Basic rate taxpayers get £120

[Hekna]

Basic rate tax payers get £120

Chancellor Alistair Darling has put up the personal tax allowance by £600 - meaning anyone earning up to £40,835 will gain £120 this year.
His £2.7bn tax cut for this year came as part of measures to help those hit by the axing of the 10p tax rate.
He told MPs he would lower the level at which 40p tax is paid - so higher earners did not gain from the change.
Tory George Osborne accused Mr Darling of "cynicism". Lib Dem Vince Cable feared it was a "short-term gimmick".
The shadow chancellor said Mr Darling had been "humiliated" into coming to the Commons with "a mini-Budget to clear up the mess made by the prime minister in his last budget as chancellor".
"Let no-one be fooled why you are making this statement today - not because you wanted to.... but because this divided, dithering and disintegrating government are panicking in the face of the Crewe and Nantwich by-election," Mr Osborne said.... The money will come via a £60 lump sum in September pay packets, followed by a £10 monthly increase until the end of the year.



Not so bad - I'm not going to complain about this one, though I do wish the amount were a little higher...

Told ya.

An election comes up, and the bastards try and buy your vote with a 2% tax cut.

AND then the stupid bastard voters fall for it.

"Who cares about Irak, they gave me a 2% tax cut!! Of COURSE I will vote for them, best Government ever, so they are".

Taking from Peter to pay Paul. The Treasury have to borrow £3bn from the IMF to pay for it because they're skint, having pissed so much of our 'wealth' up the wall. Now, as inflation bites, because 'Golden' Gorden has sold off about half of our gold reserves to the Chinese for one of the lowest prices on record, the bank cannot afford to buy back currency to stop speculation on it and control inflation, so they now have no choice but to increase interest rates. They should have done this about 2000-2001 but NL wanted to win an election with 'the lowest interest rates for 40 years' slogan, like this is somehow a good thing?