I am still awaiting my invite to speak at parliament in response to the budget. I am disturbed that they have invited such disluminaries as Corbyn and McDonnell to waffle on but they are still ignoring me. Does the speaker not read my blog?
Nevertheless, one or two people will hear my response.
The stand-out policy is the Lifetime ISA – at least if you are under 40 and don’t own a house. If you are not in this category you are probably too busy campaigning to make sure no houses are built anywhere in the country to protect the value of your home and stop anyone under 40 owning a home.
Basically the government will give you 25% as an annual bonus on top of whatever you save. The money can only be used towards a house for first time buyers, or as a pension. No savings plan whatsoever comes anywhere close. If you have any intention of buying a house in the next 10 years – get a Lifetime ISA. If you don’t end up buying a house, then it is another pension.
Also if your company does not contribute to your pension, then you should stop paying into it, and pay into this instead. Many companies do match your pension contributions so it is not preferable to such a scheme. But should be of interest to the self-employed, as an example.
I support the sugar tax. I don’t like things being banned, but discouraging obesity through tax, especially with the amount that it costs the NHS, should be encouraged.
The third main important policy was the reduction in corporation tax to 17%. I believe that one of the main reasons that we have record high employment, is the reduction of corporation tax from 28% to 20%. Higher taxes often mean a lower total tax take. How high the tax rate is should not be important – it is the total value of tax collected that we should be interested in.
Only a few days ago, Avon announced that it is moving it’s headquarters from the US to the UK. This will partly be due to lower corporation tax.
Capital gains tax is also being reduced from 28% to 20%. Increasing it was an early government mistake and again this reduction should ensure more tax is raised in total.
There were several complicated instruments designed to clamp down on corporate tax avoidance in the budget. I’m not well-versed enough on the intricacies of tax law but those of you that bang on tax avoidance may want to celebrate it.
I’m a little confused as to why George Osborne has suddenly taken over the education department.
Releasing all schools from the dictatorship of local education authority’s has to surely provide improved education standards. I really wish I had had the opportunity to go to an academy – one which may have inspired me to greatness, instead of a local education authority-run run-down shithole that failed me. Granted I was a twat at the time.
Keeping schools open longer will also help parents, and encourage further full-time work. I fully support the teaching of Maths until the age of 18 as compulsory.
Other less-discussed outcomes include the removal of business rates for small businesses – which can only encourage the growth of small businesses and allow for further increases in employment.
I welcome the guarantee that real terms spending on the disabled will be higher than under any year of the Labour government but would like much more explanation with regards to how this will be guaranteed, and how it will affect those concerned.
The £115m to tackle homelessness has to be welcomed – but what exactly is it going to be spent on?
I don’t agree with everything. With petrol being so cheap, now is the time to give a temporary increase in fuel duty to help bring down the deficit.
I question why £700m has been found for flood defences now – and not in earlier years. This is very reactionary – the next flood will be somewhere else – so will we then reactively fund those flood defences afterwards?
And why is Knowsley getting a Shakespeare theatre? Huh?
I’ve had my doubts over Gideon recently but overall this really is an excellent budget. On the face of it, it does little but there is a lot of detail that really will pack a punch and help the economy grow.