Osborne had a choice. Faced with the unrelentingly grim news on the economy, he could admit that plan A had failed and change course. Or he could brazen it out and focus on choice titbits for the 2015 election whilst giving minor tweaks to the economics where he could. He decisively chose the latter by highlighting a […]
Posts Tagged ‘Budget’
There can be no doubt that the nation’s revulsion against awarding a £10,000 tax break to the top 1% of earners and no less than a £40,000 tax cut to 14,000 millionaires was dramatically sharpened by the fact that it was funded by depriving 4.5 million pensioners of £83 a week. But even if that […]
Since 2009 the economy has struggled to recover from the mire of a slump caused by the banking sector. But each time economic activity quickens, it hits a series of buffers. These buffers are well known , but denied by the Chancellor: a vast overhang of private debt now slowly being de-leveraged; a banking sector […]
On 50p tax Richard Murphy HMRC say net 50p tax revenue is £100 million – I repeat my claim -that’s a lie – and the evidence is he has not scrapped the rate altogether.
We shall be regaled by Osborne yet again tomorrow that this is a budget for growth, with all the paraphernalia of the right-wing media’s propaganda inflating the message for all they’re worth. It is typical of Whitehall and the most slippery of politicians to magnify out of all proportion a theme for which there is […]
No doubt Osborne will never dare use his infamous phrase again “We’re all in it together”. If it was ever true, it was only till the rich wanted out, and as we now see in the run-up to this budget, that was almost immediately as soon as it had the slightest adverse impact on themselves.
Rarely can a Budget have disintegrated so quickly. Dixons have just announced sales falling by 11% over the last 11 weeks, and are now cutting capital expenditure by 25%. Oddbins goes bankrupt. The former Asda boss has predicted a “long-term trend of trading down”. HMV has just issued its thrid profits warning in 3 months: […]
It emerged in the Budget debate which ended yesterday in the Commons that the need for spending cuts is far from the inevitability that Osborne has always claimed. The independent OBR estimates of growth for the next 5 years, albeit recently scaled down, are still 1.7% this year, 2.5% next year, 2.9% the year after that, […]
We all know the welfare budget has been one of the main targets of ‘Slasher’ Osborne’s cuts. However, this Budget saw a more insidious threat emerge to the welfare state that Labour, Beveridge and Bevan et al built on the foundations laid, ironically, by the Liberal, David Lloyd George. Under the guise of ‘simplyfying’ the […]
It is clear that the economic policies being pursued by the Conservatives under George Osborne and Boris Johnson are not working. Unemployment is rising and millions of Londoners are feeling squeezed by rising costs. London needed a budget that delivers economic growth and invests in the future of London. That means lower taxes for the majority, […]