Thursday, 15 November, 2018

Budget giveaways will benefit rich families 14 times more than the poor

Philip Hammond Philip Hammond
Orlando Vargas | 31 October, 2018, 16:31

Mr Hammond has said that the plans he would be setting out in the Commons today were based on the assumption Britain would get a Brexit deal with Brussels.

The Institute for Fiscal Studies said that the Chancellor may have "painted himself into a corner" by using a windfall from revised borrowing forecasts to fund increased spending on the NHS.

Chancellor of the Exchequer Philip Hammond has announced a 'Digital Services' tax, of two percent levied against companies earning more than £500 million in global revenue, as part of the government's 2018 Budget.

Hammond and his predecessor George Osborne had made fixing the public finances their priority, a strategy that has helped bring down the budget deficit from nearly 10 percent of GDP in 2010, but which has increasingly angered voters.

At the moment in the rest of the United Kingdom, the 40p higher income tax rate applies to earnings above the threshold of £46,351 - with this to increase to £50,000 at the start of the next financial year in April 2019.

He added: "Income tax cuts announced yesterday will overwhelmingly benefit richer households, with nearly half of the long term gains going to the top ten per cent of households".

The qualifying period for Entrepreneurs Relief will be increased from 1 to 2 years for entrepreneurs to benefit from a reduced rate of Capital Gains Tax on share sales.

Mr Mackay is facing calls to lift the higher-rate threshold next April after Mr Hammond announced he was raising it to £50,000.

"The Chancellor said it was to pay for those extra little things, well it's very little extra indeed". "Cuts are not about to be reversed".

"If I were a prison governor, a local authority chief executive or a headteacher ..." It is expected to raise more than £400 million a year.

"Health spending will have risen from 23 percent of public service spending in 2000 to 29 percent in 2010, and is set to reach 38 percent by 2023-24".

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But with Jeremy Corbyn's Labour pushing for major increases in public spending, Mr Osborne warned it would be a political mistake to be drawn into a fight on those terms.

"What the OBR gives this year, it can easily take away again next year".

Public finances have started to turn around with the deficit falling from 9.9% to 1.9% and have continued to fall since the peak in public debt in the year 2016-17.

"Some people still think shared ownership is only for key workers in London and the South East but purchasers don't all fit in one mould - this market is strong, healthy and growing across the United Kingdom and offers a way to help more people to have the home they want". "What will he do then?"

IFS director Paul Johnson said any hope of meeting a target to eliminate the deficit by the mid-2020s was "for the birds".

Green MSP Patrick Harvie said: "Instead of a budget to fix the harm done by austerity or respond to the climate emergency, we saw a budget which once again gives the biggest tax cuts to the richest 10% and continues the reckless pursuit of an unsustainable economy".

Speaking to the media about how #Budget2018 is helping families and business across the country on my visit to @EminoxLtd in Gainsborough.

The chancellor had actually said the government would have to set a new Budget if it was unable to reach a Brexit deal with the European Union, with it requiring a "different response" and "fiscal buffers" being maintained to provide support for the economy.

He told ITV's Good Morning Britain: "The Tories usually do this".

On a narrow definition, Mr Hammond's package could be seen as an "end to austerity, said Mr Johnson".

She responded emphatically: "No. Years of grim, penny-pinching budgets and the most cautious chancellor in living memory did not prepare us for yesterday's feast of crowd-pleasing giveaways". "That would not be in the national interest". This is a downgrade of the OBR's March forecast for the economy to grow by 1.5% in the current year.

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