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8:18am Tuesday 22nd June 2010
BUSINESSES across the Hampshire were today bracing for painful tax hikes as the Chancellor of the Exchequer announces his emergency Budget.
George Osborne will stand up just after midday to deliver his medicine to tackle the national deficit with VAT widely expected to go up from 17.5 to 20 per cent.
• Click here for live coverage of the emergency budget.
The Government has already announced plans to increase Capital Gains Tax from 18 per cent to closer to 40 per cent.
However Corporation Tax will be cut and there will be a promised reverse in Labour’s proposed “jobs tax”, scrapping the one per cent rise in employers’ National Insurance.
Mr Osborne has promised “tough action” as part of his four-year plan to bring down borrowing which is set to total £155bn this year.
For every £1 he raises in tax hikes, the Chancellor will cut £4 from Government spending. A freeze on public sector pay and welfare payments is expected. Fewer people will receive benefits and tax credits.
Last night unions warned they will resist any attacks on public sector pay and pensions.
Councils in England will be offered help to bring in a council tax freeze.
Chief executive of the Hampshire Chamber of Commerce Jimmy Chestnutt said the chamber had already written to Mr Osborne pleading for “generous exemptions for entrepreneurial business” and highlighting the need and difficulties in protecting business and employees from any CGT rises.
He added: "The Chamber also hopes that the Chancellor honours his pledge to scrap the 1 per cent rise in national insurance contributions and lower the headline rate of corporation tax; and that tax increases will focus on consumption taxes rather than payroll, income or profits, so as not to jeopardise the prospect of recovery.”
Hantslad, Ocean Village says...
8:42am Tue 22 Jun 10
Linesman, Fareham says...
8:45am Tue 22 Jun 10
Saint Bean, Totton says...
9:33am Tue 22 Jun 10
hulla baloo, Turkey says...
9:41am Tue 22 Jun 10
Saint Bean, Totton says...
9:56am Tue 22 Jun 10
hulla baloo wrote:since they already make a bundle by excessive bank charges which mostly penalises the less well of and are still able to pay large bonus sums and golden handshakes to employees irespective of wether they have earned it or not. Not even counting the no doubt excesevly comfy pension plans that most ordinary pepes dream of. I deal with local goverment on a daily bassis and most of them you can never get hold of cus their on blooody flexi time or on holiday
If the banks stump up more cash, where do you think it will come from?
Account holders in the form of more, and higher charges, which they will need to do to also pay the shareholders.
Drastic cost cutting measures need to be made, starting at national and local government levels, followed by an overhaul of the benefits system in the way of who gets what and how much.
I could go on but feel my temperature rising. (-:
Brite Spark, Titchfield says...
10:14am Tue 22 Jun 10
Paramjit Bahia, Southampton says...
10:56am Tue 22 Jun 10
DCM, Southampton says...
11:11am Tue 22 Jun 10
Paramjit Bahia wrote:Indeed - we should have voted for the party who wants the state to do everything for us. No, wait, we just voted them out - shortly before they were due to bankrupt our country!!!
In democracy people get what they vote for. Those who are or will be moaning should have thought bit more carefully before voting for these ultra right puppets of the rich.
Saint Bean, Totton says...
11:21am Tue 22 Jun 10
Brite Spark wrote:Indeed. along with prob 80% false asylum claims and international students who arnt students. VAT dodgers. Football clubs who dont stump up there tax. The get pregnant get a council house brigade.Tax haven dodgers. NHS tourists. and a whole load of other spongers and do gooders that the last lot was incapable of dealing with.
No doubt those who shirk work will not be affected, those who choose living off benefits as a way of life will still find cash from the rest of us to have their rent and councile taxes paid, and to top up on cigarettes and lager even though buying those things gets more costly every budget.
Cyber-Fug, Hampshire says...
11:32am Tue 22 Jun 10
DCM wrote:You just took the words out of my mouth DCM
Paramjit Bahia wrote:Indeed - we should have voted for the party who wants the state to do everything for us. No, wait, we just voted them out - shortly before they were due to bankrupt our country!!!
In democracy people get what they vote for. Those who are or will be moaning should have thought bit more carefully before voting for these ultra right puppets of the rich.
StEmmosfire, Woolston says...
12:27pm Tue 22 Jun 10
Mental Micky, Tatchbury says...
3:06pm Tue 22 Jun 10
DCM wrote:So Paramjit, does being rich make someone become "ultra right wing" whatever that means, or do you mean that everyone who is "ultra right wing" is already rich? Are you trying to tell us that just because someone earns a lot of money they suddenly want to kill immigrants and introduce mob rule? If you post any more stupid nonsense like that people will start to treat you like Southy.
Paramjit Bahia wrote:Indeed - we should have voted for the party who wants the state to do everything for us. No, wait, we just voted them out - shortly before they were due to bankrupt our country!!!
In democracy people get what they vote for. Those who are or will be moaning should have thought bit more carefully before voting for these ultra right puppets of the rich.
B. L., Springfield says...
8:33pm Tue 22 Jun 10
Saint Bean wrote:You are both so very close to the truth, why did you not stand at the last election, you have some valid campaign points which could probably have swept you into power. :)
Brite Spark wrote:Indeed. along with prob 80% false asylum claims and international students who arnt students. VAT dodgers. Football clubs who dont stump up there tax. The get pregnant get a council house brigade.Tax haven dodgers. NHS tourists. and a whole load of other spongers and do gooders that the last lot was incapable of dealing with.
No doubt those who shirk work will not be affected, those who choose living off benefits as a way of life will still find cash from the rest of us to have their rent and councile taxes paid, and to top up on cigarettes and lager even though buying those things gets more costly every budget.
Hantslad, Ocean Village says...
12:29am Wed 23 Jun 10
B. L. wrote:;-)
Saint Bean wrote:You are both so very close to the truth, why did you not stand at the last election, you have some valid campaign points which could probably have swept you into power. :)Brite Spark wrote: No doubt those who shirk work will not be affected, those who choose living off benefits as a way of life will still find cash from the rest of us to have their rent and councile taxes paid, and to top up on cigarettes and lager even though buying those things gets more costly every budget.Indeed. along with prob 80% false asylum claims and international students who arnt students. VAT dodgers. Football clubs who dont stump up there tax. The get pregnant get a council house brigade.Tax haven dodgers. NHS tourists. and a whole load of other spongers and do gooders that the last lot was incapable of dealing with.
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Lone Ranger, Southampton says...
8:34am Tue 22 Jun 10