When we assess the Osborne borrowing record, let’s be clear that it’s not just headline borrowing that is much higher than he promised a couple of years ago. Buried in today’s budget is also the hidden borrowing of future pension promises where he’s already spent some of the money designed to pay for them.
The budget will increase inequality and the bias against the small business sector. It is another opportunity lost, but if you drink 1,000 pints to drown your sorrows you will save £10. Doesn’t that say it all?
The below graph shows the additional borrowing in each year compared to the estimates at the Autumn Statement in December.
George Osborne’s fairness claim torn apart by graph
George Osborne today made improving infrastructure one of the key planks of his strategy to compete in the “global race”. Any move in this direction is to be supported but the small print of the Budget, as so often, shows that his headline announcement today will barely scratch the surface of what the economy needs to get growing again.
What this Budget has done is entrench this chancellor’s misguided policy and has squandered the opportunity of the last three years to significantly invest in UK infrastructure to make the country fit to compete in the 21st century.
Impact of the budget on households in 2014/15.
As you can see from the graph, the idea that the £10 thousand pound personal allowance is about anything resembling fairness is a nonsense. As the graph below shows, those who benefit most from the policy are those on thetest
Left Foot Forward will be covering George Osborne’s budget live.
Budget leaked by Evening Standard
