mart Posted January 4, 2011 Share Posted January 4, 2011 VAT has been put up to 20% today. The Govt hopes to raise an additional £13billion over the next three years.But will it also deter spending? Will you cut back on what you buy or will it not make any difference to you? Do you even know whether the things you buy are subject to VAT or not? On the news today, it stated that in 2011 the deficit will be £155 billion. It is hard to get my head around that figure. That is 155 thousand million pounds. I know something has to be done, and i know that the country is in a real financial mess. I also know that even though the banks are to blame for a lot of this due to reckless lending, i know that almost all of us are going to be effected even if we have been sensible with our cash. Link to comment Share on other sites More sharing options...
mart Posted January 4, 2011 Share Posted January 4, 2011 Quote "In 1997 Labour inherited a budget that was actually in balance. After a painful and turbulent decade under the Tories, the public finances had finally been brought under control. But after four years in office Gordon Brown took out the country's credit card and let rip. By the end of 2009-10 our annual deficit had ballooned to £170.8 billion" Source:http://www.debtbombshell.com/britains-budget-deficit.htm Link to comment Share on other sites More sharing options...
wednesday1 Posted January 4, 2011 Share Posted January 4, 2011 No, I'm just able to understand basic English. He said that various companies had sent him bills with increases that they blamed on VAT. When he checked the amounts he found the increases were between 5% and 8%. What is there that is difficult to comprehend? Why did you seek to blame the above 2.5% increases on the previous Government? The Tories love VAT as it disproportionately penalises the non-rich. Link to comment Share on other sites More sharing options...
mj.scuba Posted January 4, 2011 Share Posted January 4, 2011 The Tories love VAT as it disproportionately penalises the non-rich. The Tories don't love VAT, in fact they don't like tax at all, natural Tories want to see lower taxes, so it is telling that even they have to increase taxes to sort out Labour's mess! Link to comment Share on other sites More sharing options...
JFKvsNixon Posted January 4, 2011 Share Posted January 4, 2011 The Tories love VAT as it disproportionately penalises the non-rich. I thought that the rich spent more money on buying VAT rated products than the "non-rich" do? Link to comment Share on other sites More sharing options...
Scabbydog Posted January 4, 2011 Share Posted January 4, 2011 The Tories love VAT as it disproportionately penalises the non-rich. So who do you think buys the most VAT rated products a Premier League footballer or a bloke on benefits? Which of them do you think would class as richer? Link to comment Share on other sites More sharing options...
danny11 Posted January 4, 2011 Share Posted January 4, 2011 More likely if you want the Government to provide £600 billion of services, they will need to collect £600 billion in taxes. But labour been collecting £500billion of taxe and borrow £100billion each year to provide for crazy services for dole scungers and asylum seekers, Link to comment Share on other sites More sharing options...
Treatment Posted January 4, 2011 Share Posted January 4, 2011 But labour been collecting £500billion of taxe and borrow £100billion each year to provide for crazy services for dole scungers and asylum seekers, You put an upper case B in there Danny Boy. Link to comment Share on other sites More sharing options...
wednesday1 Posted January 4, 2011 Share Posted January 4, 2011 So who do you think buys the most VAT rated products a Premier League footballer or a bloke on benefits? Which of them do you think would class as richer? It hits the lower paid and vulnerable the most that's why it is unfair. As the Institute of Fiscal studies reported: VAT as a proportion of net household income, which the Treasury called "the most meaningful way of examining the impact on different income groups and household types", they found that the poorest 20% of households would be much harder hit by a VAT rise than the richest 20%. Weren't the Lib Dems attacking the Cons before the election on their 'Vat tax bomb shell'! Sounds like another broken pledge. Link to comment Share on other sites More sharing options...
Scabbydog Posted January 4, 2011 Share Posted January 4, 2011 It hits the lower paid and vulnerable the most that's why it is unfair. As the Institute of Fiscal studies reported: VAT as a proportion of net household income, which the Treasury called "the most meaningful way of examining the impact on different income groups and household types", they found that the poorest 20% of households would be much harder hit by a VAT rise than the richest 20%. Weren't the Lib Dems attacking the Cons before the election on their 'Vat tax bomb shell'! Sounds like another broken pledge. It sounds like a responsible government trying to make inroads into Labour's £150 billion per year deficit. I haven't actually heard any of the opposition (nice word) MPs coming up with a way of doing that. I also don't accept your VAT hitting the poorest hardest argument. It is absolute tripe. What do you think folk buy? New Bentley VAT increased the price £9000. 2005 Ford Focus no increase. Link to comment Share on other sites More sharing options...
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