Ouch

The VAT rise and freezing child benefit across the board will be the headlines tomorrow morning. It’s a painful budget but a million people out of income tax is pretty “progressive”. The Corporation Tax cut will probably bring in more money than the current rate does now, something Harman clearly could not grasp. While VAT is irritating, booze and fags are protected, not that they could have gone up much more. A council tax freeze was long overdue. However the hike in Capital Gains Taxation to 28% is Cable’s fiscal spanner in the works, unlikely to reap more revenue and hits the prudent.




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Quote of the Day

IDS responds to Juncker’s pints analogy earlier:

“Mr Juncker knows a little bit more about the bar than perhaps many of us do.”

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