VAT is going up to 20% say government

Andy_82 said:
There is a similar program on channel 4 i think it was on last night, called something like 'how the other half live'
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i'll check it out, 4oD right?

I think the other program is still there, they keep there stuff up on there website for ages

Housing estate of Commons? I can't quite remember the name now, it was a couple of months ago, it was a great program, the Lib-dems came out best and Labour by far the worst, they didn't even want to live with the families and demanded a separate flat entirely!!
 
Showboat said:
Who really noticed when it went to 15%, or when it went back to 17.5%. Only those buying once in a decade items like a new car/tv/kitchen.

Get it up to 20%, then start slashing public sector jobs!
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Retailers who kept their prices the same because they knew it was going back up? A (most likely permanent) rise in VAT isn't really comparable with a short term drop which then went back up to normal anyway.
 
Did them more harm than good reducing it to 15%... a 2.5% drop made no impact worth it for the public (for people to be like OMG lets buy a new PS3, TV, XBOX because its £~5 cheaper), yet I would say made them lose millions. Shouldn't have been dropped in the first place, then it wouldn't need to be raised 2.5% now.

Ridiculous.
 
This was going to happen sooner or later, we are in a lot of debt do you expect the government to lower tax, if you actually read some of the policies there not going to increase the tax in National Insurance. unless your paying for an item over 1000 + you will only see a difference of about 20 - 30 quid.

yes we will be paying for things that will be more expensive, if the economy carried on the way they were your children will find it even harder to stand on their own 2 feet. trying to borrow money nowadays is a lot harder unless you have a good credit history, especially if your trying to get a mortgage or a loan. the chances of getting accepted for credit is very slim due to fact were in a lot of debt. So accept it whats happening and give them a chance
 
robgmun said:
i'll check it out, 4oD right?

I think the other program is still there, they keep there stuff up on there website for ages

Housing estate of Commons? I can't quite remember the name now, it was a couple of months ago, it was a great program, the Lib-dems came out best and Labour by far the worst, they didn't even want to live with the families and demanded a separate flat entirely!!
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Yup something like that i remember watching it. There was a similar one on the bbc, can't remember the name though, something like 'famous, rich and jobless'. That one was very good, it highlighted the psychological problems of being unemployed. I highly reccomend it.

I thought no-one would be surprised regaurding increase in VAT. It does seem a good way to improve the tax intake without hurting the low paid too much. Also, it should encourage people to save, although hopefully interest rates will go up atleast above inflation. Shows how unfair life is when people who are responsible with money and save are effectively punished due to the irrisponsibility of borrowing more than you can afford both privately and publically.
 
Andy_82 said:
Yup something like that i remember watching it. There was a similar one on the bbc, can't remember the name though, something like 'famous, rich and jobless'. That one was very good, it highlighted the psychological problems of being unemployed. I highly reccomend it.

I thought no-one would be surprised regaurding increase in VAT. It does seem a good way to improve the tax intake without hurting the low paid too much. Also, it should encourage people to save, although hopefully interest rates will go up atleast above inflation. Shows how unfair life is when people who are responsible with money and save are effectively punished due to the irrisponsibility of borrowing more than you can afford both privately and publically.
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exactly spending beyond your means, people borrow higher mortgages but couldn't keep up with the payments, i hate the fact i need a 15 - 20% deposit for a mortgage but it's a way to make you save, so even though it's frustrating there is a point to it, to prove your financially stable.
 
Mr Jack said:
But, as has been pointed out, the poor lose proportionally more on VAT rises than income tax rises. This isn't a debating point, it's an observation of all current and previous changes in VAT levels. And, as has been pointed out repeatedly, you're not really talking "luxuries" here, you're talking about the things people typically buy in life - they may not be strict necessities, but there's a big excluded middle between necessary and luxury.

(Plus the rise in personal allowance will help balance the tax system anyway which should help the working poor anyway.)
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I'm not sure how that can be. I'd rather have a 5% increase tax of things like electrical but not food, than 10% increase tax on *everything* by it being taken out my wage.
 
Andy_82 said:
Yup something like that i remember watching it. There was a similar one on the bbc, can't remember the name though, something like 'famous, rich and jobless'. That one was very good, it highlighted the psychological problems of being unemployed. I highly reccomend it.
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I just watched the first episode of the first series of How the other half live. By the end i was crying, i really was. What a great programme
 
robgmun said:
I just watched the first episode of the first series of How the other half live. By the end i was crying, i really was. What a great programme
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Its nice to see a program which has a point, there is way too many stereotypes and insults aimed at that particular section of society. It shows how complicated peoples situations are and hopefully reduces the stigma etc.
 
I don't want VAT to go up to 20%, but I can see the severity of the financial crisis that Labour has put us in. I'd rather VAT went up than Income Tax, it's not ideal but we're in a deep mess and even 20% VAT isn't going to make a very big dent in it.

Even with 20% VAT they're still going to have to find another £150billion of savings annually and that's just to break even. How we're going to pay back the £900billion (or more) national debt I have no idea.

Labour's whine about the Tories plan for £6billion cuts really was daft when it's absolutely nothing compared to the mountain of cuts required to just get us to break even.

Seriously Labour, what have you done?

Oh and the Gold sell off is looking more and more depressing every time the price rises. We're never going to be able to buy another stockpile of gold without remembering how we sold an obscene amount of it for a ridiculously low price. I think the gold was sold for around £8billion less than it's worth right now.

I just can't believe Labour went so bonkers with their spending, especially when times were 'good'. That was the time they should have kept things under control, stocked up on gold when it was seriously cheap and reaped the rewards later.

Anyone who blames the Tories/Lib Dems for tax rises or cuts in this government are monumentally naive or completely stupid.
 
avec said:
I don't want VAT to go up to 20%, but I can see the severity of the financial crisis that Labour has put us in. I'd rather VAT went up than Income Tax, it's not ideal but we're in a deep mess and even 20% VAT isn't going to make a very big dent in it.

Even with 20% VAT they're still going to have to find another £150billion of savings annually and that's just to break even. How we're going to pay back the £900billion (or more) national debt I have no idea.

Labour's whine about the Tories plan for £6billion cuts really was daft when it's absolutely nothing compared to the mountain of cuts required to just get us to break even.

Seriously Labour, what have you done?

Oh and the Gold sell off is looking more and more depressing every time the price rises. We're never going to be able to buy another stockpile of gold without remembering how we sold an obscene amount of it for a ridiculously low price. I think the gold was sold for around £8billion less than it's worth right now.

I just can't believe Labour went so bonkers with their spending, especially when times were 'good'. That was the time they should have kept things under control, stocked up on gold when it was seriously cheap and reaped the rewards later.

Anyone who blames the Tories/Lib Dems for tax rises or cuts in this government are monumentally naive or completely stupid.
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isn't hindsight a wonderful thing
 
rIcK said:
This has yet to be publicly announced by the PM. Also he never once said he wouldn't raise VAT, he said he was against it but we have to get the national debt which the banks created under control.

Labour would have pumped up fuel duty and added on another 100 stealth taxes onto every working family in the UK and added the Jobs Tax.

Please do not bring back labour.
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fixed
 
Meridian said:
And why should someone on £10k a year pay 10% of their salary on this tax, whilst someone on £1m a year pays 0.1% on the same tax? The trouble with the word "fair" is that it usually means "I would pay less".


M
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Because they use the same services. The poll tax was fair. You use the services therefore you paid for it.

Income tax takes care of the principle you are talking about and so is irrelevant when talking about council/poll tax. It would seem your idea of fair means someone else subsidising your usage of council services and paying a greater share of public sector pensions, something which I dont subsribe to.
 
Alex53 said:
VAT is a fair tax. You pay more of it the more you consume. All for it.
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Try looking at this from the perspective of the amount of their income or wealth that any given person is paying with VAT and you may find that it is actually not all that fair.

Perhaps if you were to increase the number of bands you could make it fairer. However, as it is applied in the UK, VAT does end up punishing the poor.
 
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