Labour's Workman Like Budget
It has been reported that the forthcoming budget on Wednesday 24th March 2010 is going to be a workman like budget and has been influenced by Lord Mandleson.
I think it is only fair to say that a great country like Britain with soldiers dying in Afghanistan due to under funding and lack of critical equipment needs a workman like budget like one needs a hole in the head!
What Britain needs is a budget that is properly thought out and one that gives the Ministry of Defence with the funding that it requires.If it does not properly provide for the British Army then the Army should come back home and the government who have failed to properly fund the war can go and fight and drive round in the Snatch Landrovers that are known as a mobile coffin.
With or with out a war Britain does not need a workman like budget it needs one that is dynamic to get the economy properly running again.
The budget may be considered to be a guide as to the labour manifesto but we already know that is called "A future fair for all" and many people understand that as being a fun fair but lets face it any fair ground operator could run a better show than this lot.I should know as I have met a few fair groiund operator's in my time and know what great people they are.
When Blair was seeking election he gave undertakings that income tax would not increase but stealth taxes were introduced that rose steadily and one in respect of personal pensions had the effect of taking some £350 billion from private and employer pensions.
That said the higher rate of tax which was 40% did not increase till last year when Mr Darling introduced a 50% rate for earnings above £150,000 was introduced and comes into effect on 6th April 2010.
Having increased the income tax rate to 50% he may be thinking of increasing the rate that is applied to Capital Gains.
The Conservative party have said that they would reduce the main rate of corporation tax which is paid by Limited company's from 28% to 25% and it would come as no surprise me if Mr Darling did this so as to spike their guns.
Under Labour whilst income tax rates have not been raised the percentage take in taxes has increased greatly in excess of wage increases and this is in real terms. I do not do my sums the way that Gordon Brown put this before the Chilcot enquiry advising them that funding to the Ministry of defence increased in real terms in every year when clearly this was not the case.
How can he make such a stupid mistake and it is inexcusable as after all he was the Chancellor of the Exchequer for 11 years and Prime Minister for 2 years. You can make your own conclusions but to me he is the master of the Titanic.
The current Chancellor has been given a small windfall in there has been some increase in tax collected and unemployment claims have fallen slightly.
How this small surplus is going to be allocated is a very good question. It has arisen because the actual borrowings of the government are slightly lower than the pessimistic estimates which were made at the depth of the recession.
The current Prime Minister Gordon Brown would be quite keen on some goodies for the public particularly as there is an election looming very soon.
One idea that would be very popular with all would be to defer the 3p rise per litre in fuel duty would be extremely popular as people are feeling the pinch. Also fuel duty increases tend to push up delivery costs so increasing the prices in the shops and stores.
Some extra funding for retired people would be very popular and when Mr Brown was Chancellor he never turned down an opportunity to raise winter fuel payments which is very well received by t he elderly..
Discussions between the Chancellor and Prime Minister Gordon Brown have been very active in the last few days in that it has been reported that Mr Darling met with Mr Brown on Friday, Saturday and Sunday to iron out some last minute details for the budget to be announced this Wednesday.
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The Author writes many articles on Income Tax and Pension Planning and for more information please go to UK Tax Refunds
I think it is only fair to say that a great country like Britain with soldiers dying in Afghanistan due to under funding and lack of critical equipment needs a workman like budget like one needs a hole in the head!
What Britain needs is a budget that is properly thought out and one that gives the Ministry of Defence with the funding that it requires.If it does not properly provide for the British Army then the Army should come back home and the government who have failed to properly fund the war can go and fight and drive round in the Snatch Landrovers that are known as a mobile coffin.
With or with out a war Britain does not need a workman like budget it needs one that is dynamic to get the economy properly running again.
The budget may be considered to be a guide as to the labour manifesto but we already know that is called "A future fair for all" and many people understand that as being a fun fair but lets face it any fair ground operator could run a better show than this lot.I should know as I have met a few fair groiund operator's in my time and know what great people they are.
When Blair was seeking election he gave undertakings that income tax would not increase but stealth taxes were introduced that rose steadily and one in respect of personal pensions had the effect of taking some £350 billion from private and employer pensions.
That said the higher rate of tax which was 40% did not increase till last year when Mr Darling introduced a 50% rate for earnings above £150,000 was introduced and comes into effect on 6th April 2010.
Having increased the income tax rate to 50% he may be thinking of increasing the rate that is applied to Capital Gains.
The Conservative party have said that they would reduce the main rate of corporation tax which is paid by Limited company's from 28% to 25% and it would come as no surprise me if Mr Darling did this so as to spike their guns.
Under Labour whilst income tax rates have not been raised the percentage take in taxes has increased greatly in excess of wage increases and this is in real terms. I do not do my sums the way that Gordon Brown put this before the Chilcot enquiry advising them that funding to the Ministry of defence increased in real terms in every year when clearly this was not the case.
How can he make such a stupid mistake and it is inexcusable as after all he was the Chancellor of the Exchequer for 11 years and Prime Minister for 2 years. You can make your own conclusions but to me he is the master of the Titanic.
The current Chancellor has been given a small windfall in there has been some increase in tax collected and unemployment claims have fallen slightly.
How this small surplus is going to be allocated is a very good question. It has arisen because the actual borrowings of the government are slightly lower than the pessimistic estimates which were made at the depth of the recession.
The current Prime Minister Gordon Brown would be quite keen on some goodies for the public particularly as there is an election looming very soon.
One idea that would be very popular with all would be to defer the 3p rise per litre in fuel duty would be extremely popular as people are feeling the pinch. Also fuel duty increases tend to push up delivery costs so increasing the prices in the shops and stores.
Some extra funding for retired people would be very popular and when Mr Brown was Chancellor he never turned down an opportunity to raise winter fuel payments which is very well received by t he elderly..
Discussions between the Chancellor and Prime Minister Gordon Brown have been very active in the last few days in that it has been reported that Mr Darling met with Mr Brown on Friday, Saturday and Sunday to iron out some last minute details for the budget to be announced this Wednesday.
------
The Author writes many articles on Income Tax and Pension Planning and for more information please go to UK Tax Refunds
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Source: http://www.goinglegal.com/labours-workman-like-budget-1466296.html
Source: http://www.goinglegal.com/labours-workman-like-budget-1466296.html
