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Apparently this is going to be a boring #Budget2023, so in preparation for Wednesday, I'm revising all the things we already know and are not expecting to change, starting with Income tax:
Following November's Autumn statement, income tax rates for 2023/24 are expected to be the same for 2022/23
- So ยฃ12,570 personal allowance
- ยฃ50,270 higher rate threshold (exc. Scotland)
- So ยฃ12,570 personal allowance
- ยฃ50,270 higher rate threshold (exc. Scotland)
So it won't be a 'headline' as it's not new, but we'll have yet another year of 'fiscal drag' where it looks like nothing is changing, but more tax is collected as allowances ought to be going up with inflation but are not #Budget2023 3/n
๐จ*๐๐๐๐๐ ๐๐ฎ๐๐ ๐๐ญ ๐๐๐๐ ๐๐ก๐๐ซ๐ญ๐ฉ๐๐๐ค* ๐จ
All you need to know ahead of next week's #Budget in one... THREAD ๐
1/19
#CovidEconomics
#BudgetSpeech2021
#EconTwitter
All you need to know ahead of next week's #Budget in one... THREAD ๐
1/19
#CovidEconomics
#BudgetSpeech2021
#EconTwitter
The #Budget2021 comes at a critical time when the UK is in the middle of battling the #pandemic and the economy is substantially weakened with uneven effects at industry, household & region level.
Read the economic context to #Budget2021 here ๐
2/19
niesr.ac.uk/publications/uโฆ
Read the economic context to #Budget2021 here ๐
2/19
niesr.ac.uk/publications/uโฆ
#CorporationTax #AltSarkar's view and commentary.
First the good news: FM @nsitharamanโs corporate tax cut is a clear sign that #ModiSarkar is worried about the state of the #Indian #Economy. Thatโs good because it means she acknowledges the scale of the #budget2019 cock-up.
First the good news: FM @nsitharamanโs corporate tax cut is a clear sign that #ModiSarkar is worried about the state of the #Indian #Economy. Thatโs good because it means she acknowledges the scale of the #budget2019 cock-up.
Now the bad news: a day earlier, @RBI Governor, @DasShaktikanta, said that the Governmentโs fiscal space is limited. This means: don't cut taxes, don't spend more than budgeted. He also said, spend resources 'fruitfully' i.e. to get the 'most bang for your buck'.
And now the even worse news: this 1.5 Lakh Crore tax giveaway is neither necessary nor sufficient, in and of itself, to solve the problem that spurred it - the slump in economic growth. Like antibiotics that neither help a common cold, nor make the body stronger. Here's why
