope for improving international competitiveness through devaluation, no scope for stimulating the home market through interest rate cuts, banks still not lendng to business, our biggest market (Europe) with massive problems of its own and the Treasury Model, having been quality checked by the Office for Budget Responsibility, still forecasts economic growth!! What am I missing?
According to the Financial Times 'Sources in the City' (remember the banking crisis, largely responsible for the curent state of affairs) are pleased that both CGT and the Bank Levy are at the lower end of their expectations and obscene bonuses continue to be paid.
So while the majority of the population, and in particular the low paid, bears the brunt of this unecessarily harsh budget there will be those with the means to contribute a greater share who will barely notice it.
A Tory Budget