Tax cuts for the rich, hurrah!
- Thread starter JohnD
- Start date
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Gross salary £20,000
Tax saving £218
Gross salary £200,000
Tax saving £4,333
"Although Interest rate rises announced the day before the mini-Budget could pose a much bigger issue. With millions of fixed-rate deals set to expire next year, borrowers need to prepare for the “income shock” of higher rates (note that average five-year and two-year fixes are now above 4 per cent).
On a £250,000 repayment mortgage, an interest rate shift from 1 per cent (the best historic rate) to 4 per cent adds up to a £378 monthly increase in payments. Get your paperwork out this weekend if you haven’t already, find out when your rate expires, and start shopping around for a new one seven months before it expires (some lenders will let you “lock in” to a new rate six months ahead of time)."
www.ft.com
Tax saving £218
Gross salary £200,000
Tax saving £4,333
"Although Interest rate rises announced the day before the mini-Budget could pose a much bigger issue. With millions of fixed-rate deals set to expire next year, borrowers need to prepare for the “income shock” of higher rates (note that average five-year and two-year fixes are now above 4 per cent).
On a £250,000 repayment mortgage, an interest rate shift from 1 per cent (the best historic rate) to 4 per cent adds up to a £378 monthly increase in payments. Get your paperwork out this weekend if you haven’t already, find out when your rate expires, and start shopping around for a new one seven months before it expires (some lenders will let you “lock in” to a new rate six months ahead of time)."
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The Bankers have shafted this nation many a time, now given free reign to do it all over again.
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Why not?
Haven't you ever heard of the Stockholm syndrome
Nice work if you can get it.
Raise the minimum wage to £100 pound an hour, problem solved.
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It is a percentage of the tax paid that they are saving, if you pay a higher amount of tax, the saving will be a higher figure. Which of the 2 examples you gave contribute more tax to the Treasury?
The bankers bonus cap was another EU rule that made no real difference, as bonuses were capped salaries were increased. The EU have spent the last six years unsuccessfully trying to unseat London as one of the worlds leading financial centres. This rule isn't going to change that but for global players it makes London slightly more attractive.
The budget was always going to be about growth and Truss said she wouldn't be afraid of making decisions that wouldn't be universally popular.
The budget was always going to be about growth and Truss said she wouldn't be afraid of making decisions that wouldn't be universally popular.
I think what JohnD is saying is that poor people should be rich and the rich be strung up from lamp posts.
Peter Mandelson once said that he was 'intensely relaxed about people getting filthy rich, as long as they paid their taxes'.
No it wasn't. It was a decision due to risk taking and some famous results.
And, as you see, the person earning ten times as much gains, not ten times as much, but more than twenty times as much.
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What F****** stupid announcement today - can't call it a Budget or even a spending spree.
I'd have been happier to see a small increase in personal tax, a windfall tax to energy companies and a sensible increase in benefits. IMHO all today will do is put us all into more debt; the country today, the people on change of government.
I'd have been happier to see a small increase in personal tax, a windfall tax to energy companies and a sensible increase in benefits. IMHO all today will do is put us all into more debt; the country today, the people on change of government.
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Yes it was. The EU introduced the Capital Requirements Directive which included the cap.
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