"Lots of people have tried to write me off over the last 16 months. And you're not going to write my obituary today, she told Times Radio. There's plenty more that I'm going to do to grow our economy and make working people better off. I have defied the forecasts this year. The OBR said in the spring our economy would grow by just 1% this year. They said yesterday 1.5%."
"More than 1.7 million workers will either pay tax for the first time or be pushed into a higher band by the additional three-year freeze, which is forecast to bring in 12.4bn to the exchequer by 2030-31. Scotland has a separate income tax system. The chancellor also announced a slate of smaller tax increases to pay for government spending and build a larger buffer against her borrowing rules, including a new pay-per-mile tax for electric vehicles."
The budget raises taxes on betting firms, mansions and landlords while freezing income tax thresholds for three years, pushing more than 1.7 million workers into paying tax or higher bands and raising an estimated £12.4bn by 2030-31. The two-child benefit cap is being scrapped, with 60% of beneficiary families reported to have working parents. A package of smaller tax increases was announced to fund spending and create a larger borrowing buffer, including a new pay-per-mile tax for electric vehicles. Forecasts are being challenged with a commitment to outperform OBR growth projections, and further tax rises were not ruled out.
Read at www.theguardian.com
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