The 2007 budget day has been and gone and Gordon Brown has now delivered possibly his final Budget speech. With all the smoke and mirrors surrounding it, what will it mean for you?
The headline grabber that Gordon has plumped for this year's budget announcement was to cut the basic rate of income tax by 2p to 20p from April 2008. Good news you may think!
However, when the Gord giveth, the Gord taketh away - he's scrapped the 10p income tax rate for the first £2,150 meaning that you will pay 20% as soon as you earn more than your personal allowance rate of £5,225 (for a single person under 65) – which is bad news for low earners!
To pay for the cut in income tax, other taxes have of course gone up, such as fuel duty, higher road taxes for 'gas guzzling' cars, and the usual hikes to our alcohol and cigarettes.
Gordon Brown has announced some changes that will please some savers:
Gordon Brown hasn't been quite so generous for first time buyers though:
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
Moneyfacts.co.uk will, like most other websites, place cookies onto your computer’s
hard drive. This includes tracking cookies.