Delivered confidently and effectively, and sent a clear message to the markets and the ratings agencies. And that message was “we’ve seen what’s happened to Greece and Spain, and we’re taking decisive steps to make sure it doesn’t happen here
Well that’s how I saw it. How about you ?
I was very pleased that David Cameron is starting to emphasise the difference between the “deserving poor” and the “undeserving poor” and that the budget is making a start at differentiating between the two.
I will always judge a society on how it treats it’s most disadvantaged members, but classic socialism will always fail because it fails to recognize that people are individuals and some will always play the system and opt out of contributing all they could to society. The New Labour experiment was no different – indeed, it’s policies actively encouraged people to become “undeserving poor”.
Delaying the VAT increase until January is a well-thought-out move, as is the 28% CGT rate and the waiver of NI on companies employing people outside of the South East. The manipulation of the tax allowances was also quite clever, reducing tax for the lower paid without reducing it for the rest of us.
I was disappointed that there were no major reforms to Tax Credits or Child Benefit. The latter should be means-tested and the former are just pointless bureaucracy.
I do feel that an opportunity was missed. They should have been quite clear – it’s cuts now or more taxes next time. Every time some interest group crops up whining about cuts (and if you look, they’re all over the place) it should be pointed out that it’s either that or a big tax whammy in the next budget.
Last but not least, it looks like IR35 is going. Hopefully the PCG will have enough clout to ensure that any replacement is both simple and fair.
I struggle with the terms deserving poor and undeserving poor. It smacks of people being happy with their lot in life when they could be getting off their backsides, educating themselves and getting themselves a proper job. Call me insensitive, many people do. Growing up in this country gives us opportunities which are unimagineable in many parts of the world.
Agree with you that the undeserving poor have had an easy ride for a long time and deserve to have it all taken away.
The reason I liked this budget. We all knew that the defecit was a major problem and sacrifices were going to have to be made. But this time it feels like there has been some balance, and the cuts haven’t been made in spite and envy – and as a result it’s the first time in a long period where cuts have been made which don’t penalise hard work and innovation. Maybe it’s in the presentation, but many people were relieved.
And it looks like the markets and the ratings agencies are impressed – which means we are more than likely to keep our AAA rating. And that is important.
I don’t get what all the fuss was about.
VAT – couldn’t tell the difference when it came down to 15, or when it went up to 17.5 so up to 20 wont make a mark either.
CGT – no-one really pays this anyway.
No change in beer and fags or petrol.
So whats the fuss about?
Everything else lacks transparency and so can be hidden with accountancy tricks.
What I want to know is, when are the public sector sackings happening?
I think they should be the new public hangings and we should get to throw rotten fruit them as they shuffle out of their comfy jobs having done bugger all of any value.
It will be good practice to de-sensitise us all for the inevitable day when we line up everyone on disability against a wall….