Budget 2015. Will You Be A Winner or Loser?
The Chancellor George Osborne will deliver his speech today in the House Of Commons with the backdrop of what most will consider to have been a successful parliament. Having inherited a complete mess the Chancellor can lay claim to improving the UK's economic outlook. He claims that he has delivered economic growth whilst being forced to administer austerity cuts across the UK. His supporters claim that having inherited a country that was on the verge on bankruptcy he has put us on a steady course and will now lay out his plans for the future of the UK.
He has been helped by some recent developments in the global economy such as lower inflation mainly as a result of lower oil prices which is saving the government around £6bn per year that he will be able to use in possible tax cuts today. It is obviously the last budget before we go to the polls May and will be looking to deliver a vote winning budget that could see the conservatives back in government for another five years.
The Chancellor will use the budget to boost the conservatives chances in the opinion polls and will impress upon us the importance of letting him finish the job that was given to him five years ago. He will be looking to increase their ratings and give the Conservatives the political momentum to win another term. He has promised that there will be no giveaways in the budget but he will want everybody to feel the benefits of the recovery in all parts of the UK.
He will be aiming to boost their popularity particularly amongst pensioners and low earners so it will be interesting to see exactly what he says when he delivers his speech today after Prime Ministers questions at midday. Experts say that he does have some leeway to deliver some sweeteners to the public before the election.
There is some good news that will please many voters and that is many voters will be spared the annual burden of having to file their annual tax return. The tax return is going to be scrapped for around 11m taxpayers over the next five years and will be replaced by a digital system that will be accessible at any time from their computer, tablet or smartphone.
Apparently taxpayers will be able to pay their taxes at a time that suits them. This will be welcomed by most voters that have to complete forms and file them before the deadline on the 31st January every year. As well as being a pain for most of us the annual tax return must also be a burden on the inland revenue. If we are going to be able to do our returns at a time of our choosing this will mean that the inland revenue can spread the paperwork over a 12 month period.