8th July Budget

Uther · 5 Jul 2015 at 13:29

Time to start a thread on this

So, things leaking out so far, inheritance tax to rise a fair bit, benefit cap 23k in London, now it seems lower elsewhere (20k?) possible cuts to child tax credits, and clamping down on rent subsidies for high earners in social housing! I didn't realise they existed TBH, now it seems there are over 300 thousand of them, with proposed savings of 250 million a year!

russell664 · 5 Jul 2015 at 13:39

That is mental numbers, never really thought about it like that.

I guess high earners in a council house will have a lot more to play with, and are in effect taking advantage of the system? I'm not really up to speed with this sort of stuff!

doofer · 5 Jul 2015 at 14:03

A 0.02% Tax on Financial Transactions (City Banks/Traders - The ones who created the Financial mess) would create £BILLIONS in Tax Revenue. Google/YouTube RobinHoodTax.org.

Maccapacca · 5 Jul 2015 at 14:03

Just seems mental the free ride some people have been on for god knows how long.

Rosbif · 5 Jul 2015 at 14:05

Is the claim that £250m a year could be saved from cutting housing benefit for people earning £30 to 40k true?

I just can't understand how people earning this kind of money are entitled to benefits in the first place. :confused:

Dolph · 5 Jul 2015 at 14:10

doofer said:
A 0.02% Tax on Financial Transactions (City Banks/Traders - The ones who created the Financial mess) would create £BILLIONS in Tax Revenue. Google/YouTube RobinHoodTax.org.

No, it wouldn't, the Swedish experience of actually implementing it shows what happens.

https://en.m.wikipedia.org/wiki/Swedish_financial_transaction_tax

Dolph · 5 Jul 2015 at 14:12

Rosbif said:
Is the claim that £250m a year could be saved from cutting housing benefit for people earning £30 to 40k true?

I just can't understand how people earning this kind of money are entitled to benefits in the first place.

It isn't benefits, but below market rate rents that are used to reduce the benefit bill. So the rent is set at say £100 a week when the market rate should be £200, so even though no housing benefit is paid, the state is losing 50% of what it should be getting.

This makes sense from a benefits perspective, but as we allow people who don't need subsidy to stay in below market rate accommodation, that is where the problems come from.

D3K · 5 Jul 2015 at 14:13

****, I'm living in a flat that has come through a housing association so not sure if I would fall into the category of social housing. It's in a very affluent area of the city, and my 3 neighbours are all in the nursing industry.
They also needed 3 months of my earnings to show I could pay for the place before I moved in.

doofer · 5 Jul 2015 at 14:16

Dolph said:
No, it wouldn't, the Swedish experience of actually implementing it shows what happens.

https://en.m.wikipedia.org/wiki/Swedish_financial_transaction_tax

That was deemed a failure because it was only Localised to Swedish Trades, all the Traders did was move offshore to avoid paying the 0.002% Tax in Sweden. (Pretty much sums them up, avoiding a 0.002% Tax the greedy ****ers.)

This Tax would and should be Global.

cheesyboy · 5 Jul 2015 at 14:18

russell664 said:
That is mental numbers, never really thought about it like that.

I guess high earners in a council house will have a lot more to play with, and are in effect taking advantage of the system? I'm not really up to speed with this sort of stuff!

It's not all that mental. 340,000 households for a saving of £250million means, what, £7 a month each or something. Just goes to show how council/housing association rents are basically almost bang in line with market rents.

Rosbif · 5 Jul 2015 at 14:20

250,000,000 / 340,000 = 735.295 / 12 = 61.27

So, a tad more than £7/month !

Dolph · 5 Jul 2015 at 14:22

doofer said:
That was deemed a failure because it was only Localised to Swedish Trades, all the Traders did was move offshore to avoid paying the 0.002% Tax in Sweden. (Pretty much sums them up, avoiding a 0.002% Tax the greedy ****ers.)

This Tax would and should be Global.

How can you set up a global tax in a UK budget? Is taking sovereignty from every country on earth really that good an idea?

D.P. · 5 Jul 2015 at 14:24

Dolph said:
No, it wouldn't, the Swedish experience of actually implementing it shows what happens.

https://en.m.wikipedia.org/wiki/Swedish_financial_transaction_tax

Indeed, as much as it would be nice to implement it simply wouldn't work, as proven in Sweden. The only way to achieve this would be a global agreement between every country, a complete utopian dream.

doofer · 5 Jul 2015 at 14:26

Dolph said:
How can you set up a global tax in a UK budget? Is taking sovereignty from every country on earth really that good an idea?

By making it a 'Global' Tax on Financial Transactions just means there's nowhere to go to avoid the Tax... It's simply to stop it being easily avoided.

D3K · 5 Jul 2015 at 14:26

Rosbif said:
250,000,000 / 340,000 = 735.295 / 12 = 61.27

So, a tad more than £7/month !

I dunno if the housing assosciation has been subsidised or not, but my rent just went up by £50 in April (10%!) to bring it in line with market value.

I can't really afford another hike, it's nonsense pricing as it is.

Nitefly · 5 Jul 2015 at 14:33

Dolph said:
How can you set up a global tax in a UK budget? Is taking sovereignty from every country on earth really that good an idea?

Off topic, but I'm pretty sure the US has some laws that allow them to prosecute in the US for white collar crime committed anywhere in the world. Pretty far reaching!

Dolph · 5 Jul 2015 at 14:37

On the budget itself, I expect to see manifesto pledges fulfilled and some of the harsh decisions taken (with both opposition parties in leaderless disarray and 5 years till the next election, it is absolutely the best time to get some of the more unpopular reforms out of the way.

Dolph · 5 Jul 2015 at 14:38

doofer said:
By making it a 'Global' Tax on Financial Transactions just means there's nowhere to go to avoid the Tax... It's simply to stop it being easily avoided.

And can only be implemented by a massive loss of sovereignty. There is simply no other way to implement globalised forced appropriation of resources by the states.

robfosters · 5 Jul 2015 at 14:47

I just hope they don't hit the genuinely disabled hard.

doofer · 5 Jul 2015 at 14:48

Dolph said:
And can only be implemented by a massive loss of sovereignty. There is simply no other way to implement globalised forced appropriation of resources by the states.

I fail to see how any Country agreeing to an International Agreement to implement a 0.02% Tax on all Financial Transactions is in any shape or form losing out on anything, let alone Sovereignty :confused:

8th July Budget

Tea Drinker