Summer Budget 2015

kav

Can you share a source? I've seen so much conflicting info on this budget, would be good to see some real life examples.

Sve

Its on the BBC homepage, there's a calculator.

Budget calculator: How will the Budget affect you? - BBC News

kav

Thanks, tinkering with that it looks like you need to be earning £40k or more for the budget to affect you favourably. I'm pretty shocked to see how much worse off those on low incomes will be - as a percentage of overall income for someone with kids earning £10-30k, a £1000-1500 drop is enormous. I'm party agnostic and this budget actually benefits me (first one for years that has), but it seems like this is only going to cement the view that the Tories are a party for the rich.

Sve

Kav
They have and always will be the party of the rich despite what they or anyone else says. This budget just proves it. Have you factored in the rise in insurance premiums to your calculations?

Stuey1

Its hard to tell whether the calculator takes into account that that couple earning may earn an extra couple of grand between them if there wage is increased to the "National Living Wage", in fact it would appear it doesn't - it just calculates based on the salary you enter so if salary is going to change then the calculation is useless

Sve

How is it useless? Its quite easy to work out what you get paid now and what you will get paid in April next year and your tax credits will go down by the same amount if you earn more. The IFS & OBR have both said the poorest will lose money. The poorest paid are always hit the hardest.

Stuey1

The poorest paid are going to be the hardest hit by any changes that are percentage based, it goes without saying....

I'm not convinced that the calculator gives an accurate picture of exactly how things will be.

I do accept that the poorest paid will be affected more than the higher paid and there should IMO have been an increase in the threshold for the basic rate of tax, and no increase in the threshold for the higher rate. I still think that going down the road of getting rid of tax credits is the right way to go though - businesses need to stand or fall on their own merits not be subsidised by the government for paying pitiful wages

Sve

Its not % based at all. It simple facts.

Again how? Its simple maths, you put it what you earn it tells you how much you lose or gain just the same after every budget. You earn so much they take the same away, it cannot get any easier.

I am not saying businesses should not be paying their way I am saying the opposite, but again why hit the lowest earners until the said businesses start doing that.

Did the lowest paid **** this country up no, it was these idiot bankers playing roulette with other peoples money and those arseholes sitting in Westminster.

Should we have let the banks go tit's up, after all their a business?

Stuey1

Because while the low earners are being subsidised (more correctly the businesses are being subsidised) by the government they won't complain and will do their job for the money they are getting (rightly so) - now the workers actually have an impetus to pressure employers for a more reasonable wage (I think the budget should have done more to ensure this happens but the wage increase from 6.50 to 7.20 isn't a bad start)

Sve

You do realise, they will lose money from their tax credits when their pay rise comes in to affect.