The Budget 2014: Your Reaction
When it comes to the annual budget, let’s face it, the Chancellor is never going to please everyone – it’s a hard job to decide where to invest money and where to cut back.
On the whole our panel felt that this year’s budget was very neutral, there were no big shake ups – some felt this was the Conservatives engineering a budget to make them most favourable for re-election. Although there seemed to be something for everyone in the budget; perceived by many of the panel was simple and fair, a number of the panel felt that the budget was patronising.
Key points from the budget commented on by our panel:
– Positive feelings towards the increase in cigarette taxation, although there was mixed emotions when it came to the reduction in the tax on beer. Some felt there should be a tax increase on demerit products that essentially in the long run drain on state resources, like the NHS. Others saw it positively, but felt that a 1p drop in tax is not going to affect the individual.
– That budget seemed to be well received by those members of our panel that were looking to save, as cash and shares Isas are to be merged in to a single new Isa with annual tax-free savings limit of £15,000.
– A few members of the panel commented on the cut of the bingo tax; that finally the Tories were making a conscious effort to take into account the working class. Others described the cut as ‘patronising’, that they considered themselves to be working class but didn’t play bingo. Furthermore, some of the panel perceived the bingo cut as a promoter of gambling, incentive people to use bingo services more instead of saving their money.
– Many would have preferred to see an increase in the tax free allowance, commenting that that would have the largest effect on the general public; and incentivise a back to work motive. Others felt there was a lack on spending in the public sector in comparison to the amount of tax we do pay.