The Pre-budget Report

[Osem]

http://news.bbc.co.uk/1/hi/uk_politics/8402769.stm

It'll be interesting to see just how tough he gets with those pesky bankers, you know, the ones who until about 18 months ago used to be his best mates paying vast sums into the coffers by way of tax...

A bonus tax sounds tough on face value, just the sort of thing the public ought to lap up with glee. Will it work though? Might it all just be avoided by providing 'bonuses' in another form or just deferring them?.. How about a nice fat tax on bank profits? Hang on a minute, HMG owns a nice fat chunk of some of the biggest banks so they'll just be taxing themselves won't they?...

Does any of this matter to Darling or is all this tough talk really just gesture politics designed to con a few people into voting for them?...

[Mr Angry]

It's all rather meaningless and amounts to nothing more than toothless drivel on the part of Darling and Brown.

As you've already pointed out - any bonuses will be either deferred or offset against shares.

[Dai]

Originally Posted by Osem

[URL]
Does any of this matter to Darling or is all this tough talk really just gesture politics designed to con a few people into voting for them?...

They're shafted really whatever they do, so they've got to try and hide from reality until after the Election.

Since NuLaber havn't actually created many real jobs outside of the public sector there are few actual wealth-creating areas they can target for cash grabs.

Probably the only way they can save any real money will be harsh cuts to public spending. That will hardly go down well with all the voters they bought via vastly-expanded public employment.

[Taf]

Nulabour have painted themselves into a corner this time round.

They normal get the country into debt then hand the poisoned chalice to the Conservatives to sort out with "painfull taxes and reduced public spending", which then set the stage for another Nulabour return to power.

But they shot their bolt too early this time, so have to try to sort something out with minor tinkering and pandering to public opinion, which will not sort out the vast ammount of debts they want to leave in the lap of the Conservatives.

VAT to 20% I reckon, plus perhaps other rates of VAT for certain things (as per the EU model).

The usual suspects (tobabcoo, alcohol, fuel) will also get a hammering too.

They're setting the stage for the General Election, so it all depends on smoke and mirrors this autumn....

[Woolly One]

Originally Posted by Taf

But they shot their bolt too early this time, so have to try to sort something out with minor tinkering

Minor tinkering? - I think they need s 9lb lump hammer to try and sort this out!

[Taf]

Bingo Tax down, NI up... sounds like tinkering to me.

The Old Boiler Scrappage Scheme sounds interesting... I wonder how much I'll get if I trade in my missus for a new model?

[Osem]

I wonder how long before Harman cracks down on any sexist connotations..

Another pre-election fudge. I swear Darling makes it up as he goes along. He dodges all the really difficult questions/issues and claims now is not the time for tough action to get the debt under control due to the state of the 'recovery'. Does anyone out there really believe that guff?

Even the much heralded crack down on bankers bonuses, it's a one off, there's no detail and apparently no provision to enforce it or tackle avoidance. If this tax is so essential and these bonuses so unfair why hasn't he done the job properly and announced measures to control bank bonuses for the foreseeable future? If the banks defer their bonuses they won't pay any tax and Darling won't rake in any revenue so how does that a) help the poor old taxpayer and b) punish the greedy bankers?

According to Vince Cable, none of the money being raised by the measures he's announced are going to be used to pay off debt. I wonder why?... Do you think Darling's idea is that he won't cross that bridge until after the election maybe?....

This is all just a cynical political stunt to try to give the impression that he and his cronies care and are in control when it's patently obvious that they haven't got a clue and are largely responsible for the mess we now found ourselves in.

If politicians in this country had any balls, they would stick the boot into bankers bonuses the same way congress did in the us.... If financial institutions want to pay rediculious bonuses for short-term gain, then follow the yanks lead and hit them for 85% tax on bonus payments....

[Taf]

....also unveiled a series of belt-tightening measures including a cap public sector pay rises to 1% for two years from 2011 - angering trade unions.

He said contributions from the state to the pensions of teachers, local government and health workers and civil servants would be capped, saving £1bn a year.

http://news.bbc.co.uk/1/hi/uk_politics/8402769.stm

Winter of Discontent 2.0?

[Osem]

Originally Posted by Earl of Bronze

If politicians in this country had any balls, they would stick the boot into bankers bonuses the same way congress did in the us.... If financial institutions want to pay rediculious bonuses for short-term gain, then follow the yanks lead and hit them for 85% tax on bonus payments....

According to this that hasn't happened though:

http://www.guardian.co.uk/business/2...ks-pay-bonuses

Just one year after receiving such massive bailouts, banks are paying their staff record bonuses on the back of soaring profits..........
.....Goldman Sachs has earmarked about $16.7bn so far this year for its staff rewards – or 47% of net revenues – along the lines of a 2000-08 average of 46.7%, according to the firm. That is estimated to average $717,000 per employee for 2009, the biggest payout in the firm's 140-year history.

Not exactly swingeing cuts.....

[Taf]

The Chancellor, Alistair Darling, has announced a £6 annual tax on fixed phone lines to fund broadband expansion.

Is my connection over VM cable going to be classed as a fixed line for tax purposes?

Originally Posted by Taf

Is my connection over VM cable going to be classed as a fixed line for tax purposes?

I would assume so.

[papa smurf]

Originally Posted by Taf

Is my connection over VM cable going to be classed as a fixed line for tax purposes?

we dont use phone lines for BB and our fiber network was all privately funded years ago ,so i for one wont be paying a bean to the treasury without a dam good fight.

[Bricktop]

http://news.bbc.co.uk/1/hi/uk_politics/8402769.stm

Pre-Budget report sees Darling raise National Insurance

[Flyboy]

Originally Posted by Taf

Is my connection over VM cable going to be classed as a fixed line for tax purposes?

No, the levy is for business lines, I believe.