{"id":1601,"date":"2010-06-22T19:06:13","date_gmt":"2010-06-22T17:06:13","guid":{"rendered":"http:\/\/www.malcolmblair-robinson.co.uk\/wordpress\/?p=1601"},"modified":"2010-06-22T19:08:22","modified_gmt":"2010-06-22T17:08:22","slug":"1601","status":"publish","type":"post","link":"https:\/\/www.malcolmblair-robinson.co.uk\/wordpress\/?p=1601","title":{"rendered":""},"content":{"rendered":"

Osborne’s Big Day<\/strong><\/p>\n

Well now we know. This Blog will not dissect the budget as there are so many expert commentators doing this that the market approaches saturation. Some quick points.<\/p>\n

What\u00a0I liked<\/strong><\/em><\/p>\n

The increase in capital gains for higher rate taxpayers<\/p>\n

The raising of the tax threshold for the low paid<\/p>\n

The increase in VAT<\/p>\n

The phasing out of tax credits for those earning over \u00a340,000<\/p>\n

The start on benefit reform to reduce the bill<\/p>\n

The freeze on public sector pay<\/p>\n

The setting out that government departments will face an average 25% cut in the spending review<\/p>\n

The concessions to business and industry designed to encourage growth<\/p>\n

The aim to re-balance the economy with more emphasis on manufacturing and renewal, saving and investment<\/p>\n

The reduction in the scope of the State<\/p>\n

What I did not like<\/strong><\/em><\/p>\n

The Bank Levy is too small in scope to yield much benefit or impact proprietary trading<\/p>\n

Freezing child benefit hits the poorest hardest and still pays those who do not need it. It should have been dealt with like tax credits, but remained linked to CPI.<\/p>\n

The State Retirement Pension still goes to many who do not need it. Likewise it should have phased out from \u00a340,000 total retirement income.<\/p>\n

Point of Interest<\/strong><\/em><\/p>\n

It is wrong to assert that a VAT rise hits the poorest. This is because\u00a0those on low incomes pay out almost all their earnings or pension on essential living costs, most of which are VAT free. What hurts most is income tax. By raising the threshold by \u00a31000 this can put an extra \u00a3200 in the pocket of a single person. Very little of that will be clawed back in VAT.Even if all this extra cash went on VAT rated items the increase would only amount to \u00a35, so the least well of really do benefit from\u00a0less income tax.\u00a0The lower middle and middle incomes will feel it most but the high incomes who spend will pay the most.<\/p>\n","protected":false},"excerpt":{"rendered":"

Osborne’s Big Day Well now we know. This Blog will not dissect the budget as there are so many expert commentators doing this that the market approaches saturation. Some quick points. What\u00a0I liked The increase in capital gains for higher rate taxpayers The raising of the tax threshold for the low paid The increase in […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1601","post","type-post","status-publish","format-standard","hentry","category-malcolm-blair-robinson"],"_links":{"self":[{"href":"https:\/\/www.malcolmblair-robinson.co.uk\/wordpress\/index.php?rest_route=\/wp\/v2\/posts\/1601","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.malcolmblair-robinson.co.uk\/wordpress\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.malcolmblair-robinson.co.uk\/wordpress\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.malcolmblair-robinson.co.uk\/wordpress\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.malcolmblair-robinson.co.uk\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1601"}],"version-history":[{"count":5,"href":"https:\/\/www.malcolmblair-robinson.co.uk\/wordpress\/index.php?rest_route=\/wp\/v2\/posts\/1601\/revisions"}],"predecessor-version":[{"id":1605,"href":"https:\/\/www.malcolmblair-robinson.co.uk\/wordpress\/index.php?rest_route=\/wp\/v2\/posts\/1601\/revisions\/1605"}],"wp:attachment":[{"href":"https:\/\/www.malcolmblair-robinson.co.uk\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1601"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.malcolmblair-robinson.co.uk\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1601"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.malcolmblair-robinson.co.uk\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1601"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}