Budget

[Stuart Dickson]

Dear oh dear, poor old Labour.

On the face of it the budget today looks like a good one. Some really significant changes on pensions and a welcome introduction of a New Pensioners Bond that will pay top interest rates on savings. The Annual ISA limit has to be raised to £15,000 from July. 10% savings tax rate to be abolished. All looks really good. Beer duty down by 1p per pint, whisky frozen, cider frozen, tobacco to rise by 2% above inflation. Air passenger duty cut for long haul flights.

Then Ed Milliband gets up and his car crash meltdown has him ranting about Eton ministers writing a manifesto for work, and some really shit jokes that had only Ed Balls laughing.

Upgraded growth figures look healthy, an all time record high of UK citizens in employment and earnings to rise faster than prices this year. Personal Tax Allowance to be increased to £10,500. 40% tax rate thresholds will be raised in April.

Edited March 19, 2014 by Stuart Dickson

[Kendo]

Who cares what this foreign government is doing, we will be an independent nation soon.

[Mr Optimistic]

Dear oh dear, poor old Labour.

On the face of it the budget today looks like a good one. Some really significant changes on pensions and a welcome introduction of a New Pensioners Bond that will pay top interest rates on savings. The Annual ISA limit has to be raised to £15,000 from July. 10% savings tax rate to be abolished. All looks really good. Beer duty down by 1p per pint, whisky frozen, cider frozen, tobacco to rise by 2% above inflation. Air passenger duty cut for long haul flights.

Then Ed Milliband gets up and his car crash meltdown has him ranting about Eton ministers writing a manifesto for work, and some really shit jokes that had only Ed Balls laughing.

Upgraded growth figures look healthy, an all time record high of UK citizens in employment and earnings to rise faster than prices this year. Personal Tax Allowance to be increased to £10,500. 40% tax rate thresholds will be raised in April.

And the difference to the ordinary guy on the street............. Like most budgets.... the square root of feck all!!!!!

[Stuart Dickson]

And the difference to the ordinary guy on the street............. Like most budgets.... the square root of feck all!!!!!

Nonsense. Apart from the fact that the way a government manages the economy affects everything from the interest rate you pay on your mortgage, to the tax you pay that affects your take home pay, right through to job security and stability it's hugely significant.

The changes to the pension system look hugely significant to me. The government has just put a massive boot through the annuities market and given every one of us the opportunity to take our money on retirement to invest it in whatever we like - whether that's in a second property, or to put in a bank account. This is a s significant as Lawsons Right To Buy announcement in his budget during Thatchers reign.

[Mr Optimistic]

Dear oh dear, poor old Labour.

On the face of it the budget today looks like a good one. Some really significant changes on pensions and a welcome introduction of a New Pensioners Bond that will pay top interest rates on savings. The Annual ISA limit has to be raised to £15,000 from July. 10% savings tax rate to be abolished. All looks really good. Beer duty down by 1p per pint, whisky frozen, cider frozen, tobacco to rise by 2% above inflation. Air passenger duty cut for long haul flights.

Then Ed Milliband gets up and his car crash meltdown has him ranting about Eton ministers writing a manifesto for work, and some really shit jokes that had only Ed Balls laughing.

Upgraded growth figures look healthy, an all time record high of UK citizens in employment and earnings to rise faster than prices this year. Personal Tax Allowance to be increased to £10,500. 40% tax rate thresholds will be raised in April.

Tho I do agree with your poor old labour quote. Milliband did not mention a single budget measure in his reply speech, instead going down the Old Etonians line!!! Again!!!! God help us if this incompetent fool is ever in charge of our country!!!

[Isle Of Bute Saint]

Dear oh dear, poor old Labour.

On the face of it the budget today looks like a good one. Some really significant changes on pensions and a welcome introduction of a New Pensioners Bond that will pay top interest rates on savings. The Annual ISA limit has to be raised to £15,000 from July. 10% savings tax rate to be abolished. All looks really good. Beer duty down by 1p per pint, whisky frozen, cider frozen, tobacco to rise by 2% above inflation. Air passenger duty cut for long haul flights.

Then Ed Milliband gets up and his car crash meltdown has him ranting about Eton ministers writing a manifesto for work, and some really shit jokes that had only Ed Balls laughing.

Upgraded growth figures look healthy, an all time record high of UK citizens in employment and earnings to rise faster than prices this year. Personal Tax Allowance to be increased to £10,500. 40% tax rate thresholds will be raised in April.

like was a mistake. I really worry for you sometimes Stuart or maybe it's I feel sorry for you. You don't seem to come from this planet Earth ether that or you get a hard on from trying to be "confrontational"

[faraway saint]

Who cares what this foreign government is doing, we will be an independent nation soon.

Spoilsport.

[Stuart Dickson]

like was a mistake. I really worry for you sometimes Stuart or maybe it's I feel sorry for you. You don't seem to come from this planet Earth ether that or you get a hard on from trying to be "confrontational"

What's confrontational about my post LS?

[faraway saint]

Millions for potholes, great, pouring money all over the fcuking roads.

[shull]

Millions for potholes, great, pouring money all over the fcuking roads.

I wish.

[Ayrshire Saints]

What if you sell Annuities for a living, today was a bloody disaster ! (no I don't but it is a massive part of the uk financial sector). It was an archetypal Tory budget all for the working middle class. Im sure they will be celebrating wildly in the streets of North Lanarkshire with you tonight SD....most probably on their way to their tax reduced bingo. Big wow !!!

[bud77]

As someone who has worked hard over many years to get to a position where I'm now earning a reasonable salary and have some savings, all I can say is I'm really unimpressed and don't think it will mean I'll have much more spending money than I currently have. On top of that the continuing attack on the benefits system while those Old Etonian millionaires enjoy even more just goes to show that, to paraphrase Animal Farm, 'We're all in it together (except those who need it most are in it deeper than the rest).'

[Stuart Dickson]

What if you sell Annuities for a living, today was a bloody disaster ! (no I don't but it is a massive part of the uk financial sector). It was an archetypal Tory budget all for the working middle class. Im sure they will be celebrating wildly in the streets of North Lanarkshire with you tonight SD....most probably on their way to their tax reduced bingo. Big wow !!!

First time in 5 years that I've seen anyone have any concern about bankers. I guess the recovery truly is complete.....

It's time the annuity market was cleaned up and made fit for purpose. Opening up the market so that every individual has the full range of investment options might mean that annuity providers have to raise their game and start offering their customers value for money for the first time in decades.

[Lex]

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Who cares what this foreign government is doing, we will be an independent nation soon.

I laughed at that

Meanwhile, back in the real world, the current UK government is doing a tremendous job. Osbourne is cutting hard but needs to cut a bit harder in my opinion, kill this deficit.

Edited March 19, 2014 by Lex

[Stuart Dickson]

As someone who has worked hard over many years to get to a position where I'm now earning a reasonable salary and have some savings, all I can say is I'm really unimpressed and don't think it will mean I'll have much more spending money than I currently have. On top of that the continuing attack on the benefits system while those Old Etonian millionaires enjoy even more just goes to show that, to paraphrase Animal Farm, 'We're all in it together (except those who need it most are in it deeper than the rest).'

Really? I've used the calculator on the BBC website to calculate my circumstances v my Mum's v several other members of my family. I'm the only one who is worse off as a result of the budget - £51.38 per annum worse off. My sister is £141 better off. My 73 year old mother is £141 better off too, It looks to me like they are still taking from those who earn more to redistribute to those who earn less.

Where there is a real revolution today though is in that pension market and I think it's fantastic. Not only does it increase competitiveness, not only will it deliver greater competition for your retirement £, it also has the very positive effect of increasing the government tax take thanks to a very, very popular move. I think it's genius personally.

[Stuart Dickson]

Who cares what this foreign government is doing, we will be an independent nation soon.[/quote

I laughed at that

Meanwhile, back in the real world, the current UK government is doing a tremendous job. Osbourne is cutting hard but needs to cut a bit harder in my opinion, kill this deficit.

He's actually not cutting at all Lex. Spending continues to increase and we continue to remain in deficit. I think he's done a great job with this budget though.On a day to day basis it's no more than the usual tinkering around the edges. Most people won't notice much of a difference in the short term, but the announcements on nursery places, pensioner bonds, increases to the ISA limits, and the news about what happens to your pension fund all hit the mark helping a very wide range of people in society.

Compare Osbournes performance and results against those of Gordon Brown and Alastair Darling. Compare it also to John Swinney who laughably managed to spend 130% of his pocket money and it's damned obvious that Osbourne is at least one "Eton Toff" who really has been the best man for the job.

[FTOF]

, It looks to me like they are still taking from those who earn more to redistribute to those who earn less.

Yes.

That will be about right.

In f**king La-La land.

Meanwhile, back in the real world.............................

[bud77]

He's actually not cutting at all Lex. Spending continues to increase and we continue to remain in deficit. I think he's done a great job with this budget though.On a day to day basis it's no more than the usual tinkering around the edges. Most people won't notice much of a difference in the short term, but the announcements on nursery places, pensioner bonds, increases to the ISA limits, and the news about what happens to your pension fund all hit the mark helping a very wide range of people in society.

Compare Osbournes performance and results against those of Gordon Brown and Alastair Darling. Compare it also to John Swinney who laughably managed to spend 130% of his pocket money and it's damned obvious that Osbourne is at least one "Eton Toff" who really has been the best man for the job.

It's another admission of failure by Gideon. Weren't we promised 4 years ago that the deficit would now be a surplus yet yesterday Gideon had to announce more cuts in order to turn the deficit into a surplus !!! And still the banks and money markets whose failure led to the financial crisis which is causing these austerity measures are being rewarded for that failure !!!

A budget for workers, strivers and savers - don't make me laugh, it is nothing more than an attempt at a small pre election bribe while the failures continue to down their champagne, the power companies continue to put profits before customers and the old etonian millionaires continue to find new ways to dodge paying their share. And still the bulk of the measures to improve the economy are based around the home counties. For the economy to recover, money has to circulate throughout the entire country, if you had a few million to spare and wanted to buy a new car would you go and buy a Nissan Micra made in Sunderland or a Ferrari made in Italy ? What is needed is the people who will buy the Micra's being able to afford to buy and run it instead of having to rely on foodbanks (as long as there's no food there that actually needs cooking). Tell the banks that if they can afford to pay bonuses then they can afford to pay back their debt and if that means bankers leave the country then that will be in line with Tory dogma about cutting immigration when all those foreign bankers leave the country, there will still be plenty of people left here who would willingly take the jobs for a lot less money and probably have a much better sense of responsibility.

[Stuart Dickson]

It's another admission of failure by Gideon. Weren't we promised 4 years ago that the deficit would now be a surplus yet yesterday Gideon had to announce more cuts in order to turn the deficit into a surplus !!! And still the banks and money markets whose failure led to the financial crisis which is causing these austerity measures are being rewarded for that failure !!!

A budget for workers, strivers and savers - don't make me laugh, it is nothing more than an attempt at a small pre election bribe while the failures continue to down their champagne, the power companies continue to put profits before customers and the old etonian millionaires continue to find new ways to dodge paying their share. And still the bulk of the measures to improve the economy are based around the home counties. For the economy to recover, money has to circulate throughout the entire country, if you had a few million to spare and wanted to buy a new car would you go and buy a Nissan Micra made in Sunderland or a Ferrari made in Italy ? What is needed is the people who will buy the Micra's being able to afford to buy and run it instead of having to rely on foodbanks (as long as there's no food there that actually needs cooking). Tell the banks that if they can afford to pay bonuses then they can afford to pay back their debt and if that means bankers leave the country then that will be in line with Tory dogma about cutting immigration when all those foreign bankers leave the country, there will still be plenty of people left here who would willingly take the jobs for a lot less money and probably have a much better sense of responsibility.

Phew! No really , Phew! Thank f**k Cameron and Osbourne run the country and not you. They may be Eton Toffs but at least they understand how the economy works - unlike drafties Salmond, Sturgeon and Swinney, oh and that prick Ed Balls.

When you present a popular budget full of clever and sensible measures, even making radical changes for the better, you know you've got it right when all the daft socialists have left is prejudiced rants about schooling, and stories about food banks that are only required because Labour encouraged huge levels of personal debt, and then f**ked the economy.

As for manufacturing you may have missed the news but the Conservative s have led a bit of a revival there. Now millionaires can enjoy UK built engines in their BMWs and at Sunderland Nissan trust UK workers with the continued success of the Qashqai and their industry leading Leaf. Even the record rates of people in employment show Osbourne was right , as you shrink the public sector the private sector expands.

The Lib Dems like Danny Alexander deserve their share of the credit too but I can't understand why anyone would want to put Balls in Number 11, or why anyone would trust Swinney with anything other than a small pocketmoney budget. Surely voting for them is a retrograde step if ever there was one

[Stuart Dickson]

What is needed is the people who will buy the Micra's being able to afford to buy and run it instead of having to rely on foodbanks (as long as there's no food there that actually needs cooking).

As for this line can I just point out that the Conservatives taking a lecture on the price of fuel from the Nationalists who's whole annual budget was based on the premise that oil prices would remain high - $9 per barrel higher than it is currently - simply isn't going to happen

[Lord Pityme]

Same old Tories setting up a 'Pensions Blackhole' to trump the massive 'Pensions Blackhole' and mis-selling they engineered in the 80's....

And the greedy money grabbers will think these reputable brokers and firms will multiply the pensions they cash in instead of taking annuties ten-fold... only to have some feckin useless Tory MP's demanding they be compensated in 20 years time for their own out and out greed that's left them with out a pot to piss in.

AGAIN!!!

Aye George feckin brilliant idea

"No wonder THEY play Bingo if they have to drink this stuff, where's the charlie and champers at old boy"

Edited March 20, 2014 by Lord Pityme

[bud77]

Phew! No really , Phew! Thank f**k Cameron and Osbourne run the country and not you. They may be Eton Toffs but at least they understand how the economy works - unlike drafties Salmond, Sturgeon and Swinney, oh and that prick Ed Balls.

When you present a popular budget full of clever and sensible measures, even making radical changes for the better, you know you've got it right when all the daft socialists have left is prejudiced rants about schooling, and stories about food banks that are only required because Labour encouraged huge levels of personal debt, and then f**ked the economy.

As for manufacturing you may have missed the news but the Conservative s have led a bit of a revival there. Now millionaires can enjoy UK built engines in their BMWs and at Sunderland Nissan trust UK workers with the continued success of the Qashqai and their industry leading Leaf. Even the record rates of people in employment show Osbourne was right , as you shrink the public sector the private sector expands.

The Lib Dems like Danny Alexander deserve their share of the credit too but I can't understand why anyone would want to put Balls in Number 11, or why anyone would trust Swinney with anything other than a small pocketmoney budget. Surely voting for them is a retrograde step if ever there was one

And here's what the tories think of you

And here's Gideon's bible

£1600 a year less well off because of tory policies, wage rises (if you're lucky and your pay hasn't been frozen for the last four years) half of the rate of inflation, zero hours contracts on the rise, people dying days after the DWP telling them they are fit to work because of ATOS tests, the post office sold off to the city fatcats for a fraction of it's true value - the same city fatcats who told the government what the share price should be, Ministers telling pensioners to go and by a Lamborghini with their pension pot. The Tories - the independence campaigns best ever recruiting sergeant. The lib-dems - tory lapdogs.

Enjoy your beer and bingo and watch you don't get a speeding ticket in your Lamborghini

[Stuart Dickson]

And here's what the tories think of you

And here's Gideon's bible

£1600 a year less well off because of tory policies, wage rises (if you're lucky and your pay hasn't been frozen for the last four years) half of the rate of inflation, zero hours contracts on the rise, people dying days after the DWP telling them they are fit to work because of ATOS tests, the post office sold off to the city fatcats for a fraction of it's true value - the same city fatcats who told the government what the share price should be, Ministers telling pensioners to go and by a Lamborghini with their pension pot. The Tories - the independence campaigns best ever recruiting sergeant. The lib-dems - tory lapdogs.

Enjoy your beer and bingo and watch you don't get a speeding ticket in your Lamborghini

Yeah, like I said you know that the budget was a good one when you dafties are reduced to posting this sort of Der Sturmer shite on internet forums.

Dear oh dear.....

[David Mc]

Dear oh dear, poor old Labour.

On the face of it the budget today looks like a good one. Some really significant changes on pensions and a welcome introduction of a New Pensioners Bond that will pay top interest rates on savings. The Annual ISA limit has to be raised to £15,000 from July. 10% savings tax rate to be abolished. All looks really good. Beer duty down by 1p per pint, whisky frozen, cider frozen, tobacco to rise by 2% above inflation. Air passenger duty cut for long haul flights.

Then Ed Milliband gets up and his car crash meltdown has him ranting about Eton ministers writing a manifesto for work, and some really shit jokes that had only Ed Balls laughing.

Upgraded growth figures look healthy, an all time record high of UK citizens in employment and earnings to rise faster than prices this year. Personal Tax Allowance to be increased to £10,500. 40% tax rate thresholds will be raised in April.

Read that bastion of left wing politics The Standard on the train home tonight carrying an article from that other left wing bastion The Institute of Fiscal Studies.. They reckon medium term the changes to in pension policy relating to annuities is going to cost the UK a small fortune and the short term increase in tax take as people cash in pension pots is a highly optimistic punt. I doubt too many people would argue given a choice is a bad thing but ffs Osborne has had many years in opposition and four in government to come with something financially credible. It's an election tactic, He should spend more time putting in place a policy that will benefit the country and not glorifying himself. IMO politicians have very little control over when a recovery happens it's basically down to when you, me and companies start spending, plus good luck.

[Stuart Dickson]

Read that bastion of left wing politics The Standard on the train home tonight carrying an article from that other left wing bastion The Institute of Fiscal Studies.. They reckon medium term the changes to in pension policy relating to annuities is going to cost the UK a small fortune and the short term increase in tax take as people cash in pension pots is a highly optimistic punt. I doubt too many people would argue given a choice is a bad thing but ffs Osborne has had many years in opposition and four in government to come with something financially credible. It's an election tactic, He should spend more time putting in place a policy that will benefit the country and not glorifying himself. IMO politicians have very little control over when a recovery happens it's basically down to when you, me and companies start spending, plus good luck.

The speculation that it would cost the UK a small fortune is based on the premise that having saved all their working lives in order to provide for themselves in their retirement, that now every single pensioner will take the opportunity to draw all of that money on the day of their retirement and piss it away on some worthless piece of tat and then have to scrape by on welfare for the rest of their days.

The reality is that we will see increased tax revenue as a result of this measure. Prior to yesterday everyone who has saved funds in a private pension scheme was entitled to take up to 25% of the entire fund as a tax free lump sum. The remainder of the money had to be used to purchase an annuity - basically a bet on their life - which would then provide them and their kin with an income depending on which options they chose at the point of taking out the annuity. What has changed is that now everyone can take up to 100% of their pension pot as a lump sum, 25% of which is tax free, the remaining 75% would be taxable as earned income for that year therefore boosting the inland revenue tax take; or you can simply leave your entire pension fund invested in the existing fund and draw down income from the fund as you require it. Giving everyone the choice has to be a really good thing - sadly the dafties that comment on these things appear to think that every pensioner is a f**king lunatic dying to spend all their life savings on some age crisis blow out.

I still think it's an absolute master stroke, and it's something that makes investing in pensions far more attractive than it is currently.

I do agree with your last line though. I think that after a crash one of the inevitable things is that there will be a recovery. What we have to hope for is that whoever is pulling the economic levers makes the recovery as sustainable as possible, manages our debt levels and makes sure that the economy doesn't overheat so that the next inevitable crash isn't anywhere near as bad as the last one. I think the Conservatives and the Lib Dems have proven throughout this term in office that they are certainly competent at running the economy in the same way that Labour and the SNP have proven they aren't.

Edited March 20, 2014 by Stuart Dickson