The PistonHeads Budget
Discussion
With all the very interesting discussions over the state of the UK's public finances including debates on whether or not the Chancellor is doing a good job - and indeed whether anybody else could do any better - I have a proposition for PH'ers.
Tell us what you would do if you were Chancellor right now. What taxes would you change? What new policies would you introduce? How would you pay for any changes and what difference do you think they'd make? Would you raise/lower income tax? What would you do on stamp duty? What would you do on the matter of petrol? How would you put money back into the publics pocket without having to increase borrowing? How would you get the economy moving?
This could be interesting
I will post mine later.
Tell us what you would do if you were Chancellor right now. What taxes would you change? What new policies would you introduce? How would you pay for any changes and what difference do you think they'd make? Would you raise/lower income tax? What would you do on stamp duty? What would you do on the matter of petrol? How would you put money back into the publics pocket without having to increase borrowing? How would you get the economy moving?
This could be interesting
I will post mine later.As per the other thread:
1. Abandon pointless and costly spending on wind turbines
2. End all 'green' subsidies ripping off the taxpayer
3. Get shale gas extraction going and be fracking quick about it
4. Cut corporation tax further than planned, 22% next year, 20% the year after, receipts may well increase and investment/relocations likewise
5. Reduce fuel duty 1p next budget and then freeze it
6. Ditch red tape and reduce other costs on businesses - home grown Labour legacy tape first
7. Windymill savings, cheaper energy and fuel, reduced corptax and less red tape will reduce costs to businesses and households and promote growth
1. Abandon pointless and costly spending on wind turbines
2. End all 'green' subsidies ripping off the taxpayer
3. Get shale gas extraction going and be fracking quick about it
4. Cut corporation tax further than planned, 22% next year, 20% the year after, receipts may well increase and investment/relocations likewise
5. Reduce fuel duty 1p next budget and then freeze it
6. Ditch red tape and reduce other costs on businesses - home grown Labour legacy tape first
7. Windymill savings, cheaper energy and fuel, reduced corptax and less red tape will reduce costs to businesses and households and promote growth
turbobloke said:
7. Ditch red tape and reduce other costs on businesses - home grown Labour legacy tape first
The Government have been going on about reducing red tape for two years. What red tape specifically and what other costs on business would you reduce and how would you pay for it? Are you suggesting the scrapping of 'green' spending would fill the gap?First step is to get out of the EU (saving between 10 and 20 billion), followed by a repeal of thousands of regulations that are throttling business. In addition do something about planning laws (i.e. get rid of most). Reduce welfare further that the coalition (why should a household be able to get average earning on welfare?). Stop all subsidies for 'green' energy. Do whatever it takes to get fracking going. Stop recruitment into civil service and let natural wastage reduce our bills. Kill more quangos (this time we mean it).
Use above savings to reduce employment taxes, particularly on SMEs.
Step back, take a breather then produce a complete budget 6 months later.
Use above savings to reduce employment taxes, particularly on SMEs.
Step back, take a breather then produce a complete budget 6 months later.
One major thing would be to simplify the tax system:
This would make a huge difference to unintended tax avoidance schemes (and maybe to evasion too) and also bring some much needed consistency – why should someone earning £50k be taxed so differently depending on whether that £50k was achieved through employment (PAYE), self-employment or structured through some limited company?
All we’d then need to do is worry about how to spend this huge amount of increased tax revenue – lower taxes or improved facilities or a combination of the two??!!
Sidicks
This would make a huge difference to unintended tax avoidance schemes (and maybe to evasion too) and also bring some much needed consistency – why should someone earning £50k be taxed so differently depending on whether that £50k was achieved through employment (PAYE), self-employment or structured through some limited company?
All we’d then need to do is worry about how to spend this huge amount of increased tax revenue – lower taxes or improved facilities or a combination of the two??!!
Sidicks
Simple plan 1.
Every council in the land should sue every appropriate utility company who's ever dug up a road and fixed it badly leading to an uneven road surface.
Nett Result: Beautiful road network, no potholes, improved quality of life for everyone and huge employment in road building. All done at the cost of the Utility Companies, which are generally very large, not British owned, multinationals who make Multimillions in profits annually.
Simple plan 2.
Legalise and Tax, Class B & C Drugs and Prostitution.
It's really not that hard.
Every council in the land should sue every appropriate utility company who's ever dug up a road and fixed it badly leading to an uneven road surface.
Nett Result: Beautiful road network, no potholes, improved quality of life for everyone and huge employment in road building. All done at the cost of the Utility Companies, which are generally very large, not British owned, multinationals who make Multimillions in profits annually.
Simple plan 2.
Legalise and Tax, Class B & C Drugs and Prostitution.
It's really not that hard.
Alex said:
I cannot download their PDF's, which is a pity.I would repeal the Climate Change act, saving £20Bn pa.
Reduce the Foreign Aid budget by £5Bn pa
Limit Child Benefit to 2 children (starting in 10 months)
Stop most "cosmetic" treatments on the NHS.
Undo Police cuts - cost £2Bn
Increase military spending £3Bn
Infrastructure spending £5Bn
So far I have reduced spending by £17Bn.
I would then do everything possible to encourage Gas fracking projects. If these are successful, then we would have another "North Sea" style boom. Low cost energy would encourage manufacturing industries back to the UK. Everybody would be better off.
That is just for starters.
Don
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trashbat said:
Hey OP, can you change your post to, 'give us your right wing ideas regardless of whether they relate to growth'?
I was thinking that myself. Some of the ideas here are pure fantasy. Getting out of the EU, repealing climate change acts etc. Never going to happen. Maybe we should stick to working within realistic boundaries?Make ALL serious businesses register for VAT (i.e. reduce the £77,000 turnover threshold to about £10,000).
Abolish Zero Rating and other "Special Case" rates
Make Standard Rate VAT 10%
Abolish National Insurance (especially Employer's NI) and ALL the legislation that relates to it.
Lower Corporation Tax to 10%.
Leave Income Tax as it is.
Abolish Stamp Duty and Stamp Duty Land Tax
Abolish Zero Rating and other "Special Case" rates
Make Standard Rate VAT 10%
Abolish National Insurance (especially Employer's NI) and ALL the legislation that relates to it.
Lower Corporation Tax to 10%.
Leave Income Tax as it is.
Abolish Stamp Duty and Stamp Duty Land Tax
Eric Mc said:
Make ALL serious businesses register for VAT (i.e. reduce the £77,000 turnover threshold to about £10,000).
Abolish Zero Rating and other "Special Case" rates
Make Standard Rate VAT 10%
Abolish National Insurance (especially Employer's NI) and ALL the legislation that relates to it.
Lower Corporation Tax to 10%.
Leave Income Tax as it is.
How do you pay for that massive black hole you create without increasing borrowing costs? Abolish Zero Rating and other "Special Case" rates
Make Standard Rate VAT 10%
Abolish National Insurance (especially Employer's NI) and ALL the legislation that relates to it.
Lower Corporation Tax to 10%.
Leave Income Tax as it is.
martin84 said:
I was thinking that myself. Some of the ideas here are pure fantasy. Getting out of the EU, repealing climate change acts etc. Never going to happen. Maybe we should stick to working within realistic boundaries?
Why do you say that? We will have to repeal the climate change act sooner rather than later, because that really is total fantasy. I will bet good money that the Tories will be forced to offer a referendum on the EU by the next set of general elections.s2art said:
Why do you say that? We will have to repeal the climate change act sooner rather than later, because that really is total fantasy. I will bet good money that the Tories will be forced to offer a referendum on the EU by the next set of general elections.
I say that because I asked what would you do if you were Chancellor right now. There will be no EU referendum, Blair said we'd have one once upon a time and it never materialised. The Climate Change Act won't go but it may be revised, but not in a hurry.stinkysteve said:
Simple plan 1.
Every council in the land should sue every appropriate utility company who's ever dug up a road and fixed it badly leading to an uneven road surface.
Nett Result: Beautiful road network, no potholes, improved quality of life for everyone and huge employment in road building. All done at the cost of the Utility Companies, which are generally very large, not British owned, multinationals who make Multimillions in profits annually.
Simple plan 2.
Legalise and Tax, Class B & C Drugs and Prostitution.
It's really not that hard.
Dear sir,Every council in the land should sue every appropriate utility company who's ever dug up a road and fixed it badly leading to an uneven road surface.
Nett Result: Beautiful road network, no potholes, improved quality of life for everyone and huge employment in road building. All done at the cost of the Utility Companies, which are generally very large, not British owned, multinationals who make Multimillions in profits annually.
Simple plan 2.
Legalise and Tax, Class B & C Drugs and Prostitution.
It's really not that hard.
Your gas ,electric and water bills will be increasing by 40% from today.
We will do as all utilities always do, and pass all of the costs on to you the customer (plus a little extra).
Should you find this unacceptable you are at liberty to change supplier ( their prices may prove somewhat similar to ours but this is purely a coincidence).
Have a nice day
Any utility.com
martin84 said:
turbobloke said:
7. Ditch red tape and reduce other costs on businesses - home grown Labour legacy tape first
The Government have been going on about reducing red tape for two years. What red tape specifically and what other costs on business would you reduce and how would you pay for it? Are you suggesting the scrapping of 'green' spending would fill the gap?http://www.telegraph.co.uk/finance/yourbusiness/94...
Scrapping the building and installation of costly and pointless turbines as soon as contracts allow would reduce energy costs for both businesses and households. There's no need to replace anything. Stop wasting the money, stop raising 'green' taxes to pay for the waste. It would release more than £100bn in terms of subsidies alone by 2030.
At £2 million per megawatt of capacity according to the Carbon Trust, the bill for the Government's planned 33 gigawatts would be £66 billion - and even that, as was admitted in a parliamentary answer, doesn't include an extra £10 billion minimum needed to connect the turbines to the grid.
The reduction in corptax isn't instantly and obviously a net cost to HMT, the attractive nature of the UK in terms in domestic and inward investment would be significant. Growth in Ireland was boosted by a wave of foreign direct investment attracted by the low rate, and while 12.5% may have been sufficiently low to contribute to government dependence on property taxes, 20% is low but not recklessly so.
Cutting fuel duty by 1p a litre would cost HM Treasury around half a £billion a year. Peanuts in the scheme of things when costly waste on unworkable 'green' projects would release money on a different order of magnitude. That's assuming the cut and freeze doesn't tempt car and commercial vehicle owners to do more miles.
ArmaghMan said:
Dear sir,
Your gas ,electric and water bills will be increasing by 40% from today.
We will do as all utilities always do, and pass all of the costs on to you the customer (plus a little extra).
Should you find this unacceptable you are at liberty to change supplier ( their prices may prove somewhat similar to ours but this is purely a coincidence).
Have a nice day
Any utility.com
Indeed. Believing there's a free way to fix the roads really is bananas.Your gas ,electric and water bills will be increasing by 40% from today.
We will do as all utilities always do, and pass all of the costs on to you the customer (plus a little extra).
Should you find this unacceptable you are at liberty to change supplier ( their prices may prove somewhat similar to ours but this is purely a coincidence).
Have a nice day
Any utility.com
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