Labour distances itself from the competition with serviceable Budget
The chancellor had a choice: People or bankers, and he seems to have put people first, argues Richard Murphy.
The UK needed three things from the Budget:
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Servicable? Someone's having a laugh.
This budget was about as "servicable" as a 30 year old Ford Cortina with terminal body rot and no wheels.
Public spending MUST be cut - and drastically, because we simply cannot afford to keep on paying more and more out.
Punishing the wealthy with tax increases simply means that those who generate the wealth will go elsewhere. We used to renovate houses here - now we buy and renovate in France.
O)f course savers must be encouraged. If no one saves the banks dont have the money to lend to businesses.
Its not rocket science, its simple first year economics.
And above everything else - we need to be rid of Labour because there will NEVER be any confidence while Labour are in power. Just look at the foreign exchange maerkets already - straight after the budget - already investment is flowing OUT of the UK.
Another Labour disaster by Mogadon man and his boss McDoom.
what a con!
The only good thing about this budget is that there will be no parliamentary time to pass it. And what an insult to parliament that he did not talk about his proposals for cutting departmental budgets, but instead allowed them to be put out as press releases later. Goodbye Darling, and turn the lights off on your way out!
bankers are people; discuss
what a strange commentary. Well below the standards you would expect from an Accountancy site. I'm sure growth would be a good thing - Darling's budget will not deliver it. A limited range of cuts? As it happens his budget did not talk about cuts. All we have had is their fiscal responsibility act - and what a waste that was. But what we need is removal of the structural deficit, and significant reduction in spending as a proportion of GDP. what we have is too much Government. Increased taxes on bankers? How lovely. Lets have a pop at the bit of business we have expertise in! What these lefties don't seem to understand is that policy like this simply reduces the banks capital base, and hence restricts their ability to lend.
But enough of the politics. What we really needed was a commitment to a simpler tax system - no sign of that.
What nonsense!
We all know where you stand, Richard. We don't need to listen to Radio 2 to find out.
Opinionated Budget commentary is one thing but I believe a political polemic such as this is out of place on Accounting Web.