The Upcoming
  • Culture
    • Art
    • Cinema & Tv
      • Movie reviews
      • Film festivals
      • Shows
    • Food & Drinks
      • News & Features
      • Restaurant & bar reviews
      • Interviews & Recipes
    • Literature
    • Music
      • Live music
    • Theatre
  • Fashion & Lifestyle
    • Accessories
    • Beauty
    • News & Features
    • Shopping & Trends
    • Tips & How-tos
    • Fashion weeks
  • What’s On
    • Art exhibitions
    • Theatre shows
  • Tickets
  • Join us
    • Editorial unit
    • Our writers
    • Join the team
    • Join the mailing list
    • Support us
    • Contact us
  • Interviews
  • Competitions
  • Special events
    • Film festivals
      • Berlin
      • Tribeca
      • Sundance London
      • Cannes
      • Locarno
      • Venice
      • London
      • Toronto
    • Fashion weeks
      • London Fashion Week
      • New York Fashion Week
      • Milan Fashion Week
      • Paris Fashion Week
      • Haute Couture
      • London Fashion Week Men’s
  • Facebook

  • Twitter

  • Instagram

  • YouTube

  • RSS

Current affairs

Budget 2012 favours low-income earners

Budget 2012 favours low-income earners
21 March 2012
Rajeeb Gurung
Avatar
Rajeeb Gurung
21 March 2012

Chancellor of the Exchequer George Osborne today announced cuts on taxes involving high earners and companies, whilst providing lower earners with a financial support to ease their economic condition, announcing a budget that “rewards work”.

In his speech, the Chancellor revealed an increase of £1,100 in personal tax allowance next April, and the eradication of top rate tax of 50p to 45p.

Osborne backed the rise in threshold to £9,205, which takes the coalition closer to the goal of a £10,000 allowance, claiming it would help 24 million low-paid workers by making them £220 a year better off.

Speaking of the cut from 50p to 45p, George Osborne reassured the country that the Treasury would receive “five times more money each and every year from the wealthiest in our society,” contrary to the one-third of the £3bn they had forecast to raise.

Mr Osborne branded tax evasion and aggressive tax avoidance as “morally repugnant” and unveiled his hopes of raising £1bn over the next five years via anti-avoidance measures. He also promised a general anti-avoidance rule to counter aggressive and “artificial tax avoidance”.

The cut-off point for receiving child benefit was also raised from £42,475 to £60,000; they will only be withdrawn at 1% for every extra £100 if someone in the household has an income of more than £50,000.

Targeting the aging population, Mr Osborne said he would freeze income tax allowances for most pensioners in cash terms, and promised a new “single tier pension” of £140 a week to replace the state second pension.

Rajeeb Gurung

The full transcript of Mr Osborne’s entire budget speech can be viewed here

Related Items

More in Current Affairs

Changes to expect during menopause

The editorial unit
Read More

Nek brings Italian pop rock to the Shepherd’s Bush Empire

The editorial unit
Read More

Why Equity Linked Savings Schemes is a preferred tax saving?

The editorial unit
Read More

How the world’s top designers would rebrand political parties

The editorial unit
Read More

Royal baby furore: Proof that the British monarchy is still popular?

Eoin O’Sullivan-Harris
Read More

World Mental Health Day 2018: Raising awareness and combating stigma

The editorial unit
Read More

Seven political personalities you should know about

The editorial unit
Read More

Donald Trump: An enemy of the arts?

The editorial unit
Read More

Trump’s fortune: Where did the money come from?

The editorial unit
Read More
Scroll for more
Tap
  • Popular

  • Latest

  • TOP PICKS

  • Maximo Park – Nature Always Wins
    ★★★★★
    Album review
  • I’m Your Man (Ich bin dein Mensch)
    ★★★★★
    Berlinale
  • Black Bear
    ★★★★★
    Film festivals
  • Your Honor
    ★★★★★
    sky
  • Spotlight: Lauren Everet and Soup Kitchen London, striving for food security and social equality
    Food & Drinks
  • Celebrate International Women’s Day with a Bombay Sapphire Cocktails & Create masterclass
    Food & Drinks
  • Postdata – Twin Flames
    ★★★★★
    Album review
  • Late Night Staring at High Res Pixels
    ★★★★★
    Theatre
  • Daniel Brühl on his directorial debut Next Door: “It was magical; I didn’t get a ‘no’ from anyone.”
    Berlinale
  • Introduction (Inteurodeoksyeon)
    ★★★★★
    Berlinale
  • Moxie
    ★★★★★
    Movie review
  • Souad
    ★★★★★
    Berlinale
  • We (Nous)
    ★★★★★
    Berlinale
  • Bicep at Saatchi Gallery Online
    ★★★★★
    Live music
  • The Winter Lake
    ★★★★★
    Movie review
The Upcoming
Pages
  • Contact us
  • Join mailing list
  • Join us
  • Our London food map
  • Our writers
  • Support us
  • What, when, why

Copyright © 2011-2020 FL Media

Inflation continues fall, despite the rise in petrol prices
London 2012: Team GB official uniforms and the deconstructed flag