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Sunak gives British economy a boost to see out COVID crisis, but tax rises ahead

14 Comments
By David Milliken and William Schomberg and Andy Bruce

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14 Comments
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"... borrowing will be much bigger next financial year than thought..."

So they will spend the money from now and then borrow that same money later on. Does that make any sense? Answer: nope. 

Raising individual taxes amid depressed private demand and low inflation makes absolutely no sense at all, unless you actually want to tank the economy.

0 ( +2 / -2 )

Sunak- Clueless elitist Tory with no idea!

1 ( +3 / -2 )

For me, things are going swimmingly...

-2 ( +1 / -3 )

When wielding the nations credit card, by a whopping £400 billion, creating OBR forecast of close to £2.7 trillion debt plie, it is hardly surprising the heavy lifting will be the generation or families that have built up assets.

There has also been changes to existing allowances to aid his taxation policy, in reality a wealth tax.

This policy also entails freezing allowances and thresholds, a stealth tax for years to come.

It is an act of offering a cash boost, only to later pick your pocket. 

With the benefit of hindsight, Sunak from the beginning could have targeted the safety net towards to most venerable. And the hapless dithering Johnson acted sooner.

1 ( +1 / -0 )

The Johnson government never lost control because they never had it in the first place. They badly handled the pandemic and the Brexit coming at the same time.

2 ( +4 / -2 )

Maybe he should do a better job of going after the untaxed offshore accounts?

http://www.taxresearch.org.uk/Documents/TaxHavenCostTRLLP.pdf

The resulting annual tax losses are estimated to be £8.5 billion by high net worth individuals (HNWIs) resident in the UK, £3 billion by large UK companies and £7 billion as a result of tax evasion and related activities, or a total of not less than £18.5 billion per annum.

3 ( +4 / -1 )

If the budget is looked at carefully, then it can be seen that a many smaller businesses will benefit whereas the larger businesses will pay a larger share of taxes.

The UK population is growing and there is renewed confidence in the pound that has shown recent gains since Brexit.

The vaccine rollout is well over 20 million people and the UK has a tremendous opportunity to benefit from the freedom of movement that this will bring.

1 ( +2 / -1 )

Maybe he should do a better job of going after the untaxed offshore accounts?

This is a running disgrace that successive governments haven’t got a grip of.

5 ( +5 / -0 )

Maybe he should do a better job of going after the untaxed offshore accounts?

Heresy! Hiding wealth in tax havens was the whole raison d'être for Brexit in the first place.

1 ( +3 / -2 )

These so called freeports, announced in the budget, are a potential future deregulatory scandal in the making.....

Crime in Freeports: International Experience and Lessons for the UK...

https://committees.parliament.uk/writtenevidence/5407/pdf/

One step at a time.

0 ( +1 / -1 )

Hehehe, the poor people are forced into severe poverty. They won’t be paying tax anytime soon. Only the toff’s can pay.

-3 ( +0 / -3 )

Anyone rejected the furlough cash?

Probably not.

It wasn’t a gift -it was a loan now people have to pay it back..,

-1 ( +0 / -1 )

Tax imports originating from China 10,000%

0 ( +0 / -0 )

@Goodlucktoyou.... the poorer people will now be moved into the lower tax bands, where before they weren't paying much in the way of tax, the Super Rich, will of course end up paying less tax than those said, poorer people, and the Tech Companies won't pay Tax at all...

0 ( +0 / -0 )

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