Well there we have it….The Budget, and what a Fudge it was.
Gideon did precisely nothing to help those struggling in poverty and paid out to his Rich pals as expected.
But there were some interesting aspects for Scotland which I will come to later.
Here is a quick summary.
The Personal tax allowance is going to be £8105 in 2012/13 and allowance will be £9205 in 2013/14, thereby postponing giving the poorest a reduction in tax for another year.
But for the Rich, From this April the top rate of mega rich, tax will fall to 45p in the pound.
He anticipates making savings of 2.4 Billion by withdrawing the troops out of Afghanistan in 2013/14 …Given that the cost of the raising of the tax threshold for the poorest will be 5.5 Billion…It means that every year in wasteful wars costs the country more than half the mount needed to make life slightly more bearable for the poorest in society, and that is without the billions spent yearly on armaments and nuclear subs and missiles.
Never mind the massive savings for young soldiers lives.
Stamp duty on residential properties over £2m which are bought via a company will increase to 15%….I’m sure that worries you!
He didn’t make it any easier for our young unemployed where the number of young people claiming JSA for over the past 12 months up by 156% since last year.
Road Tax is up by 5% but no cuts to fuel duty, which continues the spiraling cost on our food stuffs and haulage, never mind that Scotland with more rural roads than anywhere in Britain will still see Scots struggling just to make necessary journeys by car. In a Country rich in Oil, we pay more than anywhere else, including England where they use most of it in Britain. But more Oil benefits to come!
Tobacco smuggling is about to become one of the country’s biggest growth industries with a whopping 37p on tobacco products from 6pm tonight.
It will be cheaper for smokers to smoke whisky which sees no change in taxation.
Big changes to gambling duties, with 90% of gambling now based offshore. Tax moves to place of consumption rather than supply..So any gambling smokers…Head out right now!
Osborne says companies will be paying less tax. Corporation Tax lowered to 24% next month and lowered to 22% by 2014…As a comparison Ireland has Corporation Tax at 12.5% ….So guess where the Big Companies will still make their savings?
Furthermore the Unionists have been busy saying about Scotlands aspirations to cut this tax, that a cut in corporation tax is just a race to the bottom with our European partners…funny that.
Pensioners win out slightly in hte future with a £5 a week increase, but expect the pension age to continue heading upwards…Thereby not bothering about the poorest in Glasgow where they will all have popped their clogs long before, so it wont need to be paid out to a lot of them.
More items are to be included under V.A.T…..Indirect Taxation…Where have we seen that before, Mr G Brown?
Osbourne tells us that local pay structures are to be put in place in public sector. Which means the further you are away from the South East of England, Civil Servants will get even less than they do in London at present, but they may get more in Liverpool than Glasgow for the same job, as an example.
There will be Ultra fast broadband and wifi for 10 cities including Edinburgh….But nothing of help for the poorly provided for rural areas in Scotland yet…Some still relying on local Satellite service, if they can even get that!
But he does at least agree with the Scottish Governments suggestion of enterprise zones, and he will give Irvine, Nigg and Dundee special status for capital investment.
But Wait…Osborne drives another nail into green coffin: “environmentally sustainable has to be fiscally sustainable as well”
But if the poor think they have it hard at the moment….They aint seen nothing yet!!
£10 billion worth of cuts are to be found from welfare in the future,and that’s to go on top of the £18Billion already in the pipeline
But to make them feel better up here, there will be a £70m development fund for London paid through the London Mayor.
Further Give aways and expansion for London and the South is planned, seeing as they get very little normally.
Osborne says ‘we must confront the lack of airport capacity in the south east’ and we must confront lack of airport capacity in South East England, as we cannot be cut off from fastest growing markets in world.
He also said that investment in English train lines are needed.
he also reheated some of the promises in autumn statement to get pension funds investing in infrastructure.
Osbourne also said that the Office for Budget Responsibility forecasts one million more jobs in the economy over five years, but what he didn’t trumpet was that they also said that unemployment will be peaking at 8.7%, which means that ANOTHER 100,000 people will be losing their jobs before the economy gets better.
and somehow we are going to triple our exports to compete with China and Brazil….damned if I know what he is planning on exporting, Bullshit?
George says that “stability comes first” with the Eurozone and world growth downgraded by OBR. The Euro remains “a major risk” while he has a fear of high oil price allegedly.
But strangely enough in order to fund his books he says that more revenue from oil predicted next year, I wonder who will be financing all this Oil revenue and where it will come from?
Wait a minute..he had a brain wave…he signaled a dash for gas with Tax changes on offshore oil/gas, because he is now a new certainty on decommissioning costs & field allowances west of Shetland.
Or in more simple terms, Scotland is bailing them out yet again.
Otherwise Georges Budget strategy is known as plundering the North Sea following the Thatcher model of North Sea Investment. Like breaking into your neighbours house, nicking his telly and then selling it cheap.
There you have it…Not much more I can say about it than that, other than aren’t we lucky and privileged to have such dividends.