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The Budget

itsme
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Registered: 07-04-2007

Re: The Budget

Quote from: artmo
He had so little room for maneuver that he did the best he could.  I think he could have done more for pensioners though.  I'm not too happy that he's reduced the winter fuel allowance to £200. (£300 for the over 80's) 

Should have scrapped it completely and increased the cold weather payments.
Community Veteran
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Registered: 06-11-2007

Re: The Budget

I disagree, with the statement by itsme.... without the winter fuel allowance, we would have been very very cold indeed. as we would not have been able to afford to have the central heating on....
even so, we still used it only very frugally, not on all the time,... and only on when it got really cold,... perhaps two or three hours a day, and the gas bill was just under £200 for the last three months... add on to that the Electric bill of nearly £100 and you can see, that scrapping the WFA would cause great hardship....
itsme
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Registered: 07-04-2007

Re: The Budget

Trouble with the Winter Fuel allowance it's not means tested, so why should people still in work or on high private pensions get it?
Don't fall into the trap that people have paid into the system so they deserve it as I have already posted research that show people currently aged 65 will get over £220,000 more than what they have paid into the system.
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Re: The Budget

Huh not seen your research.  Where is it?
itsme
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Re: The Budget

Quote from: shutter
even so, we still used it only very frugally, not on all the time,... and only on when it got really cold,... perhaps two or three hours a day, and the gas bill was just under £200 for the last three .

You may find investing in a new digital room stat where you can program in different temperatures for different times of the day and have the heating on 24 hours may work out slightly more expensive but you will have a more comfortable house.
itsme
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Re: The Budget

Quote from: artmo
Huh not seen your research.  Where is it?

It was in a post following yours in the New Tax Code thread.
http://www.bbc.co.uk/news/business-12758367
Quote
Its report said children born now would pay £70,000 more in taxes over their lifetime than they got back in benefits and services from the government.
Those aged 65 have received £220,000 more from the state than they paid in.
nadger
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Registered: 13-04-2007

Re: The Budget

In every budget I can remember governments give with one hand and take back with the other.
Reducing WFA will upset a lot of we oldies.
As an aside I've just taxed the car and that hadn't gone up in the Budget.
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Re: The Budget

I have found the paper http://www.niesr.ac.uk/pdf/150311_171852.pdf Page 15
Quote
An alternative and in many ways more helpful way to look at the problem is to examine the increases in taxes needed to restore either intergenerational budget balance or intertemporal budget balance. We find that for the former all taxes need to rise by 15.4% and for the latter they need to rise by 17.1%. relative to the tax increases already planned. This points to further tax increases or spending reductions of around 6-6½ % of GDP over an above what was announced in the June 2010 Budget.
Basically it seems to consider total costs to the state from now until you die and income (Old age pension plus social security benefits only I believe) and ignores all the money you have pumped into the state over your working life
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Re: The Budget

Quote from: nadger
Reducing WFA will upset a lot of we oldies.
As an aside I've just taxed the car and that hadn't gone up in the Budget.

WFA has apparently rolled back to what it was prior to 2008/2009...roughly.
Road Tax:
Quote
vehicle excise duty rates will increase by RPI indexation only in 2011-12, and rates for Heavy Goods Vehicles will be frozen;

http://www.bbc.co.uk/news/uk-politics-12829433
http://cdn.hm-treasury.gov.uk/2011budget_complete.pdf

Customer and Forum Moderator.

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Re: The Budget

Quote from: Strat

WFA has apparently rolled back to what it was prior to 2008/2009...roughly.


unfortunately, itsme, has not noticed this.... neither has he noticed that the price of gas and electricity has not "rolled back" to 2008/2009 prices.... and when  if he gets to 60, and finds his pension will just about feed himself and winter fuel payment has been scrapped, he will rue the day when he advocated the scrapping of the WFA....