Has any Chancellor ever forecast a recession, ever? Edit: these are OBR figures. Still no recession though, what happened to TCO’s vision of Brexit Armageddon?
There really ought to be a rule that forecasts a recession in the medium-term planning (say at five years hence, subject to evidence suggesting it'd be sooner, as part of a 10-year forecast).
So would I. My hybrid is due in March. We are looking at charging points before then as others in the company are switching then too and over the next few years. Diesel cars for us are dead.
So where are the tax increases to pay for all of this?
I suspect inflation is largely paying for it. eg the £2.8 billion extra for NHS England is less than inflation for a £122 billion budget. Most taxes will increase with inflation.
£44bn of spending on housing. And growth is going to slow?? Even the NAO will have a hard time claiming construction is falling whilst that is spent.
I don't see how the GDP forecast matches up with any of the other information from today. It feels as if the OBR are playing it extremely safe for the headline forecast. I'll wait for the Bank's forecasts tbh.
What did he mean by considering 'reforming' the VAT registration threshold, I wonder?
If it’s causing problems it needs raising to £100k.
Maybe make it based on income rather than turnover, so a plumber buying and reselling expensive parts for a customer isn’t affected, but an IT consultant is.
£44bn of spending on housing. And growth is going to slow?? Even the NAO will have a hard time claiming construction is falling whilst that is spent.
I don't see how the GDP forecast matches up with any of the other information from today. It feels as if the OBR are playing it extremely safe for the headline forecast. I'll wait for the Bank's forecasts tbh.
Agreed. Of course Chancellors are always a lot happier saying growth has come in higher than forecast too. Especially as they get nearer an election.
So where are the tax increases to pay for all of this?
I suspect inflation is largely paying for it. eg the £2.8 billion extra for NHS England is less than inflation for a £122 billion budget. Most taxes will increase with inflation.
Let's see how much the 40% & 45% threshold moves. Less than inflation I'm sure.
Hmm, increase on air passenger duty for premium & business class. That's the winter fuel allowance more than clawed back, I suspect.
Go cattle.
Awful idea.
I recently flew on Easyjet, I'm still traumatised by it, makes me appreciate Etihad and Emirates even more, and their wonderful first class team
I just came back from Japan recently. Didn't regret the decision to spend miles upgrading from premium to club. I don't understand why anyone would bother with premium economy though, better to go club or cattle.
£44bn of spending on housing. And growth is going to slow?? Even the NAO will have a hard time claiming construction is falling whilst that is spent.
I don't see how the GDP forecast matches up with any of the other information from today. It feels as if the OBR are playing it extremely safe for the headline forecast. I'll wait for the Bank's forecasts tbh.
Agreed. Of course Chancellors are always a lot happier saying growth has come in higher than forecast too. Especially as they get nearer an election.
Oh! Do you think that there's another due soon, as well?
What did he mean by considering 'reforming' the VAT registration threshold, I wonder?
If it’s causing problems it needs raising to £100k.
Maybe make it based on income rather than turnover, so a plumber buying and reselling expensive parts for a customer isn’t affected, but an IT consultant is.
A plumber buying and reselling expensive parts needs to be registered so that he can reclaim the VAT on his purchases!
Hmm, increase on air passenger duty for premium & business class. That's the winter fuel allowance more than clawed back, I suspect.
Go cattle.
Awful idea.
I recently flew on Easyjet, I'm still traumatised by it, makes me appreciate Etihad and Emirates even more, and their wonderful first class team
I just came back from Japan recently. Didn't regret the decision to spend miles upgrading from premium to club. I don't understand why anyone would bother with premium economy though, better to go club or cattle.
PE is good for a long haul day flight (DXB-LHR) where you need to go to a meeting at the other end but don’t need to sleep on the plane.
I simply don't see how this balances out. I assume there must be something in the paperwork but he seems to be saying we will have more spending, lower GDP and lower debt. Surely those things are mutually exclusive.
Comments
+1.
Lets hope they put a super tax on phones without a headphone jack.
We're on a pound a minute from here on out 8)
Maybe make it based on income rather than turnover, so a plumber buying and reselling expensive parts for a customer isn’t affected, but an IT consultant is.
Oldest trick in the book, fiscal drag.
One of the few advantages of a no-deal Brexit is that Ryanair will be banned from flying in the U.K.
Lets see how this pans out
Hmm...
Did I miss it?
The £25k threshold, rising with RPI - is that still going ahead?
Odd not to mention it.