Budget 2012

[TW]Fox · 20 Mar 2012 at 22:49

So lets have a thread where we can all moan about the pasting the motorist will receive tommorrow.

Early indications are that the Chancellor has resisted calls to scrap the forthcoming fuel duty rise and genuinelly beleives the answer to record fuel prices is even more fuel tax - so thats the first dissapointment. Not only will it be more tax - it'll be 4p after VAT which is a fairly brutal increase (Infact is it not the largest increase on record?).

What else are we going to see? Inflationary increases in VED I'd imagine?

webmonkeyuk · 20 Mar 2012 at 22:52

yeh im guessing its going to be another Lets pick on the motorist budget again

Liverpool-Lad · 20 Mar 2012 at 22:52

Your post may have saved me a few quid, tax is up at the end of the month, so needs renewing - better do it now before it goes up! :rolleyes:

Django x2 · 20 Mar 2012 at 22:52

You've covered all the motoring ones, perhaps bar the max taxable ppm rate

Tute · 20 Mar 2012 at 22:52

Question - why is the government so against reducing fuel duty? Isn't it a really good way to stimulate the economy as it both encourages the public to spend the spare money and also frees up cash for businesses too?

Django x2 · 20 Mar 2012 at 22:52

Liverpool-Lad said:
Your post may have saved me a few quid, tax is up at the end of the month, so needs renewing - better do it now before it goes up!

It can't go up if you've already received the reminder.

Liverpool-Lad · 20 Mar 2012 at 22:54

Believe it or not it DOES actually state on the reminder 'a different rate may apply following any budget statement'

C NUTS

Housey · 20 Mar 2012 at 22:54

Knowing my luck he will put diesel road tax up to £460 per year and force me to have a chip fitted that makes my fuel consumption the same as an RS4. You watch, it could happen!

[TW]Fox · 20 Mar 2012 at 22:55

Lucero said:
It can't go up if you've already received the reminder.

Oh yes it can.

Liverpool-Lad · 20 Mar 2012 at 22:55

Aaaand I cant renew it due to my insurance renewal too. Better lube up now.

[TW]Fox · 20 Mar 2012 at 22:56

Tute said:
Question - why is the government so against reducing fuel duty? Isn't it a really good way to stimulate the economy as it both encourages the public to spend the spare money and also frees up cash for businesses too?

It's not green. We must nuke our economy to make a point about CO2 emissions, whilst China continues to open dozens of new coal fired powerstations every year.

Heck he's never going to cut it but not increasing it by 4p at a time when we are suffernig from record prices because we think sanctioning Iranian oil is a good idea would be helpful.

Housey · 20 Mar 2012 at 22:57

I worked out a rough average of how much I spent on fuel for my RS4 in the last 4 years.....£21,825

Read it and weep!

Vonhelmet · 20 Mar 2012 at 22:58

Tute said:
Question - why is the government so against reducing fuel duty? Isn't it a really good way to stimulate the economy as it both encourages the public to spend the spare money and also frees up cash for businesses too?

Because they make a huge amount of money from it. It's the 5th biggest earner after income tax, national insurance, VAT and corporation tax and accounts for ~10% of the tax take.

Django x2 · 20 Mar 2012 at 22:58

[TW]Fox;21517619 said:
Oh yes it can.

parp

Tute · 20 Mar 2012 at 22:59

Vonhelmet said:
Because they make a huge amount of money from it. It's the 5th biggest earner after income tax, national insurance, VAT and corporation tax and accounts for ~10% of the tax take.

Would they not make it back in economic growth anyway?

Glaucus · 20 Mar 2012 at 22:59

webmonkeyuk said:
yeh im guessing its going to be another Lets pick on the motorist budget again

Always amuses me slightly, it always sounds like motoring is a niche market. Where it must actually be most of the population.

Eliot · 20 Mar 2012 at 23:00

Bet there's massive fuel strikes again this year. Prices are a joke

lee1101 · 20 Mar 2012 at 23:00

Tax free allowance is apparently going to increase from the planned 8,105. Not that it will make a huge difference but its a few pound in your pocket, which then gets spent on petrol

Vonhelmet · 20 Mar 2012 at 23:01

Tute said:
Would they not make it back in economic growth anyway?

Possibly, but why chance it? People have basically no choice about buying fuel, while money saved on fuel might not feed back into taxable sources, and certainly not at such high rates.

[TW]Fox · 20 Mar 2012 at 23:01

lee1101 said:
Tax free allowance is apparently going to increase from the planned 8,105. Not that it will make a huge difference but its a few pound in your pocket, which then gets spent on petrol

Yea but it wont take effect for a whole year. So they'll champion how great it is and we've still got a year to go before we can even benefit from it.