13.30 - And its all over - Chancellor has pitched his plans that most of us will do well with Labour, with it all being paid for by the very few - I guess he is not expecting to loose too many votes there!
13.30 - Huge cheer as Belize is included in a tax avoidance schemes deal. Now those with small children are getting extra support, and pensioners see pensions increase and fuel bills allowance held at the higher level agreed last year, rather than being reduced as previosly planned
13.26 - £35bn innovation fund for univerisities - Actually the bankers can't be happy - the things their bonus tax have paid for is amazing! They should be feeling very worthy! Child tax credit increases for the under 2's.
13.24 - Well so far its been a fairly pain free budget - lots of businesses supported from film making to energy - in fact I think its only cider makers who will be really unhappy - but I guess this close to the election thats what we should expect. But can we really afford it!
13.22 - High speed rail links and road building received support and investment - good news for pothole management! Investment in new power stations, wind farms through a £2bn investment bank and high speed broadband.
13.17 - New fund to be established to help SMEs grow - part funded by banks. Range of extra support for small businesses, from programme for delaying taxes. Business rates reduced for a year for small businesses. Investment allowances increased to £100,000 annually, entreprenurial allowances increased to £2mn of lifetime worth
13.12 - Further drive on effeciency of the civil service (15,000 jobs to be moved from London) - £20bn of savings are forecast. Housing benefit will exclude the most expensive properties. Student Loan book, Dartford Crossing and Tote remain on course to be sold. Promises access to finance for SMEs through RBS and Lloyds providing £94bn of loans. Credit referral scheme for SMEs who want to appeal against the banks credit decisions.
13.07 - Top earners are to be hit with more additional reduction in pension relief, and he points out that the majority of additional tax raised has come from the top 5% of earners. No changes in allowances for most of us and VAT remains as is. Beer, wine and spirits see expected 2% rises, apple growers and cider producers will be appalled by a 10% increase in duty. Tobacco up 1% above inflation. Fuel tax increases will be implemented in stages - mostly past any election date!
13.02 - One point missed to date is the promise that everyone can access a basic bank account - good use of the governments ownership of the banks, but surely there are more ways they could use this opportunity.
12.57 - Forecasts for growth is tweaked (3-3.5% now for 2011)- a win for the Chancellor, as many had claimed he was being very optimistic last year, and would need to make a much larger adjustment. Is staging the planned petrol tax rises (what a surprise - that means the major impact is after the election!!). Borrowing forecasts fall by £11bn, which gives him more wriggle room, and future years forecast are changed - all in the right direction. Saying that the govt defecit will be halved in the next term of government.
12.52 - Extra aid for younger workers and those facing home repossession will be extended. First time homeowners get stamp duty removed for purchases up to £250,000, paid for by homeowners with homes worth more £1m who will see rate increased to 5%. Labour love it , and it will go down well with a large portion of the electrate - both first time buyers and their parents!
12.47 - Claiming now that good management by him, businesses and workforces help ensure unemployment is lower, and less benefits being claimed than when the Tories were in power. Is now going to target in the most needy groups (older and younger workers), and mentions that enforced retirement may be scrapped.
12.42 - Clearly setting out now that global rather than national action is required to tackle banking regulation. This years bonus tax raised £2bn, but in future likely to be a global fund. This could be controversial long term - how will we feel if our taxes are bailing out Greece or Iceland?
12.37 - So he is sticking with the fundamentals he has set out before. The first news is 2.5bn investment for small business paid for by the bank bonus tax - that will go down well with the small business community, who feel their charges and interest rates are funding those bonuses in the first place!
12.32 - And we are off - will a bit of electioneering preamble about what a good he's done over the past year - and to explain what a tough job he's now got
12.25 - The feed from the Commons show the Chancellor sitting calmly beside the PM as we head towards the end of Question Time - Packed house awaits!
12.15 - Good afternoon all - I'm Mark Bower, founder and Managing Director of moneymaxim, and I'd like to welcome you to our budget special - giving real time analysis and views of this years budget, and what it means to you...please feel free to post your queries and questions as we go through the afternoon
Wednesday 24 March 2010
Tuesday 16 March 2010
Credit Cards - It all changing again!
There’s a lot afoot in the credit card market at the moment, and after a period of little change, stagnating competition, and more cards leaving the market than joining, but that all seems to be changing now!
Firstly there were changes forced on the card companies by the FSA, which move the onus of proof towards the customers when it comes to disputed payments, and should mean refunds for these happen quicker.
Secondly there was the introduction of Barclaycard's new cashback scheme 'Barclaycard Freedom' which seems to be gaining a good bit of traction with customers. A few of the retailers names are creeping out as well, but it will be interesting to see the full list at launch tomorrow.
Then yesterday there is the credit card industries proposals in response to a series of criticisms its faced over the past few years. Phased out will be the habit of crediting any repayments against the lowest interest earning debts, automatic credit limit increases, and minimum repayments that don't even cover that month’s interest. Also addressed is the issue of interest rate rises, where customers will now be given 60 days notice and reminded twice before any change is made.
Personally I would have preferred the last change to have been more enterprising - allowing cardholders to freeze their interest rate if they agree to freeze their debt and commence regular reductions to it - but maybe that’s the battle for tomorrow!
All in all a number of changes that will make a real difference to a large number of customers. It also means a number of cardholders will be best advised to find a different card to the one they are currently using - we will track the changes and make our recommendations - so watch this space!
Firstly there were changes forced on the card companies by the FSA, which move the onus of proof towards the customers when it comes to disputed payments, and should mean refunds for these happen quicker.
Secondly there was the introduction of Barclaycard's new cashback scheme 'Barclaycard Freedom' which seems to be gaining a good bit of traction with customers. A few of the retailers names are creeping out as well, but it will be interesting to see the full list at launch tomorrow.
Then yesterday there is the credit card industries proposals in response to a series of criticisms its faced over the past few years. Phased out will be the habit of crediting any repayments against the lowest interest earning debts, automatic credit limit increases, and minimum repayments that don't even cover that month’s interest. Also addressed is the issue of interest rate rises, where customers will now be given 60 days notice and reminded twice before any change is made.
Personally I would have preferred the last change to have been more enterprising - allowing cardholders to freeze their interest rate if they agree to freeze their debt and commence regular reductions to it - but maybe that’s the battle for tomorrow!
All in all a number of changes that will make a real difference to a large number of customers. It also means a number of cardholders will be best advised to find a different card to the one they are currently using - we will track the changes and make our recommendations - so watch this space!
Wednesday 10 March 2010
Liability Insurance for Dogs - a pre election stunt?
Well I must admit that the news that the Labour party are considering compulsory liability insurance for dogs brought a smile to my face - its not the concept - that seems fairly sound - its exactly how it would be implemented that got me thinking..
Remember the hunting ban and the protests that led to? Personally I think the dog legislation could be 100 times worse. And I really don't think the politicians have given a moments thought as to how they plan to enforce the plans!
It won't be Aunt Mildred and her poodle that will be the problem - although politically she and her friends will make a lot of noise about it. It will be owners of dogs that can't get cover, or find it prohibitively expensive that will be the issue. Owners of such pets will see their dogs as misunderstood victims of an unfair policy. Can you picture the scene as dog wardens and police arrive to remove dogs that do not have valid insurance? Whether from high rise blocks in London or Leeds, or nice semi detached houses in the leafy suburbs of Edinburgh or Exeter its not going to be a popular event!
And what happens then - prison overcrowding is a hot issue at the moment, but will be nothing compared to kennel overcrowding as uninsured dogs are locked away!
Can't wait for the next big idea as things hot up before the election - still saves talking about the economy....
Remember the hunting ban and the protests that led to? Personally I think the dog legislation could be 100 times worse. And I really don't think the politicians have given a moments thought as to how they plan to enforce the plans!
It won't be Aunt Mildred and her poodle that will be the problem - although politically she and her friends will make a lot of noise about it. It will be owners of dogs that can't get cover, or find it prohibitively expensive that will be the issue. Owners of such pets will see their dogs as misunderstood victims of an unfair policy. Can you picture the scene as dog wardens and police arrive to remove dogs that do not have valid insurance? Whether from high rise blocks in London or Leeds, or nice semi detached houses in the leafy suburbs of Edinburgh or Exeter its not going to be a popular event!
And what happens then - prison overcrowding is a hot issue at the moment, but will be nothing compared to kennel overcrowding as uninsured dogs are locked away!
Can't wait for the next big idea as things hot up before the election - still saves talking about the economy....
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