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Posts Tagged ‘Tories’

Budget 2012: Osborne Scraps 50p Tax And Boosts Income Tax Threshold

Posted by Ram Kumar Shrestha on March 21, 2012

George Osborne has used his 2012 Budget to cut taxes at both ends of society, by raising the threshold at which people start to pay income tax and by cutting the 50p top rate of tax for the wealthy.

The Chancellor announced that people will not have to pay income tax on any earnings below £9,205 which he said would leave millions of working people £220 better off every year.

The “further and faster” acceleration towards a £10,000 income tax threshold can be seen as an attempt to offset a potentially unpopular decision to give wealthier Britons a tax cut as well.

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Osborne unveiled a cut in the top rate of tax from 50p to 45p on earnings over £150,000 a year, a move sought by many Tory backbenchers, but the change will not come into force for a year.

Speaking in the House of Commons on Wednesday, Osborne said his Budget would help create a tax system “where millions of the lowest paid are lifted out of tax all together” as well as one “more competitive for business than any other major economy in the world”.

He said the the 50p tax rates had “caused massive distortions” as £16bn of income was deliberately shifted into the previous tax year at a cost to the taxpayer of £1bn. Read the rest of this entry »

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David Cameron Blocks Eurozone Deal Putting UK At Risk Of Isolation

Posted by Ram Kumar Shrestha on December 9, 2011

Prime Minister David Cameron has been criticised for “isolating” the UK from the EU after he vetoed a crucial treaty designed to deal with the eurozone crisis because it was “not in Britain’s national interest”.

The treaty governing all 27 EU members is now likely to be abandoned, but the 17 eurozone countries will continue to negotiate a separate stability pact, and nine of the 10 EU members not in the single currency have chosen to endorse that process.

The UK will be the only EU member left outside the deal, the Council of Europe has indicated, despite earlier suggestions that Sweden, Hungary and the Czech Republic would not take part.

The move was criticised by Labour leader Ed Milliband, who said that Cameron had “spectacularly mishandled” the negotiations. Some Lib Dems also attacked the decision, with LibDem MEP chief whip Chris Davies saying that it had left the UK “isolated”.

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Countries who sign up to the stability agreement are likely to be forced to have balanced budgets, and a structural deficit of not more than 0.5% of gross domestic product.

The deal also includes sanctions for nations if their deficit is larger than 3% of GPD.

German Chancellor Angela Merkel said that the EU had “learned from the mistakes of the past”.

In a press conference on Friday she said: “The British were never part of the euro, they had an opt out from the beginning so we are familiar with the situation.


Read the Article at HuffingtonPost

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