How did travel fare in the 2007 budget?
March 22, 2007
What does Chancellor Gordon Brown's 11th Budget mean for the travel industry?
He announced plans to abolish the 10p rate of income tax and reduced the 22p level to 20p, a move which, according to financial experts, will see single people on less than £17,000pa worse off. On the face of it this looks like bad news for young multiple high street agents.
That said, the tax overhaul could prove good news for travel, with middle to high earners loosening their belts and spending more money on holidays.
The news for employers is also mixed. Corporation tax will be cut by 2p to 28p next April, which is good news for large employers, but a tax increase on small businesses appears to be bad news for independent agency owners.
What are your thoughts on the Budget?
Paul Nelson, reporter
Nathan Midgley
Martin Couzins
Comments (1)
I think that the budget is pretty neutral overall. I think that the best thing to do for low earners is to increase the threshold at which you start to pay any income tax. This would be simpler and cheaper than topping up wages with benefits. I don't think that anybody should have to pay tax until they earn enough to live on eg if you work 35 hours a week and are paid around the minimum wage your gross pay is around £200 a week.
Posted by Karen Bryan | March 22, 2007 4:24 PM
Posted on March 22, 2007 16:24