What can we expect in the budget?

[Neo]

Jeremy Hunt has hinted that he will introduce tax cuts when he delivers the Budget on Wednesday.

The chancellor has been under growing pressure from Tory MPs to lower taxes, which are currently at a historic high.

Speaking to the BBC, he said he wanted to "show a path" towards a lower-tax economy, though stressed that he would only do so in a "responsible" way.

Labour said people would be worse off whatever he does "thanks to 14 years of Tory failure".

Among the measures Mr Hunt is believed to be considering is a further cut to national insurance, already reduced from 12% to 10% in last year's Autumn Statement.

In an interview with the BBC's Sunday with Laura Kuenssberg programme, Mr Hunt said the Budget, when the government sets out its plans for tax and spending, would be about "long-term growth".

"When we look around the world, the economies that are growing fastest, whether it's North America or Asia, tend to be the ones with lower taxes," he said https://www.bbc.co.uk/news/uk-politics-68461581.amp


I hope a 2p cut in the tax rate, a cut in NI won't affect me in my retirement. A tax cut is only a carrot for the voter, under this Tory government I've seen record tax rises.

IF the Tories win the forthcoming election major rises will once again happen, I'll not be fooled again to vote Tory.

[dinosaur]

We have "tax freedom day" here in the USA. It's a fake holiday that uses a complex formula to calculate how much of our earned money goes to the government. This year, that day is April 18th. What it represents is that for the average American, 29.6% of what we earn is confiscated by the government.

Do you have a similar calculation and fake holiday in the UK? It would allow direct a comparison, on whose government is the bigger thief!

[Neo]

So you can relate I'll give you how much the government take off my earnings.

My annual taxable salary is $70,000

The government has taken $14,000 tax

The government has taken roughly $6,000 in National insurance.

So all I'm left with is a paltry $50,000

[dinosaur]

So that's about 28.6%, same as ours. But then, don't you have taxes on petrol, other excise and import taxes, and VAT? Sin taxes on your pints? Fees such as auto registration and the like? :dontknow:

Yuck! If you believe this guy, he has calculated your tax freedom day to be June 18th. That's over 46% of the average bloke's income!

https://www.adamsmith.org/taxfreedomday#:~:text=The%2018th%20of%20June%20is, year%20solely%20to%20pay%20taxes.

[Neo]

We had the Autumn budget, the chancellor reduced the National insurance tax slightly saving me $19 a week

Edited* from £99 per week to £75 per week

[Neo]

Tonight the full result of the budget will be revealed on tv

[Big Wheeler]

I really can not be bothered to watch a smug multi millionaire politician lie to my face without having the decency to blush.
Meanwhile down here at the sharp end,I received a letter from the government last week informing me how much my old age pension will rise from April 6th.Experience from the previous 10 years tells me that I expect,in the near future,another letter from my local council telling me how much my council tax will rise from the same date.I guarantee it will be several pounds per week more than my recent pension increase.Politicians,eh.National or local.Don't you just love'em?

[Neo]

National insurance 2p drop
"It means an additional £450 a year for the average employee or £350 for someone self-employed. When combined with the autumn reductions, it means 27 million employees will get an average tax cut of £900 a year and 2 million self-employed a tax cut averaging £650