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TOPIC: THE BUDGET 2017

THE BUDGET 2017 22 Nov 2017 14:41 #4993

  • Paul-UB40
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Bugger all to Help us;
If you are in Work on a Super High Income AND have super Rich Parents to give you £30,000 Plus Deposit
Then its a good budget for first time Home Buyers, :angry:

As for Normal Working Class Citizens, this is the Grim Budget Details.

Summary of Budget 2017: Key points at-a-glance

Stamp duty and housing
Stamp duty to be abolished immediately for first-time buyers purchasing properties worth up to £300,000
To help those in London and other expensive areas, the first £300,000 of the cost of a £500,000 purchase by all first-time buyers will be exempt from stamp duty
95% of all first-time buyers will benefit, with 80% not paying stamp duty
Long-term goal to build 300,000 homes a year by the mid-2020s
£44bn in government support, including capital funding and loan guarantees, to boost housebuilding
100% council tax premium to be levied on empty properties
Compulsory purchase of land banked by developers for financial reasons
Review into delays in developments given planning permission being taken forward
£28m for Kensington and Chelsea council to provide counselling services and mental health support for victims of the Grenfell fire and for regeneration of surrounding area
New homelessness task force

Tax Increases to Hit us all.
Tobacco will continue to rise by 2% above Retail Price Index (RPI) inflation while the minimum excise duty on cigarettes introduced in March will also rise
Duty on hand-rolling tobacco will increase by additional 1%
Duty on beer, wine, spirits and most ciders will be frozen
But duty on high-strength "white ciders" to be increased via new legislation
Fuel duty rise for petrol and diesel cars scheduled for April 2018 scrapped
Vehicle excise duty for diesel cars that do not meet latest standards to rise by one band in April 2018
Tax hike will not apply to van owners
Existing diesel supplement in company car tax to rise by 1%
Proceeds to fund a new £220m clean air fund
Tax-free personal allowance on income tax to rise to £11,850 in April 2018
Higher-rate tax threshold to increase to £46,350
Short-haul air passenger duty rates and long-haul economy rates to be frozen, paid for by an increase on premium-class tickets and on private jets
National Living Wage to rise in April 2018 by 4.4%, from £7.50 an hour to £7.83.

The state of the economy
Growth forecast for 2017 downgraded from 2% to 1.5%
GDP downgraded to 1.4%, 1.3% and 1.5% in subsequent years before rising to 1.6% in 2021-22
Productivity growth and business investment also revised down
Annual rate of CPI inflation forecast to fall from peak of 3% towards 2% target later this year
Another 600,000 people forecast to be in work by 2022
£3bn to be set aside over next two years to prepare UK for every possible outcome as it leaves EU

The state of the public finances
Annual borrowing £49.9bn this year, £8.4bn lower than forecast in March
Borrowing forecast to fall in every subsequent year from £39.5bn in 2018-19 to £25.6bn in 2022-23
Public sector net borrowing forecast to fall from 3.8% of GDP last year to 2.4% this year, then 1.9%, 1.6%, 1.5% and 1.3% in subsequent years, reaching 1.1% in 2022-23.
Debt will peak at 86.5% of GDP this year, then fall to 86.4% next year; then 86.1%, 83.1% and 79.3% in subsequent years, reaching 79.1% in 2022-23.

Pensions, savings and welfare
£1.5bn package to "address concerns" about the delivery of universal credit
Seven-day initial waiting period for processing of claims to be scrapped
Claimants to get one month's payment within five days of applying
Repayment period for advances to increase from six to 12 months.
New universal credit claimants in receipt of housing benefit to continue to receive it for two weeks

VAT threshold for small business to remain at £85,000 for two years
£500m support for 5G mobile networks, fibre broadband and artificial intelligence
£540m to support the growth of electric cars, including more charging points
A further £2.3bn allocated for investment in research and development
Rises in business rates to be pegged to CPI measure of inflation, not higher RPI
Digital economy royalties relating to UK sales which are paid to a low-tax jurisdiction to be subject to income tax as part of tax avoidance clampdown. Expected to raise about £200m a year

Education (England only)
Children in a playground
£40m teacher training fund for underperforming schools in England. Worth £1,000 per teacher
8,000 new computer science teachers to be recruited at cost of £84m
Secondary schools and sixth-form colleges to get £600 for each new pupil taking maths or further maths at A-level or core maths at an expected cost of £177m

Nations/infrastructure/transport/regions/science
£320m to be invested in former Redcar steelworks site
Second devolution deal for the West Midlands
£1.7bn transport fund for city regions to be spent by mayors
£2bn for Scottish government, £1.2bn for Welsh government and £650m for Northern Ireland executive
Scottish police and fire services to get refunds on VAT from April 2018
Young person's railcard extended to 26-30-year-olds

Health and social care
£2.8bn in extra funding for the NHS in England
£350m immediately to address pressures this winter, £1.6bn for 2018-19 and the remainder in 2019-20
£10bn capital investment fund for hospitals

www.bbc.co.uk/news/uk-politics-42056452
Been a Few Places; Done a Few Things
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THE BUDGET 2017 22 Nov 2017 15:10 #4995

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So this scrapping of the seven day initial UC claiming period for new claims, does this mean after seven days someone receives their full entitlement to UC or does that mean they have just removed one week from the six week wait for any payments? A bit confused by this....

And the bit about those in receiept of housing benefit will continue to get it for two weeks? Two weeks from when?
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THE BUDGET 2017 22 Nov 2017 16:05 #4996

  • moogle
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Claimants to get one month's payment within five days of applying
Repayment period for advances to increase from six to 12 months

It's an improvement. That prepayment is clawed back over a year now instead of 6 months.

Dreading tomorrow at jobcentre, my area is due to undertake full rollout in December .. so I might get info about it.
Toads - Philip Larkin
Why should I let the toad work, Squat on my life?
Can't I use my wit as a pitchfork And drive the brute off?
Six days of the week it soils,With its sickening poison -
Just for paying a few bills! That's out of proportion...
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THE BUDGET 2017 22 Nov 2017 16:21 #4999

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Ah, so they are saying that `new` claims will receive their payment within that five days of first applying? If that`s the case, there shouldn`t be much need for advanced payments unless someone is really in need of it? And if they are, they get 12 months to repay, which is good.
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THE BUDGET 2017 22 Nov 2017 17:57 #5002

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Erm...I think I misunderstood that. It seems they have reduced the waiting time for UC by a week. Oh yipeee.....you still have to wait five weeks instead of six. :huh: What happened to the four week wait? David Gauke is expected to appear in the commons tomorrow to take questions (again) on UC. It seems we are still be treated like low life.
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