Emergency Budget September 23rd 2022 -see page 12- (Budget 2020 started this thread FYI)

[lol-lol]

2020   (FOR 2021/2 SEE PAGE 7 and 😎

 

With lots of Northern Tory MPs now, a different Chancellor and Dominic Cummins, I mean Boris in-charge will it be a very different Budget.

 

Significant changes in ?

 

1.  Fuel Duty
2. Starting tax bands
3. Alcohol, Fags
4. Pension relief ?

 

 

My predictions.

 

1. No change in petrol tax duty, perhaps 2p on diesel excise duty?
2. Lower band by £1k
3. Cigarettes in line with inflation
4. No change though flat rate of 20% being discussed.  Salary sacrifice is becoming more common anyways which means NI taxation s avoided too  

 

 

 

Edited 23 September, 2022 by lol-lol
update

[Aspman]

Plenty of hidden fiscal drag I'm sure

[Ootohere]

Among all the other problems the Chancellor has to consider, now the revenue into the treasury from North Sea oil and gas will be down greatly and with there being no clue to for how long.

[xman]

US trading halted, World bourses in meltdown today.

Covid-19, Saudi war on oil prices, falling 30% last night.

Public panicking over supplies of essentials, Travel and oil industries in chaos.

 

I think this will be an hastily concocted emergency response budget more about ensuring short term stability in the face of world chaos rather than revenue, fiscal this or that, etc.

[lol-lol]

35 minutes ago, xman said:

US trading halted, World bourses in meltdown today.

Covid-19, Saudi war on oil prices, falling 30% last night.

Public panicking over supplies of essentials, Travel and oil industries in chaos.

 

I think this will be an hastily concocted emergency response budget more about ensuring short term stability in the face of world chaos rather than revenue, fiscal this or that, etc.

 

Our new UK Chancellor has not impressed me so far.   He polishes the Con performance of the last decade and sound he believe the BS.

 

• Cash and resources starved NHS
• Less bed and staff, 100,000 vacancies
• Doubling of UK national debt in the last decade
• Loss of UK AAA credit rating

 

One listens to the UK Government and they must be living in a alternative universe.

 

[@Lee]

What signals to watch for in Rishi Sunak’s Budget

By David Bond March 9, 2020

With an oil crisis triggering sharp falls on global stock markets and the UK stepping up preparations for a possible coronavirus epidemic, Brexit is unlikely to be at the top of Rishi Sunak’s agenda for Wednesday’s Budget. However, markets, banks and business groups will still be watching closely for any signals the chancellor sends on Britain’s exit from the EU. Here are three things to look for when Mr Sunak delivers his first Budget since last month taking over from Sajid Javid. 1. More money to help cope with border friction Prime Minister Boris Johnson’s determination to remove the UK from the EU’s regulatory orbit after the Brexit transition ends on December 31 means that even if a trade deal can be agreed with Brussels, it is likely there will be more friction and costs for those businesses importing and exporting goods to and from the bloc. A fortnight ago, Michael Gove, the powerful cabinet office minister overseeing the trade talks, endorsed claims that as many as 50,000 people will have to be recruited to carry out customs paperwork under the government’s preferred Canada-style trade deal with the EU. Business groups will be hoping to see Mr Sunak set out plans for how the UK will help businesses, and HM Revenue & Customs prepare for the enormous increase in paperwork. They will also be looking for any announcement on preparations for the new Irish Sea border between Northern Ireland and the rest of the UK. Brussels has made it clear that any backsliding by the UK on the Northern Ireland protocol (part of the Brexit deal signed last October) or failure to make progress on preparing for checks which protect the single market will set back the trade talks.  “In the short term we need to see a lot of spending to ensure our ports infrastructure and related checks are ready for January 1 2021, which means also staff and IT systems,” said David Henig, a former government trade official and director at think-tank the European Centre for International Political Economy. 2. What will the post-Brexit economy look like? Mr Johnson’s big election win last December lifted hopes that he would be a pro-business prime minister.  However, that confidence has been shaken by all the signals coming from Downing Street since the UK formally left the EU on January 31. Business lobby groups and trade federations have been left in no doubt that sovereignty and breaking away from Brussels comes ahead of economic and commercial concerns. Mr Sunak’s Budget may offer the opportunity to ease some of those concerns and set out a vision for the post-Brexit state of the UK economy. For example, how might the chancellor seek to mitigate the impact of Britain’s plans to restrict immigration of low-skilled workers from the EU? Last week the Financial Times reported how the Office for Budget Responsibility was set to downgrade economic growth forecasts because of the new points-based immigration system. Any loosening of the fiscal rules to boost day-to-day spending and clearer plans for how the government aims to use its £100bn pot of money for infrastructure to level up the country’s economy may help — especially in those poorer areas that voted Tory for the first time in December. “Beyond the short term there’s a big question as to what sort of economy we’re going to be once Brexit is fully completed, given that the aim of rebalancing across the economy appears to be at odds with the sectors most likely to lose out, predominantly manufacturing,” added Mr Henig. 3. No-deal planning With the first round of trade talks between the UK and EU last week highlighting the serious differences between the two sides, businesses may also be looking for a signal from Mr Sunak over what happens if there is no trade agreement by the end of December. Faced by so many difficult challenges, Mr Sunak was on Sunday asked by the BBC’s Andrew Marr: why not delay the EU-UK trade talks? “I think we’ve seen in the last three years delay doesn’t lead to any good outcomes. It’s not helpful,” he said. Mr Sunak may consider using one or both of his remaining “trilogy” of fiscal events planned for later in the year to address the economic effects of a failure to agree a Canada-style trade deal — which would mean the UK falling back on WTO terms with accompanying higher tariffs and costs for many industries. But one former government official says that would be a mistake. “This is the biggest long-term issue to face the British economy, you cannot wait until the last minute to ensure businesses are prepared,” said Philip Rycroft, former permanent secretary at the Department for Exiting the European Union.

[moley]

1 hour ago, Lee01 said:

What signals to watch for in Rishi Sunak’s Budget

By David Bond March 9, 2020

With an oil crisis triggering sharp falls on global stock markets and the UK stepping up preparations for a possible coronavirus epidemic, Brexit is unlikely to be at the top of Rishi Sunak’s agenda for Wednesday’s Budget. However, markets, banks and business groups will still be watching closely for any signals the chancellor sends on Britain’s exit from the EU. Here are three things to look for when Mr Sunak delivers his first Budget since last month taking over from Sajid Javid. 1. More money to help cope with border friction Prime Minister Boris Johnson’s determination to remove the UK from the EU’s regulatory orbit after the Brexit transition ends on December 31 means that even if a trade deal can be agreed with Brussels, it is likely there will be more friction and costs for those businesses importing and exporting goods to and from the bloc. A fortnight ago, Michael Gove, the powerful cabinet office minister overseeing the trade talks, endorsed claims that as many as 50,000 people will have to be recruited to carry out customs paperwork under the government’s preferred Canada-style trade deal with the EU. Business groups will be hoping to see Mr Sunak set out plans for how the UK will help businesses, and HM Revenue & Customs prepare for the enormous increase in paperwork. They will also be looking for any announcement on preparations for the new Irish Sea border between Northern Ireland and the rest of the UK. Brussels has made it clear that any backsliding by the UK on the Northern Ireland protocol (part of the Brexit deal signed last October) or failure to make progress on preparing for checks which protect the single market will set back the trade talks.  “In the short term we need to see a lot of spending to ensure our ports infrastructure and related checks are ready for January 1 2021, which means also staff and IT systems,” said David Henig, a former government trade official and director at think-tank the European Centre for International Political Economy. 2. What will the post-Brexit economy look like? Mr Johnson’s big election win last December lifted hopes that he would be a pro-business prime minister.  However, that confidence has been shaken by all the signals coming from Downing Street since the UK formally left the EU on January 31. Business lobby groups and trade federations have been left in no doubt that sovereignty and breaking away from Brussels comes ahead of economic and commercial concerns. Mr Sunak’s Budget may offer the opportunity to ease some of those concerns and set out a vision for the post-Brexit state of the UK economy. For example, how might the chancellor seek to mitigate the impact of Britain’s plans to restrict immigration of low-skilled workers from the EU? Last week the Financial Times reported how the Office for Budget Responsibility was set to downgrade economic growth forecasts because of the new points-based immigration system. Any loosening of the fiscal rules to boost day-to-day spending and clearer plans for how the government aims to use its £100bn pot of money for infrastructure to level up the country’s economy may help — especially in those poorer areas that voted Tory for the first time in December. “Beyond the short term there’s a big question as to what sort of economy we’re going to be once Brexit is fully completed, given that the aim of rebalancing across the economy appears to be at odds with the sectors most likely to lose out, predominantly manufacturing,” added Mr Henig. 3. No-deal planning With the first round of trade talks between the UK and EU last week highlighting the serious differences between the two sides, businesses may also be looking for a signal from Mr Sunak over what happens if there is no trade agreement by the end of December. Faced by so many difficult challenges, Mr Sunak was on Sunday asked by the BBC’s Andrew Marr: why not delay the EU-UK trade talks? “I think we’ve seen in the last three years delay doesn’t lead to any good outcomes. It’s not helpful,” he said. Mr Sunak may consider using one or both of his remaining “trilogy” of fiscal events planned for later in the year to address the economic effects of a failure to agree a Canada-style trade deal — which would mean the UK falling back on WTO terms with accompanying higher tariffs and costs for many industries. But one former government official says that would be a mistake. “This is the biggest long-term issue to face the British economy, you cannot wait until the last minute to ensure businesses are prepared,” said Philip Rycroft, former permanent secretary at the Department for Exiting the European Union.

You forgot the link. 

[@Lee]

5 minutes ago, moley said:

You forgot the link. 

It's a daily email I get from the Financial Times. I'm not giving you my email address or password.  
Here you go. https://www.ft.com/content/b0550184-6217-11ea-b3f3-fe4680ea68b5

[Ootohere]

It is only Monday. 

There will be many things changing in his speech before he gets to his feet on Wednesday.

 

All the prepared leaks for the weekend past and for these 2 days must have needed to be binned.

 

Lets see now what the Governments thoughts are on the UK managing without farmers and the Red Diesel duty rate being under threat,

Edited 9 March, 2020 by Roottootemblowinootsoot

[lol-lol]

4 hours ago, moley said:

You forgot the link. 

 

Number 1 is the support for post BREXIT time.  Wow.  Grist to the mill. 

 

If only there was a a way of not having to recruit 50,000 admin staff and the billions of cost.

 

Budget

 - Lower interest rates pressure on BoE.

 - Delay on collecting taxes maybe

Edited 9 March, 2020 by lol-lol

[VWD]

We may see more funding for social care ,re the Covid 19 panic. ( source- today Politics live,available on  BBC iplayer). Problems for NHS mentioned, but there could be a need for more social care for older folks.

[skomaz]

22 hours ago, lol-lol said:

 

One listens to the UK Government and they must be living in a alternative universe.

 

 

Presumably one in a far away galaxy - just like the main opposition party??

[gadgetman]

Needs to seriously address the VED rates which came into force in 2017. 

 

A lot of cars are unsellable because of it 

[shyVRS245]

1 minute ago, gadgetman said:

Needs to seriously address the VED rates which came into force in 2017. 

 

A lot of cars are unsellable because of it 

OT I know but how did the Passat/Golf GTE test drive go?

[gadgetman]

13 minutes ago, shyVRS245 said:

OT I know but how did the Passat/Golf GTE test drive go?

Good thanks apart from the £455 VED rate. Car was an 18 plate. 

 

As base car is £38k, add metallic paint and a common extra and its over the £40k then gets the extra £320 of VED. 

 

So many average hybrids will get caught by this stupidity 

[shyVRS245]

2 minutes ago, gadgetman said:

Good thanks apart from the £455 VED rate. Car was an 18 plate. 

 

As base car is £38k, add metallic paint and a common extra and its over the £40k then gets the extra £320 of VED. 

 

So many average hybrids will get caught by this stupidity 

Thanks wondered about the VED as it was a major consideration for me when I bought the Superb back in December asked straight away before the test drive to make sure it came in under £40,000 last March. Hence my road tax a very reasonable £145.

[lol-lol]

17 hours ago, skomaz said:

 

Presumably one in a far away galaxy - just like the main opposition party??

 

We will see if the lack of funding to the NHS over the decade what effect that has voters, the lack of funding to flood defences has had a big reaction in Worcestershire.

 

I see in the news today is an emergency measure to reduce interest rates to 0.25%  ie by 0.5% to the lowest level in 3 centuries.

 

Labour will have Sir Kier Stalmer as Leader and a female deputy in the next few weeks and then the road back can begin.  

 

[shyVRS245]

Bank of England introduced emergency base rate cut to 0.25% which will help those on variable mortgages.

[skomaz]

5 hours ago, lol-lol said:

 

We will see if the lack of funding to the NHS over the decade what effect that has voters, the lack of funding to flood defences has had a big reaction in Worcestershire.

 

I see in the news today is an emergency measure to reduce interest rates to 0.25%  ie by 0.5% to the lowest level in 3 centuries.

 

Labour will have Sir Kier Stalmer as Leader and a female deputy in the next few weeks and then the road back can begin.  

 

 

Lack of NHS funding over the last decade...   come on!  There has been lack of funding for decadeS not just the last ten years.  However, I'd also argue that there has been and still is rampant inefficiencies in the NHS and that better use of the funding could be made rather than just tipping money into a black hole...

 

As for flood defences...   I can assure you from my personal knowledge and involvement of my colleagues in the design of various schemes there has been plenty of money allocated, but it has been targeted to those schemes giving the best return on investment in terms of properties and businesses protected.  Unfortunately the latter is where rural Worcestershire loses out to the big cities.  They will eventually get something but, as with all flood protection measures it will never give 100% protection from any flooding event - to do so is simply not realistic or value for money unfortunately.  It is a fact sadly misunderstood by many who think defences are the total panacea.

 

And Kier???  Probably the best of a bad bunch but he really needs to acknowledge the reason why people didn't vote Labour at the last election and dump some of the 'wilder' policies that he has suggested he'll retain.  Only then do I think Labour stand a chance of being elected.

Edited 11 March, 2020 by skomaz

[SurreyJohn]

56 minutes ago, shyVRS245 said:

Bank of England introduced emergency base rate cut to 0.25% which will help those on variable mortgages.

 

Won't affect anyone with a fixed rate mortgage, and will annoy about 10 times as many who are savers

[shyVRS245]

2 minutes ago, SurreyJohn said:

 

Won't affect anyone with a fixed rate mortgage, and will annoy about 10 times as many who are savers

My bank recently wrote to me to announce the savings rate was being reduced from 0.35 to 0.20% and that was when the base rate was 0.75%. We have 2 fixed rate mortgages so no benefit to us.

[shyVRS245]

Fuel duty frozen, all alcohol duty frozen. Increase in threshold on National Insurance tax to £9,500 (should give an average £100 tax refund). Lots of tax breaks for small businesses. Corbyn currently moaning about everything as usual. Only 3 more weeks and then he will go quiet hopefully. Minimum wage forecast to increase by 2024 to £10.50 per hour.

Edited 11 March, 2020 by shyVRS245
more info

[PetrolDave]

Road Tax going up in line with inflation from 1st April 2020.

 

ZEVs being made exempt from expensive vehicle (over £40,000) supplement.

[moley]

30 minutes ago, PetrolDave said:

Road Tax going up in line with inflation from 1st April 2020.

 

ZEVs being made exempt from expensive vehicle (over £40,000) supplement.

Good news on scraping the tax on EV's over £40k, but I can't find anything about VED rates changing? 

[xman]

12 minutes ago, moley said:

Good news on scraping the tax on EV's over £40k, but I can't find anything about VED rates changing? 

Scraping the tax? To get a little bit more perhaps?