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Tax Credits to be cut on next budget
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Posts: 56 Forumite
Gordon Brown are preparing to get tax cuts in next week's pre-budget say on the BBC website including one of those:
Speculation has focused on targeted cuts - possibly using tax credits.
Does this mean, we will have extra tax credits ? or does this mean, we will have less tax credits ?
Speculation has focused on targeted cuts - possibly using tax credits.
Does this mean, we will have extra tax credits ? or does this mean, we will have less tax credits ?
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Comments
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more money thru tax creditsLive in my shoes for a week,then tell me your lifes hard!0
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its all about getting more money in our pockets for a change so i guess it will be more tax credits rather than lessI am journeying to a debt-free life.
Our estimated debt-free date is January 2040. I'm on a mission to bring that date closer!
16/02/23 debts - £9556.38
emergency fund - £00.00
debt-free diary - Time to Face the music and deal with this debt once and for all0 -
Tax Credit rates and thresholds are reviewed at every budget.
You will normally find an increase in rates most years.
Hopefully this year it will be a little more than normal but dont hold out too much hope - where would the extra money come from?0 -
cutting tax credits will not help everyone. Only those with small children.
certainly doesn't help me in the slightest. thanks again Labour!Time is the best teacherShame it kills all the students
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I heard on the radio they are looking at cutting VAT to 12% from 17.5%£2 Savers club £0/£150
1p a day £/0 -
that's morelikely to affect companies paying vat, no not meTime is the best teacherShame it kills all the students
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a cut in VAT would benefit us all, as we pay it on loads of things we buy !!Cheryl0
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The government need us to spend money for the economy, and to do this they are looking at cutting tax, but who will benefit from the tax cuts are not know yet, nothing is set in stone.Life is about give and take, if you can't give why should you take?0
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I am sure the long suffering taxpayers with no children would love a bit of something coming their way. Doubt it will happen though as Gordon is still behind in the polls and needs to buy a few more votes.
This government cannot afford to pay any more out. It will have to borrow to do it and the legacy will be very long lasting. Trouble is people can only see what's happening now, not what their children will have to pay back. Reminds me of the story of Esau and Jacob, with our Gordon taking the part of Esau.0 -
I suspect the cuts will come in the form of a cut in VAT from 17.5% to 12.5%,this would stimulate retail spending AND have a negative impact on inflation which in turn would make further interest rate cuts easier.
It would also have a positive impact on the poorest in society who spend a higher % of their income than the rich who tend to save more0
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