As for the budget itself there isn't an awful lot to talk about. Mr Osbourne promised a revenue neutral budget and he seems to have delivered this. I suppose the devil is in the detail but here are some good points I noticed (if they go as intended):
- Further movement in the personal allowance from 2012 bringing the total to £8,015.
- Council tax frozen all up the country (already knew Bath had been).
- Levy on "Non-Doms" who have been in the country for 12 years to rise to £50,000.
- Private jets paying passenger duty - I really wonder how much this will raise though.
- Extra investment in apprenticeships and technical colleges.
- The potential merger of Income Tax and NI (long overdue).
- The Green Investment Bank additional funds.
- Cutting the fuel duty by 1p. (His headline grabbing attempt - but did it go far enough?).
- Additional corporation tax cut. I get that we need to be competitive but is this the right thing to be reducing? Firms don't necessarily look at this when making their decisions (unless a finance person is involved) instead they tend to look at gross margins. If they really wanted to help smaller firms I would have cut employers NI as this reduces the cost of employing people and could therefore even encourage additional staffing. (If a company is employing 120 people, then a 1% cut would save them enough to employ another person should they wish).
- The current meddling with employment law which is taking the power away from the employee and hence removing job security.
- Too easy on the banks.
- Nothing really to help curb inflation - more the opposite.
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