April Tax bombshell
About ¾ million people will start paying
tax at 40% from the 5th April when the high rate tax threshold is
lowered. No figurers have been released indicating how many families
will loose their Child
benefit due to the threshold being lowered. Combine this with
the increase in National Insurance from 11% to 12%, inflation and
the increase in V.A.T. the average family will be £2,000 a year
poorer. [£40.00 a week]
People on means tested benefits will also loose out, with the government
changing the way these are calculated. In future these will be calculated
using the Consumer price Index, instead of the Retail Price index.
On the plus side about ½ million will no longer pay tax once
the personal tax allowance is raised to £7,475. That’s
£143.75 per week.
According to James Browne of the I.F.S., if the government increase
the personal tax free allowance to £10,000 as they claim by
2014/15, a further 850,000 will be paying tax at the highest rate.
Protesters against companies such as Boots, Tesco, Cadburys and Walkers
Crisps for not paying UK tax, were sprayed with C.S. gas by the police
for allegedly pushing leaflets under the door of Boots in Oxford street.
George Osborne warned that Britain would be in financial turmoil if
he abandoned the Deficit Reduction Plan. He told the ‘Politics
Show’ last week that “If
on Monday, I went to Parliament and got up at the dispatch box in
the House of commons and said I was abandoning the Deficit Reduction
plan, that I set out last year, what do you think the reaction would
be? Within minutes Britain would be in a financial turmoil.
I am not prepared to let that happen ".
Aren’t we lucky having a caring chancellor?
The financier George Sorros said last week that the turmoil would
come if Britain was the only economy that stalled, as others were
Greece is the only other country which decided to cut deep and hard
as George Osborne has. All the other countries, including the US took
the same approach as our previous Labour Government did, they now
have growth, as we did under Labour.
on Twitter I have challenged my mentor Vic Farron that I will
beat him to have 100,000 twitter followers before he does: He has
over 40,000, I have 7,000 So I need your help, please follow.
Many thanks to the first 7,000.