The emergancy Budget was annouced today, how do you think it will effect you?
Key points included:
- VAT will rise from 17.5 per cent to 20 per cent on January 4 next year. This will generate £13bn a year.
- Income tax free threshold was raised to £7,475 — up £1,000 — but not for higher earners.
- Top rate of Capital Gains Tax (CGT) will rise to 28 per cent from midnight.
- Pay rises for lowest paid civil servants but there will be a two-year public sector pay freeze.
- Tax credit payments reduced and Sure Start maternity grant will be given for first child only. Child element of child tax credit raised by £150 above inflation next year.
- Child benefit frozen for three years.
- Forces operational allowance doubled to £4,800.
- No rise in duty on alcohol, fuel and tobacco.
- Bank levy from January 2011 generating £2bn a year.
Does it interest you? Do you believe that the new government has done the right thing? Did you vote so that you could have a say when it now effects you personally in the pocket?
Its going to be hard times ahead I feel, although I feel we got let off lightly. It could of and should of been harder hitting than the above IMO.
What are your thoughts?