Gordon Brown has put another nail in the coffin of socialism today. Check my maths..
The minimum wage in the UK for adults is £5.52 per hour. Assuming that the working day is 7.5 hours and that there are 5 working days in a week that gives you a gross income of £207 per week.
Now let’s multiply that by 46 to give an annual salary of £9,522.
Basic tax allowance means that the first £4,895 of that isn’t taxed, leaving £4,627 to be taxed. Today the next £2,090 is taxed at the starting rate of 10%, leaving £2,537 to be taxed at the basic rate of 22%. So that’s £209 + £558 = £767
Now let’s look at that without the starting rate..
Basic tax allowance means that the first £4,895 of that isn’t taxed, leaving £4,627 to be taxed at the reduced basic rate of 20%. That’ll be £925.
Therefore a person in our country who is earning minimum wage will be £158 worse off every year due to the Budget changes today. There’s only one word for that Gordon Brown. Criminal.
I’m hoping that a real representative of the people will oppose him in the Labour leadership contest, beat him soundly and wipe that smug grin off his face. It may even be worth joining the Labour party for.