Budget 2014: Twitter has its say

Budget 2014: Twitter has its say

March 19, 2014 by Mark Williams

The Start Up Donut and Tax Donut were busy this afternoon Tweeting the main announcements from today's budget. But elsewhere in Twitterland, this is how Twitter reacted to announcements made in the Chancellor’s #Budget2014 speech...

THE ECONOMY

What the Chancellor announced: Deficit forecast to be 6.6% of GDP this year, 5.5% in 2014-15, falling to 0.8% by 2017-18 with a surplus of 0.2% in 2018-19. UK GDP forecast to grow by 2.7% this year. Borrowing forecast to be £108bn this year and £95bn next year, leading to a surplus of almost £5bn in 2018-19.

What you said:

@mehdirhasan - Osborne mentions that the deficit is down by a third. But still almost double what he said it'd be back in 2010. #austerity #budget2014

@SkyNewsBreak ‏- Chancellor George Osborne says "we are putting Britain right" and the economy is recovering faster than forecast #Budget2014

@RBSBusiness ‏- #Budget2014 is about building a resilient economy and security for the British public

@FraserNelson‏ - “We're getting on top of our debts” says Osborne. As if. Debt getting on top of us. #Budget2014 pic.twitter.com/xveVxJ5R9l

@jrfKathleen - 2.7% growth forecast from OBR for 2014  #budget2014 > wonder what BoE will do with interest rates, following Carney's strong hints?

‏@labourpress - Growth in 2014 still lower than OBR was forecasting in November 2010 (2.7% versus 2.8%) #Budget2014

THE RECOVERY

What the Chancellor announced: Official forecasts for UK economic growth have been raised for the next two years but cut for later years. UK GDP forecast to grow by 2.7% this year, 2.3% next year, 2.6% in 2016 and 2017 and by 2.5% in 2018. Today it was announced that the unemployed figure fell by 63,000 to 2.33m in the three months to January 2014.

What you said:

 @RichardJMurphy - Don't crow about jobs Osborne: most will be self-employed earning £11,000 or less #budget2014

‏@stuart_rock - Faster growth alone will not balance the books #Budget2014

@RigelAcctsTax - We'll be in surplus by 2018/19 - really??!!  I'll be very impressed if that comes true #budget2014

@sophiehobson - Osborne's most shouted-at statement so far: "Rich are making the biggest contribution the reduction of the deficit" #Budget2014

@MichaelWhite - #Budget2014  "income inequality the lowest for 28 years " says GO. That cannot possibly be true in any meaningful sense

@lucianaberger - No action from Osborne to actually fix our broken energy market. He needs to #freezethatbill #budget2014

TAX CHANGES

What the Chancellor announced: Corporation main and small business rates will be aligned at 20% from April 2015. New 30% tax relief for social enterprises. Doubling of the 100% Annual Investment Allowance (AIA) from £250,000 to £500,000 from the end of next month. Scheme also extended until 2015. R&D tax credits for small, loss-making businesses increased from 11% to 14.5%. No fuel duty rise in September. Personal allowance increased to £10,500 from April 2015; 1% increase in higher rate threshold in 2015 to £42,285. Class 2 NICs to be merged with self-assessment.

What you said:

 @RichardJMurphy - It sounds as if there are some welcome moves on avoidance – but the devil will be in the detail #budget2014

@nickknocker1 - Class 2 NICs to move to Self Assessment. About time. #Budget2014

@JONATHAN_RILE - #Budget2014 #gtbudget Tax simplification well overdue. Recommendation from OTS accepted

@accountancyEdge - AIA goes up to £500k. Not many small businesses spend £250k a year, never mind double... #Budget2014

@langbennetts - Annual Investment Allowance of £250k no longer set to expire but increases to £500,000 – a massive help to small businesses #budget2014

@CBItweets - “Doubling & extension of Annual Investment Allowance will be shot in the arm for many mid-sized firms"

‏@JournoSpursEmma - Income tax threshold up to £10,500. Oooh. Fair play Osborne that's a good one #Budget2014

@GlobalAccWeb - PTA will rise to £10,500 = £800 less tax paid each year  #Budget2014

‏@lexauto_SME - Good to hear the freeze on fuel duty will remain in place, which will help businesses manage their costs #Budget2014 #SMEbudget

@ICAEW - Personal allowances for taxpayers to be aligned at £10,500 from 2015. Tax simplification will make this good news better. ^Anita #Budget2014

@LibDemBen - £10,500 tax-free threshold from next year! #Budget2014 It wouldn't have happened without the @LibDems in Government” Hear Hear!

@ConnectedRoots‏ - And there it is folks, what we hinted at a month ago, a 30% tax break for those who invest in Soc Ents. #Budget2014

APPRENTICESHIP GRANTS

What the Chancellor announced: Extension of grants available to businesses, to increase the number of apprenticeships by 100,000. Development of graduate-level apprenticeships.

What you said:

 @enforbusiness - Extend grants for smaller businesses to support 100,000 more apprentices #Budget2014

@CNKatieBarker - Doubled the number of apprenticeships – new degree level apprenticeships too. Maybe Osborne read my article on apprentices?! #Budget2014

‏@john_hocking - Increase in apprenticeships need to make sure these lead to skilled jobs #yorkreacts #budget2014

@The_FPB - #Budget2014 extension to AGE grants for apprenticeships, a key FPB ask for this year's Budget. Thanks!

AND FINALLY

‏@Alex_Kitching - FTSE only marginally down post #Budget2014

@CBItweets - Cridland: “The Budget will put wind in the sails of business investment, especially for manufacturers." #Budget2014

‏@IoD_press - Announcements on export finance and cut in Air Passenger Duty very welcome for UK exporters #budget2014

@FT - UK #Budget2014: Osborne is tinkering at the margins

@emmaljones - Not much good for majority of small business who are micro enterprises .. the doers & makers

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