tag:blogger.com,1999:blog-9215006984353817373.post2140118913475902064..comments2024-03-28T21:22:33.736+00:00Comments on 99% is ....... The Barnet Eye: The 2021 Budget - Some good things but a failure to see the bigger pictureRog Thttp://www.blogger.com/profile/08139705078907584931noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-9215006984353817373.post-39660161535987977942021-03-03T18:15:39.000+00:002021-03-03T18:15:39.000+00:00It is little known, but the reason VAT is such a b...It is little known, but the reason VAT is such a burden is the rate. 20% is the highest in Europe. OK, we're now out of the EU, but very high taxes like this are grit in the economic machine. For me it would have been better to have put 2p on income tax. This would not have affected low income workers all that much as the tax-free allowance is quite large at £12500. Under the last Labour government, shamefully, it was about half of this and one did wonder why people at lower incomes bothered working at all !<br /><br />I can see some swingeing increases coming next year, though. The Treasure will be very keen to get finances back on an even keel again. Obviously the massive amounts borrowed this year will take decades to reduce. It was only in 2006 that the last of the bonds issued for WW2 was cleared.Fraserhttps://www.blogger.com/profile/06890608353401425338noreply@blogger.com