George Osborne's Big Budget Tax Cut Has Labour Feeling Uneasy
Page 1 of 1
George Osborne's Big Budget Tax Cut Has Labour Feeling Uneasy
George Osborne is reportedly preparing to raid pension savings to fund a pre-election tax cut for working Britons, in a move which has senior Labour figures on edge.
The chancellor is expected to raise the level at which national insurance is paid in his Budget, in less than two weeks, according to the Times. This would amount to an income tax cut for many people and effectively hamper Labour's argument that poor families have failed to benefit under his economic management.
He will have some scope for a giveaway as higher tax receipts, lower inflation and rising economic prospects may mean he has as much as £5 billion extra to play with, according to analysis by the Financial Times.
Osborne will pile on the political pressure if he decides to fund the tax cut by raiding pension tax reliefs, as it is also how Ed Miliband said last week he would fund a cut in university tuition fees, potentially forcing the Labour leadership to tweak their policy platform.
The Tories have already criticised one part of Labour's proposed cut on pension tax reliefs, the idea of reducing the annual amount that savers can contribute tax-free to their retirement pots. However, Labour expect the Tories are keen to copy their planned raid on two other pension tax reliefs, a cut in the lifetime allowance and a reduction in tax relief for those earning over £150,000.
Coalition figures have tried to play down any suggestion that Osborne could use his budget for a big giveaway, but others argue he will be unable to resist a populist move.
Speaking at a debate on small business policy on Monday, Lib Dem MP Lorely Burt, , ministerial aide to Treasury minister Danny Alexander, insisted that "there is not likely to be any world shattering new initiatives announced one month before the general election".
However, business minister Matthew Hancock, who is seen as close to the chancellor, said Osborne's budget would mean "great things, jubilation, excitement and further progress" for Britain.
http://www.huffingtonpost.co.uk/2015/03/05/george-osborne-budget-ni-giveaway_n_6806244.html?utm_hp_ref=uk
The chancellor is expected to raise the level at which national insurance is paid in his Budget, in less than two weeks, according to the Times. This would amount to an income tax cut for many people and effectively hamper Labour's argument that poor families have failed to benefit under his economic management.
He will have some scope for a giveaway as higher tax receipts, lower inflation and rising economic prospects may mean he has as much as £5 billion extra to play with, according to analysis by the Financial Times.
Osborne will pile on the political pressure if he decides to fund the tax cut by raiding pension tax reliefs, as it is also how Ed Miliband said last week he would fund a cut in university tuition fees, potentially forcing the Labour leadership to tweak their policy platform.
The Tories have already criticised one part of Labour's proposed cut on pension tax reliefs, the idea of reducing the annual amount that savers can contribute tax-free to their retirement pots. However, Labour expect the Tories are keen to copy their planned raid on two other pension tax reliefs, a cut in the lifetime allowance and a reduction in tax relief for those earning over £150,000.
Coalition figures have tried to play down any suggestion that Osborne could use his budget for a big giveaway, but others argue he will be unable to resist a populist move.
Speaking at a debate on small business policy on Monday, Lib Dem MP Lorely Burt, , ministerial aide to Treasury minister Danny Alexander, insisted that "there is not likely to be any world shattering new initiatives announced one month before the general election".
However, business minister Matthew Hancock, who is seen as close to the chancellor, said Osborne's budget would mean "great things, jubilation, excitement and further progress" for Britain.
http://www.huffingtonpost.co.uk/2015/03/05/george-osborne-budget-ni-giveaway_n_6806244.html?utm_hp_ref=uk
Guest- Guest
Similar topics
» George Osborne set to double down on spending cuts in Budget
» Budget 2015: George Osborne blocks the Lib Dems on Twitter
» The general secretary of the PCS union has had his vote for labour leader rejected by labour
» Labour Have litterally signed their Own death warrant as a Party.Labour Votes to Smash Border Controls
» World Jewry ever more uneasy with Israel, major study finds
» Budget 2015: George Osborne blocks the Lib Dems on Twitter
» The general secretary of the PCS union has had his vote for labour leader rejected by labour
» Labour Have litterally signed their Own death warrant as a Party.Labour Votes to Smash Border Controls
» World Jewry ever more uneasy with Israel, major study finds
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum
Sat Mar 18, 2023 12:28 pm by Ben Reilly
» TOTAL MADNESS Great British Railway Journeys among shows flagged by counter terror scheme ‘for encouraging far-right sympathies
Wed Feb 22, 2023 5:14 pm by Tommy Monk
» Interesting COVID figures
Tue Feb 21, 2023 5:00 am by Tommy Monk
» HAPPY CHRISTMAS.
Sun Jan 01, 2023 7:33 pm by Tommy Monk
» The Fight Over Climate Change is Over (The Greenies Won!)
Thu Dec 15, 2022 3:59 pm by Tommy Monk
» Trump supporter murders wife, kills family dog, shoots daughter
Mon Dec 12, 2022 1:21 am by 'Wolfie
» Quill
Thu Oct 20, 2022 10:28 pm by Tommy Monk
» Algerian Woman under investigation for torture and murder of French girl, 12, whose body was found in plastic case in Paris
Thu Oct 20, 2022 10:04 pm by Tommy Monk
» Wind turbines cool down the Earth (edited with better video link)
Sun Oct 16, 2022 9:19 am by Ben Reilly
» Saying goodbye to our Queen.
Sun Sep 25, 2022 9:02 pm by Maddog
» PHEW.
Sat Sep 17, 2022 6:33 pm by Syl
» And here's some more enrichment...
Thu Sep 15, 2022 3:46 pm by Ben Reilly
» John F Kennedy Assassination
Thu Sep 15, 2022 3:40 pm by Ben Reilly
» Where is everyone lately...?
Thu Sep 15, 2022 3:33 pm by Ben Reilly
» London violence over the weekend...
Mon Sep 05, 2022 2:19 pm by Tommy Monk
» Why should anyone believe anything that Mo Farah says...!?
Wed Jul 13, 2022 1:44 am by Tommy Monk
» Liverpool Labour defends mayor role poll after turnout was only 3% and they say they will push ahead with the option that was least preferred!!!
Mon Jul 11, 2022 1:11 pm by Tommy Monk
» Labour leader Keir Stammer can't answer the simple question of whether a woman has a penis or not...
Mon Jul 11, 2022 3:58 am by Tommy Monk
» More evidence of remoaners still trying to overturn Brexit... and this is a conservative MP who should be drummed out of the party and out of parliament!
Sun Jul 10, 2022 10:50 pm by Tommy Monk
» R Kelly 30 years, Ghislaine Maxwell 20 years... but here in UK...
Fri Jul 08, 2022 5:31 pm by Original Quill