Spring Budget Predictions

All tax and benefits thresholds should be pegged to wage inflation so the people that were supposed to receive the benefit/pay the tax still do. The fiscal drag that we see is deliberate and we have people that are now middle income earners being hammered by having to pay higher rate tax and losing child benefit which doesn't make sense.

When the child benefit threshold was first introduced the higher rate tax threshold was £42k so you had to be earning a good amount over the higher rate before you also lost the child benefit. Now that rate is basically the same so the marginal tax rate when you hit £50k is now massive and £50k is not worth what it was.

I don't expect anything beneficial to change though.
 
Oooo said:
With services in the country including NHS, police, schools , councils on their knees it would be very wrong to give a tax break
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I disagree, depending on what the tax break is of course. Tax breaks for people on very high wages don't achieve much because they just save it but tax breaks for low earners sees them take home more money which then gets spent. With inflation rising more and more people are in the bracket of spending all their money and not being able to save so tax breaks for them allows them to spend on things which helps the economy. It's a system, one thing affects the other.

There will also be many people working the those services that will be facing increasing costs everywhere and would really benefit from reduced tax to cover those costs. High inflation means more people are being dragged into higher tax bands but if costs are rising they don't have more money to spend and the additional tax is meaning they have less than they previously had.

Stupid tax breaks like capital gains, inheritance tax, corporate tax etc which benefit the wealthy should definitely be off the table but it's the Tories so I expect that is where tax breaks would be made.
 
What we need is investment in public services. There was a record budget surplus in January so there is money to invest.

What we will actually see is cynical attempts to buy votes.
 
Subsidies on green energy generation should be key, albeit expensive, so unlikely.

People need incentivising to get solar, battery storage and heat pumps where suitable. It's big investment, but it also
means money going into the economy.

As it stands it's years, sometimes 10+, to see the right level of payback - if people get the right gear then electricity bills can be almost nothing as solar generates during the day, battery storage tops up overnight at a cheap rate, surplus from both can be sold back to the grid. It can massively reduce the amount we need to spend on energy generating in the future if people can generate and store themselves but right now it's only for either the well off with big savings or people getting it free because of benefit related grants
 
ThatFragranceGuy said:
Subsidies on green energy generation should be key, albeit expensive, so unlikely.

People need incentivising to get solar, battery storage and heat pumps where suitable. It's big investment, but it also
means money going into the economy.

As it stands it's years, sometimes 10+, to see the right level of payback - if people get the right gear then electricity bills can be almost nothing as solar generates during the day, battery storage tops up overnight at a cheap rate, surplus from both can be sold back to the grid. It can massively reduce the amount we need to spend on energy generating in the future if people can generate and store themselves but right now it's only for either the well off with big savings or people getting it free because of benefit related grants
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Why should the gov use my taxes to pay for your expensive energy system?
 
Stellify said:
Why should the gov use my taxes to pay for your expensive energy system?
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Because it's not your taxes, it's our taxes & that's a remarkably short termed view.

And if people aren't generating energy themselves they'll be stuck in a cycle of buying it at extortionate rates and we'll be spending hundreds of billions of pounds on new nuclear plants and decommissioning old ones.

It's the same line of thinking as upgrading insulation. It has an up front cost yet saves energy used and therefore reduces energy demand for decades for every £ spent as well as putting money into the economy and creating jobs.
 
ThatFragranceGuy said:
Because it's not your taxes, it's our taxes & that's a remarkably short termed view.

And if people aren't generating energy themselves they'll be stuck in a cycle of buying it at extortionate rates and we'll be spending hundreds of billions of pounds on new nuclear plants and decommissioning old ones.

It's the same line of thinking as upgrading insulation. It has an up front cost yet saves energy used and therefore reduces energy demand for decades for every £ spent as well as putting money into the economy and creating jobs.
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Some are mine, I see them leave my pay slip and sometimes get tax bills to pay. I don't want to help you pay for stupid things.
 
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