Debate Magazine

Budget Fun

Posted on the 19 March 2015 by Markwadsworth @Mark_Wadsworth

The most stomach churning part of yesterday's Budget speech was the Indian Bicycle Marketing at the beginning, suggesting that Labour was the party of high spending and deficits.
The official version reports it thusly:
We’ll also redeem the last remaining undated British Government bonds in circulation. We’ll have paid off the debts incurred in the South Sea Bubble, the First World War, the debt issued by Henry Pelham, George Goschen and William Gladstone.
Osborne actually added a reckless ad lib at this stage, from The Telegraph's live reporting:
"We will pay off debts occurred in the South Sea Bubble, the Second World War, those incurred by Pelham, Gladstone. Those raised by Gordon Brown will take a little longer to pay off."
Which, as Matthew Holehouse points out, is bold, given this government has racked up more [National Debt] than Gordon.

This paints Labour into a nice corner; they can't pillory the Tories for overspending because that's supposed to be their policy.
Those who have absolutely no policies on such lofty matters are free of the constraints of IBM and can get a bit closer to the truth:
"Ukip leader Nigel Farage branded Mr Osborne's statement the "long-grass economic plan", saying: "This Government has evidently failed in its promise to the British people to eradicate the deficit and whilst it took Labour 13 years to double the debt this Government has done it in five."
There are different ways of looking at this, handy charts and tables at Economics Help.
-----------------------
The only bit of good news in the Budget was that Osborne has cranked up the Bank Asset Tax a bit, even though he's doing it wrong:
“This is a three-fold increase in the bank levy in just four years and once again is anti-competitive for our own UK banks. It will hit UK headquartered banks hardest as it’s a tax on their entire global balance sheets, whereas foreign banks in the UK are only taxed on their UK liabilities,” said EY’s Anna Anthony.
“The constant tinkering with the tax regime for banks in the UK is unhelpful, and in the long-term unsustainable – the industry will definitely be looking for a commitment to a more certain tax environment in the future.”

The Bank Asset Tax is a splendid tax and does not make banks 'uncompetitive' as banks are the very essence of a cartel; but ideally it would only be applied to domestic bank assets or liabilities. Then every country can choose its own rate independently.


You Might Also Like :

Back to Featured Articles on Logo Paperblog

These articles might interest you :

  • Studying at the University of Melbourne: How To Be Prepared

    Why choose UniMelb? One of the top reasons why prospective students apply to the University of Melbourne is because of its ranking. Just this year, it... Read more

    11 hours, 2 minutes ago by   Prachipreaches
    BUSINESS, SOCIAL MEDIA, TECH
  • The Bronzer Declutter

    Bronzer Declutter

    A few months ago, after my latest round of decluttering, I put all my make-up (excluding lip products) into a big box. Having it all there together is great... Read more

    11 hours, 42 minutes ago by   Glossqueen
    HAIR & BEAUTY, SELF EXPRESSION
  • White Coral Styled Shoot in Santorini

    White Coral Styled Shoot Santorini

    Today, we’re sharing with you one styled shoot straight out of heaven! The photoshoot took place in beautiful island of Santorini and specifically in a private... Read more

    12 hours, 13 minutes ago by   Eleni Balkouli
    LIFESTYLE, TRAVEL, WEDDING
  • Bilbliophilic Elitism

    You know, the worst of claiming to be a reader is that people assume you are well-read. The problem is the books that they expect you to have read. Read more

    13 hours, 38 minutes ago by   C. Suresh
    DIARIES, SELF EXPRESSION
  • Laura Bush on Family Separation at the Border “It is Immoral”

    Laura Bush Family Separation Border Immoral”

    FirstLadyB | B Inspired By Entertainment News Laura Bush has penned a lette... Read more

    14 hours, 10 minutes ago by   Firstladyb
    SPIRITUALITY
  • How To Travel With A Carry On Only

    Travel With Carry Only

    I was not a carry-on person for a longest time. It never even crossed my mind that it was an option. Not until I moved to the U.S. and the airlines started... Read more

    16 hours, 13 minutes ago by   Tanvi Rastogi
    FASHION
  • Bucket List

    Bucket List

    On the whole I'm quite a fan of lists. Making a list helps me organise and prioritise what I need to do (as long as I stick to it once I've drawn it up). Read more

    18 hours, 6 minutes ago by   Ashleylister
    BOOKS, CREATIVITY, CULTURE, SELF EXPRESSION

Paperblog Hot Topics

Magazine