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Tax credits cut scrapped

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  • So how much are they knocking off pensions instead, then?
  • Nothing. Good news.
  • Maybe the House of Lords does have a purpose...
  • Maybe the House of Lords does have a purpose...

    Maybe, maybe not - but this U-turn has more to do with public opinion (voters) than the HoL.
  • edited November 2015

    Good news.

    Osborne has listened to the concerns and will "fill the gap" from increased tax receipts.

    No cut in police budgets either. More good news.
  • had to happen .. can't be hitting the WORKING people rather than the bone idle tossers .. it's still a nonsense that the government/taxpayer subsidise huge, rich companies that pay poor wages . perhaps a statutory high minimum wage allied to cuts in corporation tax is the answer ..
    there's no doubt that the 'welfare system' is not a 'system' that works properly, it's a mess and needs sorting ..
    I can't see why those who are fit, available for work but would rather choose to sit indoors drinking, smoking and playing the Xbox can't have their money slashed ..
    I DO recognize however that there are parts of the country where work is scarce and company profits are low .. perhaps a regional approach to welfare/benefits is the way forward
  • I guess the answer to will working families be worse off was yes. Surprised that couldn't be answered after 7 attempts.
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  • had to happen .. can't be hitting the WORKING people rather than the bone idle tossers .. it's still a nonsense that the government/taxpayer subsidise huge, rich companies that pay poor wages . perhaps a statutory high minimum wage allied to cuts in corporation tax is the answer ..
    there's no doubt that the 'welfare system' is not a 'system' that works properly, it's a mess and needs sorting ..
    I can't see why those who are fit, available for work but would rather choose to sit indoors drinking, smoking and playing the Xbox can't have their money slashed ..
    I DO recognize however that there are parts of the country where work is scarce and company profits are low .. perhaps a regional approach to welfare/benefits is the way forward

    I suppose the theory behind cutting tax credits, is they effectively subsidise low paid jobs. Maybe it's the employers who should be paying more in the first place?

    Either way, reforming the tax and benefits system to be fair, encourage work, protect the needy AND be affordable is incredibly hard!
  • They are still abolishing the family element of tax credits in 2017 ( £545 a year ) and they are limiting child tax credits to two children all in the name of Universal credits.

    More good news.
  • Addickted said:

    They are still abolishing the family element of tax credits in 2017 ( £545 a year ) and they are limiting child tax credits to two children all in the name of Universal credits.

    More good news.
    Indeed with huge population increases the last thing we need to be doing is encouraging people to have more kids.
  • Joe Lynam BBC Biz ‏ @ BBC_Joe_Lynam:

    Chote on tax receipts which OBR says will be higher than expected,
    "there's a 50% chance they'll be higher and 50% that they'll be lower"

    https://twitter.com/BBC_Joe_Lynam

    So Osborne's 'spent' (or plans to 'spend') £19bn of a £27bn 'windfall' projected improvement in tax receipts over the next 4-5 years conjured out of thin air by the OBR between July and November (and which it's Chairman Robert Chote says is '50-50') - while the rest of it makes up the bulk of the planned £10bn 'surplus' by the end of the parliament....

    It's worse than the 'self certificated' mortgages that contributed to the crash,,,,,
  • edited November 2015
    .
  • 3% extra stamp duty on buy to lets as well. Brilliant ! I've been saying this for ages.
  • micks1950 said:

    Joe Lynam BBC Biz ‏ @ BBC_Joe_Lynam:

    Chote on tax receipts which OBR says will be higher than expected,
    "there's a 50% chance they'll be higher and 50% that they'll be lower"

    https://twitter.com/BBC_Joe_Lynam

    So Osborne's 'spent' (or plans to 'spend') £19bn of a £27bn 'windfall' projected improvement in tax receipts over the next 4-5 years conjured out of thin air by the OBR between July and November (and which it's Chairman Robert Chote says is '50-50') - while the rest of it makes up the bulk of the planned £10bn 'surplus' by the end of the parliament....

    It's worse than the 'self certificated' mortgages that contributed to the crash,,,,,


    Surely a polititcian wouldn't lie?

  • They are still abolishing the family element of tax credits in 2017 ( £545 a year ) and they are limiting child tax credits to two children all in the name of Universal credits. The Tories would love people to think tax credit cuts has been scrapped but it's simply not true.

    But there is transitional protection for UC. No one will lose out by moving to UC. You cannot lose money it is guaranteed, until your income goes up to cover it. Only new claimants will be subject to those changes...
  • Absolute joke. Osborne is gutted that he has been forced into a humiliating u-turn and all on the back of fag-packet maths from the OBR.

    No cuts to police spending...as council tax will be increased to maintain it - no problem with that. Student nurse grants replaced by debt...so wrong!

    £10.1bn surplus guesstimated for 2019-20...from a chancellor who told us the deficit would have been wiped out by now. An £84 BILLION turnaround!! Don't hold your breath.
  • 3% extra stamp duty on buy to lets as well. Brilliant ! I've been saying this for ages.

    How will that work? I buy a property today in cash, pay the relevant stamp duty. Next month I decide, oh well think I'll rent it out. Have I escaped the 3%?
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  • 3% extra stamp duty on buy to lets as well. Brilliant ! I've been saying this for ages.

    How will that work? I buy a property today in cash, pay the relevant stamp duty. Next month I decide, oh well think I'll rent it out. Have I escaped the 3%?
    The 3% stamp duty surcharge for Buy To Let starts in April 2016 I believe.
  • TelMc32 said:

    Absolute joke. Osborne is gutted that he has been forced into a humiliating u-turn and all on the back of fag-packet maths from the OBR.

    No cuts to police spending...as council tax will be increased to maintain it - no problem with that. Student nurse grants replaced by debt...so wrong!

    £10.1bn surplus guesstimated for 2019-20...from a chancellor who told us the deficit would have been wiped out by now. An £84 BILLION turnaround!! Don't hold your breath.

    But it's not a humiliating u-turn, have you not seen tomorrow's front pages?
  • Riviera said:

    TelMc32 said:

    Absolute joke. Osborne is gutted that he has been forced into a humiliating u-turn and all on the back of fag-packet maths from the OBR.

    No cuts to police spending...as council tax will be increased to maintain it - no problem with that. Student nurse grants replaced by debt...so wrong!

    £10.1bn surplus guesstimated for 2019-20...from a chancellor who told us the deficit would have been wiped out by now. An £84 BILLION turnaround!! Don't hold your breath.

    But it's not a humiliating u-turn, have you not seen tomorrow's front pages?
    Is Katrien writing those as well now then? :wink:
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