Budget hits the pause button on Scotland
Scotland’s finance secretary John Swinney yesterday published the Scottish government’s budget for 2014/15 and 2015/16.
Scotland’s finance secretary John Swinney yesterday published the Scottish government’s budget for 2014/15 and 2015/16.
As the UK economy continues to flat line, at the centre of the chancellor’s Budget plans to stimulate growth is a £3 billion annual infrastructure budget much of which is earmarked for damaging and regressive road building projects. But experience shows that new roads seldom solve people’s transport problems.
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.