2021 Budget Predictions
Discussion
Scootersp said:
youngsyr said:
Scootersp said:
Also I'd argue no company can really gripe too much if they've received furlough funds.........at least until the extra tax they end up paying exceeds the amount received?
That's a bit one-sided, IMO. Companies only received furlough grants if they put employees on furlough, i.e. they weren't working for them, more often than not because the government made it illegal to operate.
The companies could have fired their employees and not taken any furlough grants. Those grants weren't purely for the companies' benefit, or even mostly.
I have a feeling it's all lip service any how and like america stimulus in some form will continue, we never operate at an annual surplus anyway so what consequences a bigger deficit........
Edited by Scootersp on Wednesday 3rd March 14:46
The economy can bounce back but thats not the same as the same jobs existing.
Example, you now do 1 day a week from home where as before you did 0. So you are travelling 20% less buying 20% less starbucks and pret sandwiches. Suddenly there is not as much need for thoes jobs. Same you are wearing 4 shirts not 5 20% fall in demand.
Things will never be 2019 again and they were always going to change. 2022 might see a rise in some areas but i would bet certain types of retail are done for. Also cinema (i like going). But if i can rent a new film at home with family and buy popcorn etc all for the cost of 1 ticket not 4 then its hard to see that recovering. In the 90s we all had 32 inch at best mono tvs. Now we have 65 inch 4k monsters with sound bars etc.
Gecko1978 said:
Given the cap on furlough was 35k then most of the workers (not all) affected will have been in lower skilled rolls like retail for example.
My employer put the majority of its employees on furlough when the scheme was available. They claimed up to the cap from the government then topped everyones salaries up from their own funds so there was no reduction on take home pay for those on furlough - the reasoning being that if there was no reduction in pay then you would have no objection to being put on furlough.Whilst the scheme was aimed at the lower skilled roles, I cant believe my employer was the only company that used it as a means of reducing cash leaving the business when there was no work to do as the government was effectively paying some of the wages.
.
Fittster said:
Venisonpie said:
Digga said:
UK needs to improve productivity. The key route is through investment; one man with a shovel can only do so much, give him a mini digger he can do a whole lot more. 
Yup. Encourage economic growth and shrink the debt rather than strangle GDP potential. So more damage to the UK economy because of Brexit.
Try this for size - they got it wrong after the referendum and may well do just as good a job this time.
OBR Explains Errors in Forecasting Impact of Brexit
https://www.ft.com/content/d140f26e-f7b9-11e8-af46...
Essence of the article for those with no FT access - OBR admits that UK public finances deterioration it forecast after the EU referendum result has not materialised.
The OBR really should apologise to remainers for getting their hopes up.
snuffy said:
There's a lot of newspapers predicting massive tax raids for all kinds; pensions, houses, assets, wealth, corporation tax, re-introduction of the windows tax even !
My bet would be it's yet another campaign of disinformation and nothing of the sort will happen; it's standard procedure. So everyone is now prepared for HMG to steal even more of their money, and when they don't do that, everyone will then thank their lucky stars and say what a fantastic Government we have and how benevolent Boris and Rishi are !
The debt will be parked for years. And what we are seeing now is a policy of disinformation.
There we go, as I said, all those predicted massive tax raids did not happen (with the exception of corporation tax).My bet would be it's yet another campaign of disinformation and nothing of the sort will happen; it's standard procedure. So everyone is now prepared for HMG to steal even more of their money, and when they don't do that, everyone will then thank their lucky stars and say what a fantastic Government we have and how benevolent Boris and Rishi are !
The debt will be parked for years. And what we are seeing now is a policy of disinformation.
snuffy said:
snuffy said:
There's a lot of newspapers predicting massive tax raids for all kinds; pensions, houses, assets, wealth, corporation tax, re-introduction of the windows tax even !
My bet would be it's yet another campaign of disinformation and nothing of the sort will happen; it's standard procedure. So everyone is now prepared for HMG to steal even more of their money, and when they don't do that, everyone will then thank their lucky stars and say what a fantastic Government we have and how benevolent Boris and Rishi are !
There we go, as I said, all those predicted massive tax raids did not happen (with the exception of corporation tax).My bet would be it's yet another campaign of disinformation and nothing of the sort will happen; it's standard procedure. So everyone is now prepared for HMG to steal even more of their money, and when they don't do that, everyone will then thank their lucky stars and say what a fantastic Government we have and how benevolent Boris and Rishi are !
Isn't it traditional to pass on corptax to consumers where possible?
It's not the sky falling in for sure and still lower than Labour promised us with no covid pandemic around.
turbobloke said:
Fittster said:
Venisonpie said:
Digga said:
UK needs to improve productivity. The key route is through investment; one man with a shovel can only do so much, give him a mini digger he can do a whole lot more.
Yup. Encourage economic growth and shrink the debt rather than strangle GDP potential. So more damage to the UK economy because of Brexit.
Try this for size - they got it wrong after the referendum and may well do just as good a job this time.
OBR Explains Errors in Forecasting Impact of Brexit
https://www.ft.com/content/d140f26e-f7b9-11e8-af46...
Essence of the article for those with no FT access - OBR admits that UK public finances deterioration it forecast after the EU referendum result has not materialised.
The OBR really should apologise to remainers for getting their hopes up.
TriumphStag3.0V8 said:
turbobloke said:
Fittster said:
Venisonpie said:
Digga said:
UK needs to improve productivity. The key route is through investment; one man with a shovel can only do so much, give him a mini digger he can do a whole lot more.
Yup. Encourage economic growth and shrink the debt rather than strangle GDP potential. So more damage to the UK economy because of Brexit.
Try this for size - they got it wrong after the referendum and may well do just as good a job this time.
OBR Explains Errors in Forecasting Impact of Brexit
https://www.ft.com/content/d140f26e-f7b9-11e8-af46...
Essence of the article for those with no FT access - OBR admits that UK public finances deterioration it forecast after the EU referendum result has not materialised.
The OBR really should apologise to remainers for getting their hopes up.
If any pessimism gap emerges we can always be reminded about the yachties "won't somebody think of the yachties".
snuffy said:
There we go, as I said, all those predicted massive tax raids did not happen (with the exception of corporation tax).
Isn't the Corp Tax rise also tapered between 50k profit to 250k profit, so the 25% rate kicks in over 250k (profit)?Cue Amazon et al making even less profit each year
Freeports , they keep pushing them but never explain it to the public and the public are stupid so dont care.
One idea is buy lots of meds and store the containers at the freeport. You know whats coming due to data input from everywhere and AI doing the brainwork.
Sell it all for vast profits when it becomes scarce due to latest pandemic. UK doesnt benefit at all apart from maybe tax on the storage costs.
Individuals get really rich.
Could be some other reason for freeports im not aware of.
Actually should have just said 'like del boys lockup'
One idea is buy lots of meds and store the containers at the freeport. You know whats coming due to data input from everywhere and AI doing the brainwork.
Sell it all for vast profits when it becomes scarce due to latest pandemic. UK doesnt benefit at all apart from maybe tax on the storage costs.
Individuals get really rich.
Could be some other reason for freeports im not aware of.
Actually should have just said 'like del boys lockup'
Murph7355 said:
snuffy said:
There we go, as I said, all those predicted massive tax raids did not happen (with the exception of corporation tax).
Isn't the Corp Tax rise also tapered between 50k profit to 250k profit, so the 25% rate kicks in over 250k (profit)?Cue Amazon et al making even less profit each year
kingchanceos.Murph7355 said:
snuffy said:
There we go, as I said, all those predicted massive tax raids did not happen (with the exception of corporation tax).
Isn't the Corp Tax rise also tapered between 50k profit to 250k profit, so the 25% rate kicks in over 250k (profit)?Cue Amazon et al making even less profit each year
As I say, the predictions on here, and in the media, failed to happen.
snuffy said:
Murph7355 said:
snuffy said:
There we go, as I said, all those predicted massive tax raids did not happen (with the exception of corporation tax).
Isn't the Corp Tax rise also tapered between 50k profit to 250k profit, so the 25% rate kicks in over 250k (profit)?Cue Amazon et al making even less profit each year
As I say, the predictions on here, and in the media, failed to happen.
Murph7355 said:
Isn't the Corp Tax rise also tapered between 50k profit to 250k profit, so the 25% rate kicks in over 250k (profit)?
Cue Amazon et al making even less profit each year
Explained by me above.Cue Amazon et al making even less profit each year
Corporation Tax worked like this for many years. It was "simplified" to a single rate a number of years ago.
It's just been made complicated again.
hyphen said:
FT took Rishi to task in his press conference just now. They advised that have analyzed and found the location based grants mostly favour Tory constituencies. Including Rishi's own
Naughty boy
Maybe there are more tory than labour constituencies due to the election result....................?Naughty boy
According to the Budget report, the cost of the "super deduction" will be just under £25bn.
That is more than the increase in corporation tax is estimated to raise by 2025 - 2026 (c. 17bn).
So this is in effect a tax transfer from non-capital intensive businesses to capital intensive businesses.
That is more than the increase in corporation tax is estimated to raise by 2025 - 2026 (c. 17bn).
So this is in effect a tax transfer from non-capital intensive businesses to capital intensive businesses.
DeejRC said:
Yes Ant. Cos he wants/needs the money being spent! I thought we all understood this?
How about incentivising people to take on employees? I get that investing in capital drives productivity but I would have thought that a direct employment subsidy may have been useful as well. Gassing Station | News, Politics & Economics | Top of Page | What's New | My Stuff