Mini Budget aka Fiscal Statement

[mallisarealperson]

Any predictions for the "what ever the thing is called" on Friday.

[sadkingbilly]

nope, - next!

[jamesbrown]

It has mostly been leaked, as usual.

Health and social care (NI) levy reversed, CT not increased (possibly even reduced, although I doubt it), stamp duty reduced, ability for partners to share their personal allowance, green levy on energy gone, VAT on energy gone, possibly something on business rates. Sounds like a 1p or 2p reduction in the basic rate of income tax, but probably not until a budget in November. You can read all about this in pretty much any paper you choose - story is broadly consistent.

One prediction, I suppose, although not a confident one: when they reverse the NI increase, they probably won't reverse the increase in dividend taxation

[Paddy]

Any predictions for the "what ever the thing is called" on Friday.

Bankers bonuses will be tax-free
No VAT on show jumping and horse feed
Tax rebate if you bank offshore
No road tax for new cars over £100k
100% Council Tax refund for MPs
State pension cut by 50%
Prescription charges increased to £75

[Whorty]

It has mostly been leaked, as usual.

Health and social care (NI) levy reversed, CT not increased (possibly even reduced, although I doubt it), stamp duty reduced, ability for partners to share their personal allowance, green levy on energy gone, VAT on energy gone, possibly something on business rates. Sounds like a 1p or 2p reduction in the basic rate of income tax, but probably not until a budget in November. You can read all about this in pretty much any paper you choose - story is broadly consistent.

One prediction, I suppose, although not a confident one: when they reverse the NI increase, they probably won't reverse the increase in dividend taxation

You missed off the one about stamp duty ... got to keep the house values high and us feeling 'rich' keeps the mob happy and spending

[mallisarealperson]

I thought Liz said in the leadership contest Free beer on Fridays also.

[jamesbrown]

You missed off the one about stamp duty ... got to keep the house values high and us feeling 'rich' keeps the mob happy and spending

Look again

[d000hg]

A golden era of monumentally huge government spending & borrowing, and low taxes. What can possibly go wrong... but not until after the next GE where these bold moves surely will keep the Tories in. Make the best of it you can and keep a big amount of savings for the coming nightmare is my thinking.

Several of the tax 'cuts' are IIRC not really cuts, but cancelling the planned increases which didn't yet take effect?

The energy price stuff does seem good though, and the level of business support is rather more than I expected albeit only for 6 months.

[mattster]

A golden era of monumentally huge government spending & borrowing, and low taxes. What can possibly go wrong... but not until after the next GE where these bold moves surely will keep the Tories in. Make the best of it you can and keep a big amount of savings for the coming nightmare is my thinking.

Several of the tax 'cuts' are IIRC not really cuts, but cancelling the planned increases which didn't yet take effect?

The energy price stuff does seem good though, and the level of business support is rather more than I expected albeit only for 6 months.

It is good that they are doing something about the energy price issue, and in fact they are doing more than I expected. The downside of course is the cost of it, which we already know to be very large and could become untenably large if the crisis persists. I would have liked to see at least some of the money taken from the energy companies rather than future taxation - let's face it, this is yet another bail out of the old at the expense of the young, who have been getting a rough deal for too long.
Stamp duty stuff is bonkers and would be laughable if the consequences weren't so obvious and bad. Can they really think of nothing else? The question is whether this works in time for the GE/is still working when the GE happens. There is no doubt that the public will be stupid enough to buy it if she can pull it off.

[Snooky]

I would have liked to see at least some of the money taken from the energy companies rather than future taxation

If you mean the utility providers, they're on wafer-thin margins, which is why many of them have gone down the pan.

If you mean the oil and gas suppliers like Shell, BP etc., which are virtually all international corporations owned by shareholders from all over the world, how would you do this? And if we're happy to add extra windfall taxes when they're making loads of money in times like this, shouldn't we have provided subsidies when most of them were making massive losses a year or two ago? That's only "fair", after all.