Para Handy Posted March 24, 2010 Report Share Posted March 24, 2010 3p fuel duty rise to be phased in between April and January 2011 Duty on cider to rise by 10% from Sunday Wine, beer and spirit duty up 2% a year until 2013 Tobacco duty up 1% this year and 2% a year in future years HOUSING Stamp duty scrapped for homes below £250,000 for first-time buyers Stamp duty on residential property sales over £1m to increase to 5% UK ECONOMY Economy contracted 6% during the recession Predicted growth of 1-1.25% in 2010, in line with forecasts Downgrades growth forecast for 2011 to 3-3.5% HELP FOR BUSINESS £2.5bn support for small business to boost skills and innovation BANK LENDING One-off bank bonus tax has raised £2bn, double the amount forecast Backs tax on bank transactions but on global basis A million extra people guaranteed basic bank account JOBS AND TRAINING Reduce time over-65s have to work to receive work credits Six month work or training guarantee for under 24s extended to 2012 BORROWING Borrowed £167bn in 2009-10, £11bn lower than previously forecast Borrowing to fall from £131bn in 2011-12 to £74bn in 2014-15 OTHER TAXES AND ALLOWANCES No changes to VAT or income tax planned Inheritance tax threshold frozen for four years GOVERNMENT SAVINGS On track to achieve £11bn efficiency savings target Reform of housing benefit to save £250m 15,000 civil servants to be relocated outside London ENVIRONMENT £2bn investment bank to back low-carbon industries EDUCATION Funding for 20,000 new university places in science and maths £35m enterprise fund to help university-launched businesses PENSIONS AND BENEFITS Winter fuel allowance rates extended for further year £4 rise in child tax credit for parents with young children from 2012 Quote Link to comment Share on other sites More sharing options...
Ally Posted March 24, 2010 Report Share Posted March 24, 2010 Anyone know why they've gone for 10% duty increase on Cider? (too bad Twerto! ) Quote Link to comment Share on other sites More sharing options...
JustMe Posted March 24, 2010 Report Share Posted March 24, 2010 Anyone know why they've gone for 10% duty increase on Cider? (too bad Twerto! )Mainly aimed at those "get drunk quick" so called ciders that sell for really low prices. Hope this does not harm the makers of genuine farmhouse cider. Quote Link to comment Share on other sites More sharing options...
Evil Inky Posted March 24, 2010 Report Share Posted March 24, 2010 Anyone know why they've gone for 10% duty increase on Cider? (too bad Twerto! )To punish the West Country for voting Lib Dem ? Quote Link to comment Share on other sites More sharing options...
Para Handy Posted March 24, 2010 Author Report Share Posted March 24, 2010 From 1 April 2010, the Government will introduce new first-year rates of vehicleexcise duty (VED), as announced at Budget 2008. Under this system, all cars emitting up to130 grams of carbon dioxide per kilometre (g CO2 per km) will pay no VED in the first year.Cars emitting over 165 g CO2 per km will pay additional VED in the first year – up to £950 forcars emitting over 255 g CO2 per km. First-year rates will encourage the purchase of morefuel-efficient cars by providing a strong signal to the consumer at the point of purchase. Quote Link to comment Share on other sites More sharing options...
swc123 Posted June 23, 2010 Report Share Posted June 23, 2010 What are folk's opinion on the emergency budget of yesterday? Unfortunately in my opinion the tories pioneer a flawed ideology and it is going to cost us dearly in this next five years, and struggling to see real influence from the Lib Dems in the budget. Maybe they toned down some elements that would have only widened the gap betwen rich and poor. For all the spouting about fairness and everyone taking their share of the cuts, the devil is really in the detail. The VAT rise which is going to hit the poor greater is only going to lead to significant pain and the token gesture on the bank levy just takes the biscuit. A Budget for business is what it is Quote Link to comment Share on other sites More sharing options...
Fjool Posted June 23, 2010 Report Share Posted June 23, 2010 The VAT rise which is going to hit the poor greaterCan someone explain why a rise in VAT hits the poor harder? What is it that poor people spend their money on the rich people don't? Cakes, rather than biscuits? Video games rather than books? I hear it mentioned a lot, but cannot find any statistics which demonstrate this fact. Quote Link to comment Share on other sites More sharing options...
khitajrah Posted June 23, 2010 Report Share Posted June 23, 2010 I don't think it's spending habits they are referring to but more like disposable income. If you've only got a limited amount of money to spend on say, food, or books, or whatever you buy, your money isn't going to go as far if more of it is spent on VAT (So instead of being about to buy 10 apples with x amount of money you'll only be able to get 8 for the same amount. This means for a family of 5 who each used to get 2 apples someone - or all - will have to get less) whereas those with higher incomes don't have to worry as much about it, they can still afford the 10 apples. It'll still affect the more well-off but in a different way. Quote Link to comment Share on other sites More sharing options...
Guest Anonymous Posted June 23, 2010 Report Share Posted June 23, 2010 pretty much every budget has horror stories in it Quote Link to comment Share on other sites More sharing options...
Fjool Posted June 23, 2010 Report Share Posted June 23, 2010 Err... sure, but VAT on apples? VAT is on luxury goods, right? It shouldn't affect the essentials. I get the whole 'proportion of income' argument, but it's still luxury goods we're talking about. Nobody is going to suffer terribly because a DVD is a bit more pricey. Quote Link to comment Share on other sites More sharing options...
JustMe Posted June 23, 2010 Report Share Posted June 23, 2010 But there is no VAT on apples!. And the way VAT works the increase will take more money from the reasonably well off than it will from the poor. Quote Link to comment Share on other sites More sharing options...
khitajrah Posted June 23, 2010 Report Share Posted June 23, 2010 Whoops. Shouldn't have used apples (I know there is no VAT on apples ). Quote Link to comment Share on other sites More sharing options...
khitajrah Posted June 23, 2010 Report Share Posted June 23, 2010 Just had a conversation with the fella about it. Yes, I see now where you are coming from. He doesn't reckon it'll affect us that much. I suppose it helps that the majority of our 'luxury' goods come from the Eid Charity Shop. Quote Link to comment Share on other sites More sharing options...
Guest Anonymous Posted June 23, 2010 Report Share Posted June 23, 2010 Can someone explain why a rise in VAT hits the poor harder? ok al give it a go, an extra 5% on vat makes elec dearer for an example, some poor folk canna have much heating on as is , folk on reasonable incomes have a bit left over after paying the bills with as much heating on as they desire, so, if you already have "negative equity" household bills it will curb an already curbed budget, if you have disposable income it might mean a cheaper foreign holiday Quote Link to comment Share on other sites More sharing options...
Fjool Posted June 23, 2010 Report Share Posted June 23, 2010 Are they increasing the VAT on fuel? Is that not still 5%? Quote Link to comment Share on other sites More sharing options...
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