March 2024 – Budget

Jeremy Hunt’s budget, attempts the impossible, to get the Conservative Party re-elected whilst claiming “Fiscal Prudence”.

On the run up to the budget, there was a lot of talk about Growth, and cutting public sector overhead, which are of course the only solutions.

However, in reality, the steps he has taken will be judged by the Government’s borrowing.

They have increased, not reduced our National Debt by a further £4.4 billion.

Look what has happened to our National Debt under 15 years of Conservative management.

This is a debt, they have left to our children to pay. It is a disgrace.

 

The Office of Budgetary Responsibility (OBR) describe the budget as containing “Significant risks”

They say that despite the Headline 2% cut in National Insurance that the average worker on £35,000 per annum will, in reality, be paying and extra £383 a year.

We need rank and file reform of taxation, to simplify and increase transparancy. In Hong Kong their Tax code is 400 pages long. In the UK there are 91,000 pages. Just imagine what that costs, and ask yourself – Why we need it and who is it serving?

Alcohol, he has not removed the excessive taxes on alcohol or Fuel Duty, but seeks credit for not putting them up. If we want to control inflation, we should remove those taxes, and pay for it with a cut in the associated admin personnel. Some 50% of our Government bonds are inflation linked. Currently the interest we are paying is some £90 billion a year. This is more than our Defence budget, completely wasted.

Child Benefit threshhold increased from £50,000 to £60,000

British ISA – Tax free limit increased fron 20k to 25k – Designed to help British industry, and the City. If he wants to help British Industry, he should cut Corporation Tax and scrap NDR – Business Rates. Instead, whilst promissing to reduce taxes they have, in reality, increased taxes to an overall level that is the highest for 70 years. Democracy fails when our Governments claim one thing and do the opposite.

The general excuse is the Pandemic. See the Graph – it’s a blip in a trend. In any event the pandemic was avoidable and caused by the Government adopting a Herd Immunity policy, and by being completely unprepared. Why? Because they did not care enough. Our Government killed 150,000 people. More people than Hitler did in the Blitz. By contrast both Singapore and New Zealand were prepared, New Zealand deaths at the same time were 28 people. Why? Because they stopped the planes. See the Chambers blogs on this right from the outset. Search for Covid and / or Virus on www.welhatchamber.co.uk

The Government admit to a £400 billion cost to the economy, but this does not include the billions that, having paid themselves, they left our local busineeses in debt with loans they needed to survive. Again our local communities, through their work and the firms they work with, will be paying for this, because the loan repayment monies will not be available for pay rises or to grow the businesses.

This budget does nothing to address the real issues. And there you have it.

Take care everyone

 

Nick

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