Once again Gordon Brown proves how clueless he is about the UK economy and where growth really comes from, with the added edge this year of trying to tell everyone he’ll be a really, really good Prime Minister.
OK, so the fall in income tax to 20% (from 22) is welcome, given that’s the band most working people fall into. But doing away with the 10% minimum rate for incomes up to £8K or so – hurting the people earning the least, most? Wonder what the statistics are to support that?
At least public spending’s being dragged, kicking and screaming, downwards a bit after years of gorge and gush towards the NHS. Net borrowings down to a manageable 2.7% of GDP. That’ll help pay for the £25bn budget surplus he turned into a deficit in the last ten years.
Of course, there were plenty of handouts to those whose votes he’ll need. £8bn to plug holes in pension gaps created by second-order effects stemming from Brown’s own £5bn tax grab on pension funds. What the man taketh with one hand, he… taketh again with the other.
And small business gets hit hard, with tax rising from 20% to 22% in the next two years. Gordon Brown really hates small business – well, he hates business in general, but sees small businesses as the ones easiest to push around.
Classic Brown with a twist. I just hope the Budget doesn’t push the real news off the front pages tomorrow: the ex-Head of the Civil Service’s tirade against Brown’s control freakery and superiority complex. Come on Turnbull, have another go. This fight’s not over yet.