You do realize we haven't left that European club yet, so we are still paying our subs? ;-0 This is a budget thread where there is only one comment on extra funding, something I'm more interested in than the general British obsession with property.
Love Liz Truss trying to defend the Stamp Duty changes on Newsnight. Can't seem to grasp the fact that the £1500 saving in stamp duty for a FTB will probably be swallowed up by the price increase in the property they are going to buy. Priceless - and I'm a true blue Tory.
Like @Addicted and a few others above, I'll be just under £4 a week better off, without thinking about inflation. It honestly isn't needed and is a bit of tinkering to say "hey, look at me saving you all this tax"! Posturing in the extreme.
The stamp duty move had been talked about for the last few months. I've been chatting with one of the girls in work who has been looking and who held off, knowing this was coming, for at least the last two months.
I'm not sure anyone will really lose out. The OBR have already said that the beneficiaries of this move will be EXISTING homeowners, not FTBs, as prices will rise.
The ONLY thing that will help will be building new homes. Raising the target, on every measure we have seen for years for this, the coalition and previous governments, simply means that the government will MISS the target by more than they did before. Hammond knows this FFS...he owns two businesses in the construction sector!!!
Let councils get on with building their own stock, with money released to them locally.
Mainstream home builders have shown that they just can't be trusted to 1) actually build on the land banks they have built up and 2) abide by the rules in place for "affordable housing" (which is a joke anyway).
Good news for those aged 25 - 30, an extension of the young persons railcard will help with student loans and high rents whilst being good for the environment.
That's Labour's support from this demographic about to collapse.
As a 21 year old I'm deffo voting for the tories now!!! They've got my vote in the bag for 2022.
GDP New forecasts (March forecast in brackets) 2017 1.5 (2) 2018 1.4 (1.6) 2019 1.3 (1.7) 2020 1.3 (1.9) 2021 1.5 (2.0) 2022 1.6
1-2% a year growth for the next 5 years is dreadful.
These figures imply the loss of £20Bn of tax revenue in 2021. That's three times the net EU contribution.
There is another way.
And that is to focus on innovation and investment to drive up opportunity, productivity and GDP. This in turn means that the Debt:GDP ratio never increases. Those interested should forget about the blue party and look up the works of Mariana Mazzucato. Or the IPPR. Or simply study history.
This is a nothing budget which changes nothing. Wages for the many will still stagnate; we are still on course to leave the customs union; and people are clueless about where the world is going in 2025 and beyond.
Love Liz Truss trying to defend the Stamp Duty changes on Newsnight. Can't seem to grasp the fact that the £1500 saving in stamp duty for a FTB will probably be swallowed up by the price increase in the property they are going to buy. Priceless - and I'm a true blue Tory.
Felt sorry for Evan Davis...he kept trying to explain to her & she just kept trotting out the line she'd been given.
Don't you just love politicians thinking the general public are stupid, who then fall apart the first time someone asks them a question about their "shiny new policy"!!
TBF, not as bad as US Senator McCaskill ripping apart Trump's Finance Committee Chairman and his dodgy tax bill for the masses!
No one mentioning the NHS? They arent happy, but its a step in the right direction. From the Beeb
The extra money announced by the chancellor in the Budget for the NHS in England is not enough, health service bosses say. Philip Hammond announced an immediate £350m boost for this winter followed by £1.6bn more next year for the front line above the rise already planned. The chancellor described it as an "exceptional" measure, which recognised the pressures the service was under.
£350m boost for a whole season is very different to £350m a week
There's a thread for Brexit chat, please try to keep on topic, it just makes it harder for the mods in the long run...
I shall be writing to HMRC to tell them to keep my additional £3.80 a week as a result of the budget so they can spend it instead on investigating those bastard mega corps who are stealing money from the general public by not paying what they actually should do.
So shove that in your mocha choca skinny latte with almond milk and tofu sprinkles tossers.
If you’re self employed you can voluntarily pay more tax than you owe.
Spoke to a colleague at work , whose mate had just saved £4500 because of the decision on stamp duty yesterday, so not all bad news.
( I do agree housing is bonkers & depressing in this country).
Undoubtedly they'll be winners, those who are about to complete being the main one's. If you were a FTB due to complete today must feel like you've won the lottery.
I can't see this change driving up prices much though, I think the OBR said it may increase prices by 0.3%? It was very much a nothing budget, but the SDLT might just help some FTB's as my understanding is most struggle not so much with raising a mortgage but the upfront deposit, fee's etc.
I think the reason non smokers etc are up a few £'s is really due to the previous announcements of the tax allowance increasing with inflation. If you don't want/need it give it to charity (and gift aid it!).
i think it was pretty good they didn't really need to offer me a railcard to get me to vote for them again as would of done it anyway. as the competition really aren't my cup of tea
I think the Govt or the OBR said that the Stamp Duty measure would only help around 3500 people...........hardly a measure to get people buying houses again because the prices are too high. If you're really concerned about the current housing situation then let local authorities borrow more to build affordable housing, heavily tax btl landlords & make it harder for them to borrow.
I think the Govt or the OBR said that the Stamp Duty measure would only help around 3500 people...........hardly a measure to get people buying houses again because the prices are too high. If you're really concerned about the current housing situation then let local authorities borrow more to build affordable housing, heavily tax btl landlords & make it harder for them to borrow.
I think the Govt or the OBR said that the Stamp Duty measure would only help around 3500 people...........hardly a measure to get people buying houses again because the prices are too high. If you're really concerned about the current housing situation then let local authorities borrow more to build affordable housing, heavily tax btl landlords & make it harder for them to borrow.
They are worth what someone is willing to pay. The 3 properties down my road have not sold, A couple of them have been on for 4 months and one been reduced twice from £450000 to £410000
I think the Govt or the OBR said that the Stamp Duty measure would only help around 3500 people...........hardly a measure to get people buying houses again because the prices are too high. If you're really concerned about the current housing situation then let local authorities borrow more to build affordable housing, heavily tax btl landlords & make it harder for them to borrow.
I think the Govt or the OBR said that the Stamp Duty measure would only help around 3500 people...........hardly a measure to get people buying houses again because the prices are too high. If you're really concerned about the current housing situation then let local authorities borrow more to build affordable housing, heavily tax btl landlords & make it harder for them to borrow.
They are worth what someone is willing to pay. The 3 properties down my road have not sold, A couple of them have been on for 4 months and one been reduced twice from £450000 to £410000
They would be worth a lot more if you wasn't their neighbour
I think the Govt or the OBR said that the Stamp Duty measure would only help around 3500 people...........hardly a measure to get people buying houses again because the prices are too high. If you're really concerned about the current housing situation then let local authorities borrow more to build affordable housing, heavily tax btl landlords & make it harder for them to borrow.
I think the Govt or the OBR said that the Stamp Duty measure would only help around 3500 people...........hardly a measure to get people buying houses again because the prices are too high. If you're really concerned about the current housing situation then let local authorities borrow more to build affordable housing, heavily tax btl landlords & make it harder for them to borrow.
They are worth what someone is willing to pay. The 3 properties down my road have not sold, A couple of them have been on for 4 months and one been reduced twice from £450000 to £410000
They would be worth a lot more if you wasn't their neighbour
Prices started to tumble when the little man moved to the area
I think the Govt or the OBR said that the Stamp Duty measure would only help around 3500 people...........hardly a measure to get people buying houses again because the prices are too high. If you're really concerned about the current housing situation then let local authorities borrow more to build affordable housing, heavily tax btl landlords & make it harder for them to borrow.
I think the Govt or the OBR said that the Stamp Duty measure would only help around 3500 people...........hardly a measure to get people buying houses again because the prices are too high. If you're really concerned about the current housing situation then let local authorities borrow more to build affordable housing, heavily tax btl landlords & make it harder for them to borrow.
They are worth what someone is willing to pay. The 3 properties down my road have not sold, A couple of them have been on for 4 months and one been reduced twice from £450000 to £410000
They would be worth a lot more if you wasn't their neighbour
Prices started to tumble when the little man moved to the area
I think the Govt or the OBR said that the Stamp Duty measure would only help around 3500 people...........hardly a measure to get people buying houses again because the prices are too high. If you're really concerned about the current housing situation then let local authorities borrow more to build affordable housing, heavily tax btl landlords & make it harder for them to borrow.
I think the Govt or the OBR said that the Stamp Duty measure would only help around 3500 people...........hardly a measure to get people buying houses again because the prices are too high. If you're really concerned about the current housing situation then let local authorities borrow more to build affordable housing, heavily tax btl landlords & make it harder for them to borrow.
They are worth what someone is willing to pay. The 3 properties down my road have not sold, A couple of them have been on for 4 months and one been reduced twice from £450000 to £410000
They would be worth a lot more if you wasn't their neighbour
I think the Govt or the OBR said that the Stamp Duty measure would only help around 3500 people...........hardly a measure to get people buying houses again because the prices are too high. If you're really concerned about the current housing situation then let local authorities borrow more to build affordable housing, heavily tax btl landlords & make it harder for them to borrow.
I think the Govt or the OBR said that the Stamp Duty measure would only help around 3500 people...........hardly a measure to get people buying houses again because the prices are too high. If you're really concerned about the current housing situation then let local authorities borrow more to build affordable housing, heavily tax btl landlords & make it harder for them to borrow.
They are worth what someone is willing to pay. The 3 properties down my road have not sold, A couple of them have been on for 4 months and one been reduced twice from £450000 to £410000
They would be worth a lot more if you wasn't their neighbour
Prices started to tumble when the little man moved to the area
I think the Govt or the OBR said that the Stamp Duty measure would only help around 3500 people...........hardly a measure to get people buying houses again because the prices are too high. If you're really concerned about the current housing situation then let local authorities borrow more to build affordable housing, heavily tax btl landlords & make it harder for them to borrow.
There's not a single local authority in the UK that will make more than a token effort to build houses while right-to-buy is still around. Why would they? It's a business model that would get you laughed off Dragons Den even before you explained the bit about having to now subsidise the rent on a property you used to own.
I happened to listen to the Today show on Radio 4 yesterday and heard John McDonnell being interviewed - fucking hell, it was like being back in the 1970s.
Look, I know the Tories are a shambles and have completely lost the plot with the anti-EU nutters now running the show - could not have more contempt for them if I tried.
However, at least Philip Hammond is a sane and serious person - you may not agree with him but he will run a steady ship.
Compare that to McDonnell whose grand idea for the economy is to "invest in the economy" and who seems to think that a Labour government stacked with lifelong Trade Union officials will suddenly be able to turn HM Government into a successful industrial investor that will suddenly be creating dozens of profitable and successful state-owned enterprises across every sector of the economy.
I mean, can anyone really imagine Corbyn, McDonnell, Abbott, Thornberry and the rest of the current far-left Labour cabinet having the faintest fucking clue about where or how to invest tens of billions of pounds in the market economy? The thought alone is both hilarious and terrifying.
McDonnell talked about a future Labour government "investing in new technology" - what the fuck does that even mean? He also reckoned that borrowing tens of billions of extra pounds to invest in new infrastructure projects would not be a problem because, "We'd get it all back from tax revenues from the people we put to work" - this is absolute madness and, of course, complete bollocks.
So, on the one hand we have a Tory government desperate to wreck the economy via Brexit because of their rampant xenophobia and Little Englander mentality and on the other we have a Labour Party seemingly intent on re-creating the Soviet economy of the the 1950s.
I happened to listen to the Today show on Radio 4 yesterday and heard John McDonnell being interviewed - fucking hell, it was like being back in the 1970s.
Look, I know the Tories are a shambles and have completely lost the plot with the anti-EU nutters now running the show - could not have more contempt for them if I tried.
However, at least Philip Hammond is a sane and serious person - you may not agree with him but he will run a steady ship.
Compare that to McDonnell whose grand idea for the economy is to "invest in the economy" and who seems to think that a Labour government stacked with lifelong Trade Union officials will suddenly be able to turn HM Government into a successful industrial investor that will suddenly be creating dozens of profitable and successful state-owned enterprises across every sector of the economy.
I mean, can anyone really imagine Corbyn, McDonnell, Abbott, Thornberry and the rest of the current far-left Labour cabinet having the faintest fucking clue about where or how to invest tens of billions of pounds in the market economy? The thought alone is both hilarious and terrifying.
McDonnell talked about a future Labour government "investing in new technology" - what the fuck does that even mean? He also reckoned that borrowing tens of billions of extra pounds to invest in new infrastructure projects would not be a problem because, "We'd get it all back from tax revenues from the people we put to work" - this is absolute madness and, of course, complete bollocks.
So, on the one hand we have a Tory government desperate to wreck the economy via Brexit because of their rampant xenophobia and Little Englander mentality and on the other we have a Labour Party seemingly intent on re-creating the Soviet economy of the the 1950s.
Unfuckingbelievable.
This really what a fucking choice. It's like being asked whether you want to get stabbed in the eye ball or a testicle.
I have a question. Now I'm an economist and I was trying to explain to a non economist at work why the stamp duty change will raise house prices (as stated by the OBR).
I can manage perfectly well explaining it using complex behavioural economics but when trying to dumb it down to basic supply and demand it became less clear (unless I'm missing something obvious).
I have a question. Now I'm an economist and I was trying to explain to a non economist at work why the stamp duty change will raise house prices (as stated by the OBR).
I can manage perfectly well explaining it using complex behavioural economics but when trying to dumb it down to basic supply and demand it became less clear (unless I'm missing something obvious).
Anyone help?
Presumably because it will increase the number of buyers (demand) but do nothing to increase the number of houses available (supply).
Would make more sense if they had taken however much it'll cost to abolish stamp duty for FTBs and use that money to build houses.
I have a question. Now I'm an economist and I was trying to explain to a non economist at work why the stamp duty change will raise house prices (as stated by the OBR).
I can manage perfectly well explaining it using complex behavioural economics but when trying to dumb it down to basic supply and demand it became less clear (unless I'm missing something obvious).
Anyone help?
Presumably because it will increase the number of buyers (demand) but do nothing to increase the number of houses available (supply).
Would make more sense if they had taken however much it'll cost to abolish stamp duty for FTBs and use that money to build houses.
Yes I see that. I guess what I'm trying to say is will the stamp duty reduction actually cause an increase in demand.
Will reduced costs of a couple thousand really cause a few thousand or more young people to suddenly be able to buy homes when actually it's just a fraction of what they have to save anyway? It will help those who have saved enough for the deposit anyway but will it help people who wouldn't otherwise have been able to buy? I'm sceptical.
I happened to listen to the Today show on Radio 4 yesterday and heard John McDonnell being interviewed - fucking hell, it was like being back in the 1970s.
Look, I know the Tories are a shambles and have completely lost the plot with the anti-EU nutters now running the show - could not have more contempt for them if I tried.
However, at least Philip Hammond is a sane and serious person - you may not agree with him but he will run a steady ship.
Compare that to McDonnell whose grand idea for the economy is to "invest in the economy" and who seems to think that a Labour government stacked with lifelong Trade Union officials will suddenly be able to turn HM Government into a successful industrial investor that will suddenly be creating dozens of profitable and successful state-owned enterprises across every sector of the economy.
I mean, can anyone really imagine Corbyn, McDonnell, Abbott, Thornberry and the rest of the current far-left Labour cabinet having the faintest fucking clue about where or how to invest tens of billions of pounds in the market economy? The thought alone is both hilarious and terrifying.
McDonnell talked about a future Labour government "investing in new technology" - what the fuck does that even mean? He also reckoned that borrowing tens of billions of extra pounds to invest in new infrastructure projects would not be a problem because, "We'd get it all back from tax revenues from the people we put to work" - this is absolute madness and, of course, complete bollocks.
So, on the one hand we have a Tory government desperate to wreck the economy via Brexit because of their rampant xenophobia and Little Englander mentality and on the other we have a Labour Party seemingly intent on re-creating the Soviet economy of the the 1950s.
Unfuckingbelievable.
I'm largely sympathetic to your point of view. I think McDonnell would prove to be an economic vandal and destroy what remains of the economy in double quick time. That twat and his financially illiterate cronies must never be given the keys to number 11.
I disagree that the Tories are especially xenophobic, they just seem to be split down the middle, though the hardliners have the upper hand. Hard brexit is a stupid approach and will backfire. Anything Boris and Gove want will be purely to benefit boris and gove, and May is too weak to resist them. But as many labour voters wanted brexit as did Tory voters, I suspect.
But McDonnell would make the days of Brown and Darling as chancellors look like a progressive golden past, though I am concerned he might have enough appeal to those who are net takers from the system to outweigh those who are net contributors, which will result in disaster.
I work in property and colleagues of mine had calls instantly from people due to complete ecstatic about the stamp duty news, then again, today we had investors raising their property prices...
Comments
This is a budget thread where there is only one comment on extra funding, something I'm more interested in than the general British obsession with property.
The stamp duty move had been talked about for the last few months. I've been chatting with one of the girls in work who has been looking and who held off, knowing this was coming, for at least the last two months.
I'm not sure anyone will really lose out. The OBR have already said that the beneficiaries of this move will be EXISTING homeowners, not FTBs, as prices will rise.
The ONLY thing that will help will be building new homes. Raising the target, on every measure we have seen for years for this, the coalition and previous governments, simply means that the government will MISS the target by more than they did before. Hammond knows this FFS...he owns two businesses in the construction sector!!!
Let councils get on with building their own stock, with money released to them locally.
Mainstream home builders have shown that they just can't be trusted to 1) actually build on the land banks they have built up and 2) abide by the rules in place for "affordable housing" (which is a joke anyway).
There is another way.
And that is to focus on innovation and investment to drive up opportunity, productivity and GDP. This in turn means that the Debt:GDP ratio never increases. Those interested should forget about the blue party and look up the works of Mariana Mazzucato. Or the IPPR. Or simply study history.
This is a nothing budget which changes nothing. Wages for the many will still stagnate; we are still on course to leave the customs union; and people are clueless about where the world is going in 2025 and beyond.
Don't you just love politicians thinking the general public are stupid, who then fall apart the first time someone asks them a question about their "shiny new policy"!!
TBF, not as bad as US Senator McCaskill ripping apart Trump's Finance Committee Chairman and his dodgy tax bill for the masses!
( I do agree housing is bonkers & depressing in this country).
I can't see this change driving up prices much though, I think the OBR said it may increase prices by 0.3%? It was very much a nothing budget, but the SDLT might just help some FTB's as my understanding is most struggle not so much with raising a mortgage but the upfront deposit, fee's etc.
I think the reason non smokers etc are up a few £'s is really due to the previous announcements of the tax allowance increasing with inflation. If you don't want/need it give it to charity (and gift aid it!).
The 3 properties down my road have not sold,
A couple of them have been on for 4 months and one been reduced twice from £450000 to £410000
I helped him move
Look, I know the Tories are a shambles and have completely lost the plot with the anti-EU nutters now running the show - could not have more contempt for them if I tried.
However, at least Philip Hammond is a sane and serious person - you may not agree with him but he will run a steady ship.
Compare that to McDonnell whose grand idea for the economy is to "invest in the economy" and who seems to think that a Labour government stacked with lifelong Trade Union officials will suddenly be able to turn HM Government into a successful industrial investor that will suddenly be creating dozens of profitable and successful state-owned enterprises across every sector of the economy.
I mean, can anyone really imagine Corbyn, McDonnell, Abbott, Thornberry and the rest of the current far-left Labour cabinet having the faintest fucking clue about where or how to invest tens of billions of pounds in the market economy? The thought alone is both hilarious and terrifying.
McDonnell talked about a future Labour government "investing in new technology" - what the fuck does that even mean? He also reckoned that borrowing tens of billions of extra pounds to invest in new infrastructure projects would not be a problem because, "We'd get it all back from tax revenues from the people we put to work" - this is absolute madness and, of course, complete bollocks.
So, on the one hand we have a Tory government desperate to wreck the economy via Brexit because of their rampant xenophobia and Little Englander mentality and on the other we have a Labour Party seemingly intent on re-creating the Soviet economy of the the 1950s.
Unfuckingbelievable.
I can manage perfectly well explaining it using complex behavioural economics but when trying to dumb it down to basic supply and demand it became less clear (unless I'm missing something obvious).
Anyone help?
Do I get to choose whose?
He'd break the knife...
Would make more sense if they had taken however much it'll cost to abolish stamp duty for FTBs and use that money to build houses.
Will reduced costs of a couple thousand really cause a few thousand or more young people to suddenly be able to buy homes when actually it's just a fraction of what they have to save anyway? It will help those who have saved enough for the deposit anyway but will it help people who wouldn't otherwise have been able to buy? I'm sceptical.
I disagree that the Tories are especially xenophobic, they just seem to be split down the middle, though the hardliners have the upper hand. Hard brexit is a stupid approach and will backfire. Anything Boris and Gove want will be purely to benefit boris and gove, and May is too weak to resist them. But as many labour voters wanted brexit as did Tory voters, I suspect.
But McDonnell would make the days of Brown and Darling as chancellors look like a progressive golden past, though I am concerned he might have enough appeal to those who are net takers from the system to outweigh those who are net contributors, which will result in disaster.
Testicle for me. I use my eyes much more often.