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Feeling nervous Tories?


Yeah, nervous at all the money we're going to have to pay back to clean up the big Brown mess.

Spread the wealth! go for it...

Im assuming that kicking 4p on fags and booze is going up a little further now.

Darling claiming he "did fix the roof when the sun was shining"! Dear God, what planet is this man on???!!

"We did fix the many roofs when the sun was shining."

And thats why we employ Poles to do roof fixing nowadays.


No James, what they find funny is the Chancellor's total loss of grip on reality! Actually you're right - it's not funny. One should never mock the afflicted!

Borrowing to hit £118bn next year? Wow, and to think I find my £85k mortgage daunting enough

Brown can't stop fidgeting. He keeps looking around the Commons. He looks like he's suppressing a smile. This is all politics for him.

And he's come out with the much-vaunted and much-trailed decrease of VAT - for 13 months!!! Not going to be much use to people and those that are having to change their accounting software (and then change it back again in 13 months' time) are going to be roundly cursing him...

National Insurance is going up yet again. Disgraceful!

He's also increasing fuel, alcohol and tobacco duty to pay for his VAT "cut" to keep prices in line with how they have been of late. How exactly are we "benefitting" from this then?

"The £120 increase in the personal income tax allowance will be permanent, and increased to £145 from next April."

So it goes from 6,035 to 6,060 next year - an increase of 0.4% !? Fiscal drag, anyone?

Smoke and Mirrors!!


What were you saying lastnight about the Tories putting up the price of fuel?

First stolen Tory idea - delayed tax payments for businesses.

What was that about telling Parliament first? The salient points are already in the public domain. It's onbvious that Mandelson and Campbell are back. Politics will be debased yet further it seems.

The Stock Market, albeit from a vey low base, has taken off like a rocket and is up nearly 8%. The commentators will take this as a sign that "Business is backing the Government" so the Tories have lost the argument, at least in the short term.

Serves you right, my Tory friends, since we will never get this country back on its feet again until we are prepared to derail the Public Sector Gravy Train, confront the State Education Dragon, see off the Benefits Griffon and slay the Mass Immigration Phoenix.

What was the complex announcement about income tax allowances for those earning over £100k?

Hopefully we'll win the next election and will find it impossible to reverse these tax cuts :)

The market often makes mistakes during the day David at home. If the stockmarket is still up by the end of the week you may have a point.

David_at_Home, let's just hope the long term pain is a price worth paying for the short term gain then. I fear the next Tory government will once again be faced with the huge challenge of righting the short-termism and political opportunism of another waning Labour government.

FTSE is following Wall Street up- nothing to do with Darling.

David the stockmarket is up because all of the world indices are reacting to a low , they are all rocketing up . Nothing to do with PBR . The Pound though is below 1.18 again and CDS sovereign UK spreads above 80 for the first time .

I hope we will support these measures but we'll fund them by eliminating waste and cutting spending now.

Well no sign of obvious election bribes like free chocolate for women so we may be stuck with them until 2010.

All very uninspiring.

"FTSE is following Wall Street up- nothing to do with Darling."

Probably (though the Dow has been flat since 3.30 whilst the FTSE continues to rise) but I bet you that, tonight, the BBC will report the rise of the Stock Market as a sign of approval of the Government’s strategy!

PS. I am no fan of this totally useless government but I fear that the Cameroons have no answers either (or, if they do have, they are keeping them well hidden).

They still haven't learned the most obvious solution to the problem:


The notion that we can afford ever higher public spending and that there's minimal scope to slash spending is ludicrous.

I wish the Party could see past the headlines in the left-wing newspapers and speak this truth to the nation.

This budegt is locking in tax rises until 2015, and STILL hugely increasing borrowing...

"What was the complex announcement about income tax allowances for those earning over £100k?"


I'll do my best!

Increasing the personal allowance will "disproportionately" benefit those in the higher tax rates because it reduces the total taxable income, which means that the size of the top slice of income (being taxed at 45%) will reduce. Therefore, increasing the PA by (say) £100 would reduce a high earner's tax bill by £45, whereas someone on low income (in the 20% tax band) would only see a £20 reduction.

That's what he is getting at, though it will inevitably mean yet more complexity in the system. As to whether it is really "disproportionate" is a political point - it's no more disproportionate and unfair than a so-called "progressive" tax system is in the first place.

FTSE on its way down now...

A coming hike in NI contributions - that's a sure way to make employers more reluctant to take on staff in the unlikely event this 'fiscal stimulus' does anything but deep, pervasive harm.

I do wish Darling would stop talking about "modest incomes".

Yet again, there is no help for students like myself whose utility bills and rent continue to soar with minimal increases of student loans in line with inflation, especially for those of us whose parents have incomes above the means testing bracket. It is us who will be paying the price for Darling's tax bombshell, to the tune of £1 trillion.

Excellent, old Labour is alive and kicking with its size tens. It’s the command economy:

Retailers, you WILL pass on the full VAT change.

Banks, you WILL lend to whosoever we dictate.

Mortgage lenders, you WILL not repossess.

Power suppliers, you WILL lower prices or we will intervene.

Calm down Osborne , you will make yourself ill !!

The FTSE 100 has flattened at around 4,100, up nearly 9% on the day.

Eat drink and be merry.....

There's a lot of passion in Osborne's delivery. He is genuinely angry!


1) NI contribution will increase
2) Fuel duty will increase
3) Alcohol duty will increase

Darling thinks that a 2.5% drop in VAT (of which only a fraction may actually be passed on to consumers) will cover these tax increases for most people? The man's clearly insane. Him and his stupid black eyebrows.

1. We are increasing the tax threshold by £145
2. We are increasing all NI by 0.5%.

This is sold as a tax cut yet yields the Treasury £238 more per average employee, more than reversing the combined headline PAYE reductions of 2006, 2007 and 2008.

I understood the basic concept of the allowances change over 100K but not how he will implement it.

I presume pension contribution will attract the higher rate rebate if tax is paid at 45% - or is there something in the small print

Darling goes on the "Tories have nothing to say" line. Brown, Balls and Darling are grinning like Cheshire cats.


Indeed, the small print will be the rub, as always. It may be some sort of tapering process, as with the older person's allowance. Maybe the PA will become an actual reduction in tax payable, rather than taxable income, as MCA was before it finally died.

Pensions contributions tax relief is already subject to a clawback at higher rates - I expect the same mechanism will catch relief at 45%.

Though to Dow seems to have flattened, the FTSE 100 is on the rise again, now above 4140.

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