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The Pre-Budget report
BillieTheBot
Posts: 8,721 Bot
This was billed as the most important day in politics for many years. It was said that what the Chancellor said today would affect us for years to come. And it looks like it will. Yep, it's pre-Budget report day. According to the Beeb; "Chancellor Alistair Darling has cut VAT but taken UK borrowing to record levels as he battles to save the country from a deep and long-lasting recession. Top earners also face more tax and all National Insurance contributions will rise, he said in his pre-Budget report. Alcohol, tobacco and petrol duty rises to offset the 17.5% to 15% VAT cut. Mr Darling said 'exceptional measures' were needed with the economy set to shrink next year - but the Tories said he had 'mortgaged' Britain's future."
LINKS: Story > Key Points > Tory reaction > LibDem reaction.
Before anyone goes "oh, but you've got it in for this government, you never give them a fair hearing, blah blah blah", let me state my position. I agree with New Labour that people need to be helped out at a difficult time like this. I've been looking into the way that Thatcher dealt with the recession in the 1980s, and I think that the methods she used to get Britain out of it were brutal in the extreme. Whilst it was true that radical action was needed back then to modernise the country, the medicine she administered was truly awful. Many people in the modern day Labour Party will remember this - Gordon Brown certainly does, for he vociferously spoke out against it at the time. So there's much to be said for Labour wanting to help people out.
For me, there's just two problems. One, cutting VAT isn't going to have as much effect as they'd like. Most of the items that we buy every day, such as food, are already charged at 0% VAT. How many people go and buy a new plasma television every single day? And are a couple of extra pennies in our wallets seriously going to entice us to spend? I can't see it making that much of a difference. Two, the eye-watering levels of debt that are being taken on. I agree that these are unprecedented times in our world - we face the biggest economic crisis since 1945 - but £1trillon is a gigantic amount of money by anyone's estimation. How the hell are we gonna pay all that off? To say the least, I have massive reservations about this.
I never thought I'd say this, but I actually agree with the LibDems on this one. The one thing that would have really made a difference would have been massive cuts in income tax. Put more money in people's wallets and let them decide how to spend it.
Over to you, ladies and gentlemen.
LINKS: Story > Key Points > Tory reaction > LibDem reaction.
Before anyone goes "oh, but you've got it in for this government, you never give them a fair hearing, blah blah blah", let me state my position. I agree with New Labour that people need to be helped out at a difficult time like this. I've been looking into the way that Thatcher dealt with the recession in the 1980s, and I think that the methods she used to get Britain out of it were brutal in the extreme. Whilst it was true that radical action was needed back then to modernise the country, the medicine she administered was truly awful. Many people in the modern day Labour Party will remember this - Gordon Brown certainly does, for he vociferously spoke out against it at the time. So there's much to be said for Labour wanting to help people out.
For me, there's just two problems. One, cutting VAT isn't going to have as much effect as they'd like. Most of the items that we buy every day, such as food, are already charged at 0% VAT. How many people go and buy a new plasma television every single day? And are a couple of extra pennies in our wallets seriously going to entice us to spend? I can't see it making that much of a difference. Two, the eye-watering levels of debt that are being taken on. I agree that these are unprecedented times in our world - we face the biggest economic crisis since 1945 - but £1trillon is a gigantic amount of money by anyone's estimation. How the hell are we gonna pay all that off? To say the least, I have massive reservations about this.
I never thought I'd say this, but I actually agree with the LibDems on this one. The one thing that would have really made a difference would have been massive cuts in income tax. Put more money in people's wallets and let them decide how to spend it.
Over to you, ladies and gentlemen.
Beep boop. I'm a bot.
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Comments
I know 3 or 4 people that earn that sort of money and they are going to be hit a lot with this,
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