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  1. #1
    SiamLovinIt
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    Smile Uk emergency budget

    It is downloadbale as a PDF here scroll to bottom
    http://en.wikipedia.org/wiki/June_2010_United_Kingdom_Budget

    Looks like workers will have more time to boost pensions or put it another way pension age to rise.Rejoice!

    1.109 Given the challenges posed by an ageing society, the Government
    will review when the State Pension Age will rise to 66. This will be
    supported by a call for evidence to be launched shortly.

    The review will beconducted quickly in recognition of the urgent need to press ahead withimplementing these changes fairly. The Government will also consider future increases to the State Pension Age and how best to manage the ongoing challenges posed by increasing longevity.

    EUTHANASIA PERHAPS ? MY COMMENT

    To ensure that those who wish to work beyond 65 are able to, the Government will consult shortly on how
    it will quickly phase out the Default Retirement Age from April 2011.

    So unlees you were born before atomic era plod on.

  2. #2
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    buriramboy's Avatar
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    I thought it was a pretty fair budget considering the shite Labour has left the UK in, thought it was going to be a lot harsher than it was.

  3. #3
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    i keep hearing that it was all labour's fault that the money has dried up.
    what part did the banks and financial networks have to do with it .
    it isn't just the uk that's got problems .
    isn't there going to be another budget in the autumn ?

  4. #4
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    I think they had to rush this in order to keep the promise of a budget within 50 days. most of the details will be announced in the autumn spending review in september.
    This sets the tone for the regular budget next spring.

  5. #5
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    uk skint.

  6. #6
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    Oh I don't know, counselors in Coventry have just awarded them selves pay increases of up to 36% Talk about lining your pockets at the expense of the people you are supposed to serve, cnuts!

  7. #7
    Enjoys sheep
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    Quote Originally Posted by buriramboy View Post
    I thought it was a pretty fair budget considering the shite Labour has left the UK in, thought it was going to be a lot harsher than it was.
    You believed the leaked rumours?
    Of course they made out it was going to be a real stinker so it looks better when the real one comes out.

  8. #8
    Tax Consultant
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    An awful lot of fuss when the main measure was simply an VAT increase

  9. #9
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    So, may i ask, If you can draw your company pension from 65 (contracted so cannot be changed without your consent) but cannot have your state pension until you are 66 will you be taxed on your company pension for that year?

    Also if you decide to stop working at 60 and not draw your private pension you can qualify for pension credit. 5yrs of private pension + pension credit will cost the state 22% more than allowing you to retire at 65.
    Methinks this has not been thought through.

  10. #10
    Fresh Seaman CaptainNemo's Avatar
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    Quote Originally Posted by billy the kid View Post
    i keep hearing that it was all labour's fault that the money has dried up.
    what part did the banks and financial networks have to do with it .
    it isn't just the uk that's got problems .
    isn't there going to be another budget in the autumn ?
    The reason why you keep hearing that is because it's largely regarded as true by the full spectrum of people from leading academics and economists down to labour voters and less complex forms of life, such as socialists.

    As I understand it, the banks dished out loans and mortgages to people who would not normally have ever been considered for such products; and they did so by chopping them up and mixing them with some rotten product, and reconstituting them to make the bad bit vanish (a bit like when I used to work in a factory in the dales where rotten egg products full of weevils and bits of rat and dead chick were cleaned by passing it through a range of filtering, boiling, and freezing machines to turn into legally clean egg-mix, which was mixed with normal good egg mix at a ratio of about 30:70, and sold to companies who make ready meal pasta and yorkshire puddings).
    The environment that created this ultra-competitive environment was stimulated by Brown's action's as chancellor, who, pretending to be an economics guru, decided to mitigate the effects of the 1997 Asian economic crisis by lowering interest rates to unusually low levels for years, which meant that banks could not make much profit from savers, as there weren't so many; and they could only make profit from loans by selling lots of them. Banks made a lot more from credit cards, the more they could dish out the better, because of the higher interest rates. So you had a situation where mortgages seemed cheap (i.e. it looked like a good investment because the interest component seemed low, and not helped by pension collapses, it seemed like a safer investment for retirement for many people); where more and more people were getting more and more credit to go shopping with lots of apparent bargains because of the knock on effect of the lower interest rates; and unemployment falling as the credit boom created more jobs in the service sector; and unprecedented immigration plugging all the cracks in Gordon's boom wagon. This then led to a runaway debt mountain as property prices went up and up far faster than average salaries, and there came a point where a ceiling was reached and confidence in the ability of large lending institutions to actually get their lending repaid, because the numbers just weren't adding up. Eventually, time was called and the whole shithouse went up in flames. Gordon set up the rules of the game and the institutions for expediency and faked being an expert; Gordon is ultimately responsible for fucking everything up. Labour will hopefully never recover from this (and other) bullshit they inflicted on the country.

    It's a relief that the Lib-Cons are there, but they don't go nearly far enough.
    They need to phase out permanent immigration over the next 5 years until it reaches zero. They need to give us a referendum to get out of the EU. At the same time as removing the influx of people, they need to destroy the old welfare state, and replace it with an improved Tax Credits system and get serious about financial education and a proper vision for pensions... the state pension is a waste of time. You could have a seed fund (the Child Trust Fund) to help people get a start in life, but pensions should be an occupational opt-out thing.
    I don't know anyone under 40 with a pension plan of any kind, it's impossible to save for one when you're skint. So if there was less "state" to pay for (i.e. less tax), more of us would be able to save for a pension. At the moment we're being taxed to fuck to pay for so called "vulnerable" people, with fuck all to look forward to in our dotage for all our graft supporting the baby boomers, the "vulnerable people", and all the other shit that siphons money off the people for causes of dubious value.
    It's also a shame that they are protecting the NHS from surgery.

    I think high VAT is a good thing as long as it's balanced with lower income tax, simply because it means you get a little control over how much tax you choose to pay.
    http://www.youtube.com/watch?v=JQVmkDUkZT4

    we are all figments of our own imagination.

  11. #11
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    ^ Can you do the same to explain why smeg is such a cvnt?

    Actually a pretty fair precis of what went wrong.

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