Budget 2015...

So what are we expecting? Tax relief to a higher income, couple of pence off a pint. The usual pre-election "we're not that bad" type budget.

So what are we expecting? Tax relief to a higher income, couple of pence off a pint. The usual pre-election "we're not that bad" type budget.

Clamp down on buy to let land barons.

Clamp down on buy to let land barons.

Probably a good idea in all honesty.

Raising the tax threshold (for basic rate tax payers) won't benefit the people who don't pay any tax because they're on sh*t wages

It's an election year. Expect news of lots of free stuff.

Free stuff wins votes.

Raising the tax threshold (for basic rate tax payers) won't benefit the people who don't pay any tax because they're on sh*t wages

Maybe they should work harder then...

Joking

A packet of fags going up in price, Alcohol going up in price and petrol up 5p a litre.

Fair play on selling bank shares to pay down debt. A surprise there. I always thought they might do a bit of that this year, but thought Osborne would use it for a tax cut.

"Labour's claims that the government protects the interests of the rich are addressed by the chancellor highlighting that the top 1% of taxpayers will have to pay 27% of total income tax in 2015, up from 25% in 2010. "That is higher than in any one of the 13 years of the last government," the chancellor says.

Interesting. Probably still not enough mind.

"Labour's claims that the government protects the interests of the rich are addressed by the chancellor highlighting that the top 1% of taxpayers will have to pay 27% of total income tax in 2015, up from 25% in 2010. "That is higher than in any one of the 13 years of the last government," the chancellor says.2

 

Interesting.

I thought that was common knowledge.

Trying to counter-act the Oil price issue with a number of investments and reliefs. Good call.

"Labour's claims that the government protects the interests of the rich are addressed by the chancellor highlighting that the top 1% of taxpayers will have to pay 27% of total income tax in 2015, up from 25% in 2010. "That is higher than in any one of the 13 years of the last government," the chancellor says.

 

Interesting. Probably still not enough mind.

It's the super rich and corporations that avoid tax that needs to be addressed whoever is in power. It's alright saying what they should pay, it's how much they avoid that sticks in the throat.

It's the super rich and corporations that avoid tax that needs to be addressed whoever is in power. It's alright saying what they should pay, it's how much they avoid that sticks in the throat.

The above is what they are paying currently.

I agree though, it needs to happen, reckon they'll bring in an extra £5b based on avoidance.

Annual Tax returns gone, thank ****.

1p off a pint.

Fair play on selling bank shares to pay down debt. A surprise there. I always thought they might do a bit of that this year, but thought Osborne would use it for a tax cut.

How much profit was made on each share?

Cancelled fuel duty increase set for September. Longest freeze for God knows how long.

Income tax threshold £10,800 next year, £11k year after.

Threshold will rise above inflation for the higher rate tax.

I didn't realise the fuel duty escalator was introduced in 1993 (by the Tories) and cancelled in 2000 (by Labour). I'm not sure why GO repeatedly says that, if Labour had been in power the duty would have risen, when it is patently obvious it wasn't there in the first place?

http://en.wikipedia.org/wiki/Fuel_Price_Escalator

I didn't realise the fuel duty escalator was introduced in 1993 (by the Tories) and cancelled in 2000 (by Labour). I'm not sure why GO repeatedly says that, if Labour had been in power the duty would have risen, when it is patently obvious it wasn't there in the first place?

 

http://en.wikipedia.org/wiki/Fuel_Price_Escalator

Labour want to bring it back though don't they?

First time buyer bonus...

"There's also a help-to-buy ISA on the way, he says: "For every £200 you save for your deposit, the government will top it up with £50 more. It's as simple as this - we'll work hand in hand to help you buy your first home."

Labour want to bring it back though don't they?

Do they? I haven't seen that anywhere.

First time buyer bonus...

Another opportunity for developers to up their prices in line with these giveaways. Won't solve the housing crisis at all.

Good budget

First time buyer bonus...

 

 

"There's also a help-to-buy ISA on the way, he says: "For every £200 you save for your deposit, the government will top it up with £50 more. It's as simple as this - we'll work hand in hand to help you buy your first home."

Super. Because house prices were getting way too low.

At one point this year, the average house price was only 6 times the average salary. Let's spend taxpayer money keeping those properties out of reach of people by keeping prices high.

Super. Because house prices were getting way too low.

 

At one point this year, the average house price was only 6 times the average salary. Let's spend taxpayer money keeping those properties out of reach of people by keeping prices high.

Agree house prices are too high.

Quick question though, HOW would we bring the prices of houses down without bankrupting half the citizens in the country.

Super. Because house prices were getting way too low.

 

At one point this year, the average house price was only 6 times the average salary. Let's spend taxpayer money keeping those properties out of reach of people by keeping prices high.

Moronic isnt it. Just save the money for the inducements and spend it on building houses.

Agree house prices are too high.

 

Quick question though, HOW would we bring the prices of houses down without bankrupting half the citizens in the country.

Why would it bankrupt them?

Why would it bankrupt them?

Your wiping value off the worth of their houses. If I was to lose 30% of the value of my house, I'd end up with a mortgage for more than the house is worth. I'd never be able to move, and I'd lose £150k I have in equity in the house.

Plus, how would they actually do it?

Far too many people have interest only mortgages and are finding out at the end of their fixed deals, that banks aren't prepared to re-offer them and are faced with £100s of extra per month on their repayments.

This country is crying out for plenty of affordable housing but we continue to price millions out of ever owning a home and then private landlords fleece them anyway.

I'm mortgage free in a few years time but fear that my kids will never afford to own their own home.

Your wiping value off the worth of their houses. If I was to lose 30% of the value of my house, I'd end up with a mortgage for more than the house is worth. I'd never be able to move, and I'd lose £150k I have in equity in the house.

 

Plus, how would they actually do it?

Big difference from being bankrupt.

But you'd still have the same income, the same debt and the house you want to move to would also be 30% cheaper. Anyway it wouldnt happen that way in practice as you wouldnt be dumping huge numbers of houses on the market overnight, it would be gradual. The Bank of England could easily engineer a stagnation in prices so real values fell by say 30% over 10 years but absolute values remained the same.

Your wiping value off the worth of their houses. If I was to lose 30% of the value of my house, I'd end up with a mortgage for more than the house is worth. I'd never be able to move, and I'd lose £150k I have in equity in the house.

 

Plus, how would they actually do it?

That's not being bankrupt.

When I say 'bankrupt', I obviously didn't mean 'bankrupt', but I meant it'd **** over half the country.

When I say 'bankrupt', I obviously didn't mean 'bankrupt', but I meant it'd **** over half the country.

We're ****ing over more than half the population now. People havent earned the increase on the value of houses - its just good fortune of being born earlier. No one loses by building more houses.

If I was PM I'd build loads of 4 and 5 bed 200sqm detached houses, pushing down prices at the top and creating not only a cascade reduction in price, but allowing everybody to move up the chain into something better. The quality of most British housing is **** poor despite being so expensive.

But you'd still have the same income, the same debt and the house you want to move to would also be 30% cheaper. Anyway it wouldnt happen that way in practice as you wouldnt be dumping huge numbers of houses on the market overnight, it would be gradual. The Bank of England could easily engineer a stagnation in prices so real values fell by say 30% over 10 years but absolute values remained the same.

Ok, let's put it this way. My mortgage is £450k. My house is worth £600k. If we lost 30% on houseprices then if I wanted to sell it need to find about £40k to just pay off the mortgage. It'd screw me for about £200k. Stagnation I could deal with, as I wouldn't lose anything but anyway increase in value in the future.

We're ****ing over more than half the population now. You and I havent earned the increase on the value of houses - its just good fortune of being born earlier. No one loses by building more houses.

 

If I was PM I'd build loads of 4 and 5 bed 200sqm detached houses, pushing down prices at the top and creating not only a cascade reduction in price, but allowing everybody to move up the chain into something better. The quality of most British housing is **** poor despite being so expensive.

I've invested nearly £90k on improving my house, so yes I have earnt the increase in value. I've only lived there 2 years.

 

I'm mortgage free in a few years time but fear that my kids will never afford to own their own home.

But in leaving them yours you'll surely put them somewhere near the base of the ladder at least. Plus a few years stowing away a bit after you've finished paying, isn't that how the world works now.

I've invested nearly £90k on improving my house, so yes I have earnt the increase in value. I've only lived there 2 years.

I changed the post. Maybe you have earned yours but most havent. I bought a flat in Brighton for £63,000 in 1997 and sold it for £180,000 in 2002. The next owner sold it for £320,000 in 2007. How does that make any sense?

I changed the post. Maybe you have earned yours but most havent. I bought a flat in Brighton for £63,000 in 1997 and sold it for £180,000 in 2002. The next owner sold it for £320,000 in 2007. How does that make any sense?

I agree it doesn't, and you have benefitted from it, but I am one of the generation that apparently can't afford to buy a house. I bought my first in 2010 at the age of 25, spent money doing that up (it was a shell), then bought the one I am in now.

People can afford to buy houses, but the issue is people don't tend to want to save the deposit. I don't know anyone who has saved the deposit for a house that can't afford one. I wanted a house in London, but couldn't afford it so I moved out into the home counties, and thats how you afford a house. You move to the areas you can afford.

I agree it doesn't, and you have benefitted from it, but I am one of the generation that apparently can't afford to buy a house. I bought my first in 2010 at the age of 25, spent money doing that up (it was a shell), then bought the one I am in now.

 

People can afford to buy houses, but the issue is people don't tend to want to save the deposit. I don't know anyone who has saved the deposit for a house that can't afford one. I wanted a house in London, but couldn't afford it so I moved out into the home counties, and thats how you afford a house. You move to the areas you can afford.

Not exactly fair though, is it?

I mean, those rules put rich-but-thíck c**ts ahead of poor-but-useful types.

I agree it doesn't, and you have benefitted from it, but I am one of the generation that apparently can't afford to buy a house. I bought my first in 2010 at the age of 25, spent money doing that up (it was a shell), then bought the one I am in now.

 

People can afford to buy houses, but the issue is people don't tend to want to save the deposit. I don't know anyone who has saved the deposit for a house that can't afford one. I wanted a house in London, but couldn't afford it so I moved out into the home counties, and thats how you afford a house. You move to the areas you can afford.

Pretty much it

I moved out when I was 21 after saving for a deposit, a two bed maisonette, I was on the bones of my ass, I worked hard to do the place up and get more money behind me, I then bought another place at 25, 3 bedrooms, same situation as before, moving up the career ladder and saving a deposit. I have now managed to buy my third house, one I am very happy with but it needs work and Ive obviously got a bigger mortgage.

Not exactly fair though, is it?

 

I mean, those rules put rich-but-thíck c**ts ahead of poor-but-useful types.

Sorry, what rules? A lot of poor but thick ****s benefitted from being born earlier and buying houses. I'm not biiching and moaning about that, because it's life, and life isn't fair.

Apart from the privileged, which I don't think any of us fit into, you work as hard as you can to make your life better. I don't expect others to be disadvantaged so I can prosper, I'll just have to work harder to achieve those goals.

Not exactly fair though, is it?

 

I mean, those rules put rich-but-thíck c**ts ahead of poor-but-useful types.

What are you saying ? That we should completely change the world we live in ? Unfortunately, rightly or wrongly these are capitalist times, you take both the positives and negatives of that in the same way as if it were socialist.

More houses just means more buy to let mortgagers anyway. More should be done to get first time buyers on the market.

I agree it doesn't, and you have benefitted from it, but I am one of the generation that apparently can't afford to buy a house. I bought my first in 2010 at the age of 25, spent money doing that up (it was a shell), then bought the one I am in now.

 

People can afford to buy houses, but the issue is people don't tend to want to save the deposit. I don't know anyone who has saved the deposit for a house that can't afford one. I wanted a house in London, but couldn't afford it so I moved out into the home counties, and thats how you afford a house. You move to the areas you can afford.

It's not that I don't want to save, I just struggle to save any meaningful amount whilst also paying huge rent on a tiny flat! That seems to be the problem most people my age (I think I'm a few years younger than you, right?) have. The only people I know that have bought around my age are people that have had help from their folks.

Granted, I grew up on the edge of London. So prices are pretty darn expensive. But, I think it's a pretty similar story in a lot of places.

It's not that I don't want to save, I just struggle to save any meaningful amount whilst also paying huge rent on a tiny flat! That seems to be the problem most people my age (I think I'm a few years younger than you, right?) have. The only people I know that have bought around my age are people that have had help from their folks.

 

Granted, I grew up on the edge of London. So prices are pretty darn expensive. But, I think it's a pretty similar story in a lot of places.

100% agree, it is the deposits that are the issue, not the price of housing, which is why the above savings ISA'a will help people like yourself.

100% agree, it is the deposits that are the issue, not the price of housing, which is why the above savings ISA'a will help people like yourself.

Apologies, I missed that. Is this something new announced today? Havn't had a chance to get up to speed with everything from today.

But in leaving them yours you'll surely put them somewhere near the base of the ladder at least. Plus a few years stowing away a bit after you've finished paying, isn't that how the world works now.

As long as we are both dead before we're dribbling otherwise the state will ra pe us to pay for our care.

It's not that I don't want to save, I just struggle to save any meaningful amount whilst also paying huge rent on a tiny flat! That seems to be the problem most people my age (I think I'm a few years younger than you, right?) have. The only people I know that have bought around my age are people that have had help from their folks.

 

Granted, I grew up on the edge of London. So prices are pretty darn expensive. But, I think it's a pretty similar story in a lot of places.

I think that people should avoid to rent as long as they can, unfortunately its dead money. You are effectively purchasing somebody elses property for them.

I appreciate its hell out there but what can feasibly be done !? Perhaps the government could come up with some sort of rent suppression property, but I dont see it as a feasible option to be honest