Odd system, it is odd because it rewards them for keeping their money outside the uk, which we think is the opposite of what we should do. What has changed with that . What has changed with that . What has changed is that any weird concept of domicile has been abolished, there will be a simple definition based on how many years you have been resident in the uk, which is sensible, and a complete exemption from tax on the foreign assets of someone who has recently arrived in the uk, which is simpler, and i think federer. It will only last forfour years. For a last for four years. For a professional person arriving to the uk from abroad gives the four years in which they can sort their Foreign Affairs and learn to live in the uk, but it is much less useful for the very wealthy. We have got jake here who has written and, as a young person, soon to on slightly above average income, what are the longer term effects of the budget, will i be better off . I will come to the longer term peace in
Threshold. And much. For our viewers, you about the threshold. And the much. For our viewers, you about the threshold. And the allowance. Much. For our viewers, you about the threshold. And the allowance. What l threshold. And the allowance. What is the difference . Personal allowance and then weve been talking about Tax Thresholds as well. ,. ,. Talking about Tax Thresholds as well. ,. ,. ,. ,. ,. ,. , well. The personal allowance is that first threshold. Well. The personal allowance is that first threshold. Everyone well. The personal allowance is that first threshold. Everyone who well. The personal allowance is that first threshold. Everyone who earns| first threshold. Everyone who earns a wage in the uk can earn 12500 and 70p and not pay a penny of income tax on that money. The problem for us is when inflation starts to push our wages up, us is when inflation starts to push ourwages up, and us is when inflation starts to push our wages up, and we are earning more than that, that w
Will save the average worker about £75. But is that the budget rabbit that conservative backbenchers were after . The answer plainly is no, but the truth is, there was simply not enough money to deliver the cut in income tax they had demanded. After the measures announced today, the Office For Budget Responsibility estimated the chancellor has just £8. 9 billion of headroom left, down from the 13 billion he had in the autumn statement. That the second smallest on record, yet the chancellor gave us a relatively optimistic view of the economy, after covid, a war in europe, and the damage inflicted on the british economy economy this, he said, was a budget for long term growth. Todays obr forecast also shows that we have made Good Progress on the Prime Ministers three economic priorities. Compared to when the three pledges were made, inflation has halved, debt is falling in line with our fiscal rules, and growth is fully 1. 5 Percentage Points higher than predicted. Clamouring. And as g
Vaping products will come in october 2026 and the existing tax on tobacco will increase. The chancellor says thats in order to maintain the financial incentive to choose over smoking. Windfall tax on the profits of energy firms draw will be extended into 2029 even that was previously scheduled to end in 2028. Increase in flight duty for Business Class tickets, non dom tax free dream on People Living overseas and didnt that it will be replaced with new rules from april 2025. Bigger picture the uk economy now. The obr, office of budget responsibility predicts the economy is going to grow and add 1. 9 we are currently on a technical recession. Inflation rate forecast to fall below 2 target this year but the underlying debt. But the underlying debt, excluding Bank Of England debt, is forecast to be 91. 7 of gdp this year, rising to 92. 8 next year. The government also kept a freeze on alcohol duty, there is a lot to chew over and we have tried to bring up to date on the main headlines but
Government is only talking to a ten own mps and talking into an election. Levelling up funds, £242 million to be spent in canary wharf, one of the most expensive postcodes in the uk. What is that but a bribe towards the election for london may. We are seeing a government in its final throes, we are seeing a government in its finalthroes, is we are seeing a government in its final throes, is on the government emphasising wealthy taff tax breaks for the wealthy and making a real difference to peoples lives. People on low wages were disproportionately dependent on the very Public Services that are being cut at the same time. Services that are being cut at the same Time Services that are being cut at the same time. ,. ,. ,. , same time. You have the powers to initiate two same time. You have the powers to initiate two devolved same time. You have the powers to initiate two devolved taxes, same time. You have the powers to initiate two devolved taxes, its initiate two devolved taxes, its t