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I'm not sure if its confirmed yet, but it looks like they might be reducing VAT to 15% for at least a year. They're trying to encourage you guys to get out there and spend, spend, spend.
Will that be enough though? You'd have to spend £100 just to save £2.50. The price of a Wii would go from £179.99 to £175.49.
For me this is good news because I have some very large purchases to make next year and it'll save me quite a bit of money.
Will that be enough though? You'd have to spend £100 just to save £2.50. The price of a Wii would go from £179.99 to £175.49.
For me this is good news because I have some very large purchases to make next year and it'll save me quite a bit of money.
I don't understand National Insurance any more, what do we actually get out of it these days?
You don't think it was just a typo and that they really will tr and increase VAT to 18.5% in 2011 do you? :S
Dragonlance wrote:
> in everybodies National Insurance 'contributions'....
That 0.5% is really slightly over 1.0%
Employee NI goes up 0.5% (out of pay)
Employer NI goes up 0.5% (on top of pay)
That's just over 1% of EVERYBODY'S pay. Over 1.5% of your take home pay. That's more than double what you might save from the 2.5% VAT cut.
Did you know, that if your Council Tax is £100 per month, the Government gets about £165 per month. The other £65 is paid by your employer in PAYE, NI and Employer NI before you get your £100 net pay. So Council Tax is really 65% higher than it seems.
> in everybodies National Insurance 'contributions'....
That 0.5% is really slightly over 1.0%
Employee NI goes up 0.5% (out of pay)
Employer NI goes up 0.5% (on top of pay)
That's just over 1% of EVERYBODY'S pay. Over 1.5% of your take home pay. That's more than double what you might save from the 2.5% VAT cut.
Did you know, that if your Council Tax is £100 per month, the Government gets about £165 per month. The other £65 is paid by your employer in PAYE, NI and Employer NI before you get your £100 net pay. So Council Tax is really 65% higher than it seems.
I think the big issue might prove to be this week. Normally the last week in November is a solid Christmas spending week. Now everybody will wait until next Monday (unless the shops are able to cut their prices by 2.5% from tomorrow instead of waiting for Monday).
But then, when the retail spending figures come out for November, it will look as though we have had a really bad month of recession, and this will create more uncertainty in the markets and trash £billions off the value of shares etc.
I think the timing is very poor indeed.
But then, when the retail spending figures come out for November, it will look as though we have had a really bad month of recession, and this will create more uncertainty in the markets and trash £billions off the value of shares etc.
I think the timing is very poor indeed.
Rob Peter to pay Paul....what you win on the roundabouts, you loose on the swings....and any more quotes that imply that it's a total waste of time to reduce the VAT, but then claw it back with increases in duty on tobacco, alcohol and petrol..and an increase in everybodies National Insurance 'contributions'....joke, can't stop laughing...we'll still be 'licking the step' for excitement during the coming months:-)
I guess to really save money we should just buy only what we need or at least keep an eye out for good sales and bargins. There should be some good ones this December.
I doubt this will affect consumers very much. As you said, a 2 pound (damn American keyboard) 50 saving on a 100 isnt much. I'd imagine this is more to help out business and to keep food costs down.
Well it has been confirmed and will last until December 31st 2009. I'll be interested to see if this does make any difference to the speed in which we all hit economic rock bottom and the length of time we are there for.
In the short term though, save your money this week folks, don't by that brand new TV/sofa/Bluray player/PC till next week!
In the short term though, save your money this week folks, don't by that brand new TV/sofa/Bluray player/PC till next week!
Over time I think it will be a good idea, as food and fuel will also be affected.
Assuming what they're suggesting about the high payers having to pay for it by tax increases there is true, i think it's about time.
There is obviously the arguement that if people are doing well then you shouldn't try to take more from them, but a rising scale of tax is the fairest way to distribute wealth, at the moment the tax levels for pay don't make sense, with only a few steps between a rise between minimum and very low pay and slightly higher pay with nothing further up the scale.
It's really only the fact that the people with money hold a lot of the strings in politics, and are the Conservative's (and to an extent new Labours) main supporters that it hasn't happened sooner.
Assuming what they're suggesting about the high payers having to pay for it by tax increases there is true, i think it's about time.
There is obviously the arguement that if people are doing well then you shouldn't try to take more from them, but a rising scale of tax is the fairest way to distribute wealth, at the moment the tax levels for pay don't make sense, with only a few steps between a rise between minimum and very low pay and slightly higher pay with nothing further up the scale.
It's really only the fact that the people with money hold a lot of the strings in politics, and are the Conservative's (and to an extent new Labours) main supporters that it hasn't happened sooner.
I'm not sure if its confirmed yet, but it looks like they might be reducing VAT to 15% for at least a year. They're trying to encourage you guys to get out there and spend, spend, spend.
Will that be enough though? You'd have to spend £100 just to save £2.50. The price of a Wii would go from £179.99 to £175.49.
For me this is good news because I have some very large purchases to make next year and it'll save me quite a bit of money.
Will that be enough though? You'd have to spend £100 just to save £2.50. The price of a Wii would go from £179.99 to £175.49.
For me this is good news because I have some very large purchases to make next year and it'll save me quite a bit of money.