Osborne’s budget fuels furious debate

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Coalition Chancellor George Osborne appears on the steps of Downing Street this morning ahead of his speech in the commons where he was delivering the 2012 budget. FLYER Newspaper reporters who were in Downing Street commented: “George Osborne’s closing paragraph outlines his long term plan but his warning shot that “All sections of society must make a contribution to deal with the deficit,” has been criticised by the leader of the opposition, Ed Miliband

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Chancellor George Osborne is photographed in Downing Street, London.

George Osborne’s Budget 2012 in brief.

Property

With regards property George Osborne said: “It is fare that those buying the most expensive homes contribute more. From midnight tonight we will introduce a new stamp duty land tax rate of 7% of properties worth more than 2 million pounds.

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Child Tax credit:

We want to avoid a cliff edge that means people loose all their child benefit when they earn just a pound more, so I can today confirm that instead of withdrawing child benefit all at once when people earn more than the higher rate threshold the benefit will only be withdrawn when someone in the household has an income of more than £50,000 pounds and the withdraw will be gradual 1% of child benefit for extra £100 earned over £50,000 and only those with an income of more than £60,000 pounds loose all of their benefit. Ninety percent all families will remain eligible for child benefit.

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Political cartoonist Kaya Mar was also working in Whitehall ahead of the budget announcement.

Personal Tax Allowance

The best way to support working people on the lowest incomes is to take them out of tax altogether. The best way of getting money directly into the pockets of working families on middle incomes is to increase the amount of their earnings they can keep before thy pay tax. That is why this government has set itself a goal of raising the personal tax free allowance to £10,000 pounds. In two weeks time it will go up another £630 to £8,105

George Osborne said: “I’m announcing the largest ever increase in personal allowance. People will be able to earn up-to £9,200 before they have to pay any tax. Millions of working people will be £220.00 better off every year.

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Protesters demonstrate outside of Downing Street.

No sooner had the budget been delivered Leader of the Opposition Ed Miliband attacked the budget for failing to address the issue of Youth Unemployment.

Ed Miliband said: “The Chancellor spoke for an our but one of his phrases was missing, there was one thing he didn’t say, ‘Today marks the end of we’re in it together’ because after today’s Budget Millions will be paying more while Millionaires will be paying less.

A year ago the Chancellor said in his budget speech: “Now would not be the right time to remove the 50p tax rate when we are asking others in our society on much lower income to make sacrifices, that is exactly what he has done.”

Tax Credit Cuts, Child Benefits taken away, Fuel Duty Rising and what has he chosen to make his priority? For Britain’s Millionaires a massive income tax cut each and every year.

The fairest test of this budget was whether the Chancellor used every penny he could to help the squeezed middle income family, he has failed the test.

Any one who listened to the Chancellor would be asking the same question, what planet are he and the prime minister living on?

  • 1 million young people out of work
  • 50 businesses going bust every day
  • Cost of living crises for families.

They promised change but things have got worse not better. Last year he promised to put ‘fuel into the economy’ he promised that unemployment would peak in 2011 but in 2012 unemployment continues to rise. His plan has failed.

In the face of failure what does he offer? Not a change in economic strategy not a guarantee of jobs for the young unemployed not targeting every penny he could at working families. The driving ambition of this budget for the Chancellor is to deliver a tax cut for those earning over £150,000 pounds a year.

This budget will do absolutely nothing for 29 million 700 thousand people of Britain.

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George Osborne’s Budget is likely to hit Students, Unemployed and Pensioners.

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