What do you want to see mentioned in this year's Budget?

Former_MSE_Wendy

It's that time of year again. We're weeks away from the next Budget.

If you were in charge of the country's purse strings what would you spend the money on?

All original and innovative ideas are welcome - but please keep them practical and polite!

Discuss below or email your ideas to [EMAIL="budget.representations@hmtreasury.gsi.gov.uk"]budget.representations@hmtreasury.gsi.gov.uk[/EMAIL] before Fri 14 Feb.

The interactive site from http://wheredoesmymoneygo.org/ covers all of the areas that our taxes currently get spent, from Pensions (£85billion) to Pollution (500million) and everything in between.

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Caketh

My two suggestions were:-
a reduction in VAT on repairs and maintenance on property to 5% as already allowed by EU,
changing Stamp Duty to mirror all other taxes so, for example, stamp duty on £300K property would be £2,800 instead of £9K.

jiMOB

I like the idea of using Funding Circle to invest in businesses (where they might not get a sensible loan from their bank) as well as the bonus of a better return on my money HOWEVER it annoys me that any losses I suffer are not 'tax deductable'; another example of the 'less well off' getting a poorer deal!

lawlie

I think the Budget will need some measures to curb the rising house prices in the capital, and not just leave it to the BoE.

Suggestions would include:
- significant taxes on foreign investors not buying principal residences
- reconsidering stamp duty levels - should different levels apply to people buying the first time/buying to let, different parts of the country etc.
- Incentives for homebuilders so that there will be more supply

davholla

I would get rid of stamp duty and fund it by increasing council tax. Making moving home more expensive makes the market more volatile.

I would reduce the benefits cap to £30k p.a.

Emma_whitnash

As the Child Trust Fund was omitted from the last budget, I would like this raised again.

I also agree with previous poster to reduce benefits cap to £30K.

lgs6753

Surely it's logical for the minimum wage to be tax-free. If it really is a minimum, it shouldn't be taxed. This would mean the income tax threshold and NI lower earnings limit being raised as the NMW rises.
Whilst there would be some loss of tax revenue, there would be a reduction in benefits paid to working people. It's horribly expensive to tax people, then give them their own money back after it's been through a huge, complex bureaucracy.
On spending, overseas aid should be reduced - it's manifestly unfair to force the citizens of Britain to donate money to overseas projects, many in countries who don't want it (India), who can afford nuclear weapons (India, Pakistan, China), or whose attitude towards Britain is aggressive (Argentina).

Biggles225

I suggested writing off the national debt, and instead of baling out bankers share that money equally among the population which would put it back into circulation.
My other idea was that everybody has a flat tax rate of 10%, there is no tax avoidance and tax evasion should be punished by reclaiming the money and adding a substantial fine. It could work!

cherrink

Prosecute all of the politicians ripping off the country. Employ some more that may actually do what is in their manifesto and therefore what we employ them to do. Do the same with the bankers. That way we may not be in the mess we currently are and the budget then can contain more opportunities for the people actually putting the money in and also be spent in the way they would want it to be!!

relaxtwotribes

Biggles225 wrote: »

I suggested writing off the national debt!

That's such a good idea. I think I will write my debt off at the same time?

davholla

lgs6753 wrote: »

Surely it's logical for the minimum wage to be tax-free. If it really is a minimum, it shouldn't be taxed. This would mean the income tax threshold and NI lower earnings limit being raised as the NMW rises.
Whilst there would be some loss of tax revenue, there would be a reduction in benefits paid to working people. It's horribly expensive to tax people, then give them their own money back after it's been through a huge, complex bureaucracy.

Good idea also without tax there would be no need for the living wage as it the minimum wage would give enough money.