Budget 2018: Personal allowance increased to £12.5k

31 October, 2018, 07:12 | Author: Mary Valdez
  • Budget 2018

Chancellor Philip Hammond has delivered the budget on behalf of the government - one that pledges to at least start ending austerity, filling potholes both figurative and literal.

That will go down well with Conservative MPs anxious that their party's unpopularity could see them lose their seats.

Chancellor of the Exchequer Philip Hammond made the announcement in Monday's budget, saying: "We'll open the use of e-passport gates at Heathrow and other airports... now only available to EEA nationals".

Austerity can't end without considerable investment in the economy and increase in the purchasing power of the people.

With real wage growth predicted for the next 5 years by the Office for Budget Responsibility, the Chancellor could afford a sunny outlook although every silver lining has a cloud.

There was also further funding for the Universal Credit in an attempt to diffuse the criticism levied at the Universal Credit, particularly from the Labour front bench.

A slight increase in support for schools is accompanied by cuts to the capital budget for schools. And the Treasury calculated the cumulative effect of increases in tax thresholds since 2010 at £1,200 for basic rate payers and £1,800 for those paying the higher rate.

But there was a warning Scots earning more than the higher rate threshold north of the border - now set at £43,430 - and less than the United Kingdom threshold, which rises to £50,000 next April, could "face a very high marginal rate of earnings taxation of 53% over an increasingly large proportion of income". This would replace the current tax scheme through which they pay a 2% tax rate on revenues in the United Kingdom, which is a lot smaller.

There are plenty of tax breaks hidden away in the small print.

In its paper explaining the tax's operation, The British government was at pains to emphasise it, like the Australian government, are committed to finding a global tax system for digital companies and saw the DST as an interim measure until an worldwide solution is found.

This is promising news and a logical interim step until complex global negotiations are successful in revolutionising the way digital business are taxed globally. Just think how the country could be transformed by ending these tax perks alone.

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So we will now introduce a UK Digital Services Tax.

Britain's move, which the UK Chancellor expects will raise over £400m per year once it is fully operational, comes as the Australian government mulls over the options for taxing the online giants and the ACCC continues its review of digital platforms. They urged ministers "not to adopt a measure which would cause material harm to economic growth and to innovation, investment and employment across Europe".

Not by much the forecast is now that next year, the economy will grow by 1.6%.

The OBR's economic forecasts assume that a deal will be struck and that the UK will have a two year transition period during which the UK-EU trading relationship "will remain as it is now". None of the previous forecasts have been met and each has subsequently been reduced.

"All of the spending commitments that the Chancellor will set out today are funded irrespective of a deal", said the PM's spokesman.

Neither are the current finances sound.

He told Today: "We retain an ambition to balance the budget".

A notable feature of the budget is that the government has stolen Labour policies and then tried to put a neoliberal varnish on them.

From the 2020/2021 tax year, only those landlords who rent out a portion of the property to a tenant while living there themselves will be able to apply for any sort of relief.

This adds to previous reductions in business rates since Budget 2016 which will save firms over £12 billion over the next five years.

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