According to the experts at the Institute for Fiscal Studies, the rate for the next grant is in fact 53.3% of past profits, not the 55% stated by the Treasury etc.
IFS wrote:
Specifically, recipients are entitled to 80% of past profits for November, and 40% for each of December and January. That means that the payment covering these three months will be equal to 53.3% of past profits. The government have rounded this to 55% in some of their statements on the subject.
Not sure why it's been rounded to 55%. I mean, rounding it to the nearest whole number would make it 53%, or rounding it up would make it 54% if they wanted it to sound better than it actually is.
So why they're using 55% I'm not sure. Of course, it's probably something to do with the usual politics of spin and soundbite, ie making it sound a wee bit better than it actually is.
But you'd think official HM Treasury and HMRC documents would be a bit more precise.
Anyways, that means I'm a wee bit down again on what I thought my 'net worth' was this morning. Can't be bothered working out the precise figure
![Sad :sad:](./images/smilies/sad.gif)
(Edit: earlier I said that the difference between 55% and 53.3% for me was something like £100, but it's actually a lot less than that, for me at least. Just in case anyone was thinking I'm earning more than I actually am
Of course, it's possible that the government has rounded the actual rate they'll be using for the grants to 55% rather than just using that figure for the purposes of press releases etc. Either way, it's unlikely to make or break anyone's finances.)