I have just watched the budget and I must admit, it was very interesting from one point of view.
The Labour Party (Socialists) have finally woken up to the manufacturing threat of the Asian Tiger. This is that, although manufacturing is important to us, it is not the path that will lead us to prosperity and world achievement.
He has directed his help towards research in high tech and health, amongst other areas. This will help put Britain on the map in this area and will bring in large sums of invisible exports. This is, in my estimation, a very worthwhile area as there is no point in us doing battle in a fight where we cannot win. Unless our workers will agree to 15p a hour wages!
Labour have also worken up to the fact if we want to do well in high tech and research, we need a very well educated and technically skilled workforce. Extra effort is being directed, not only for Schools, where there is not only a large rebuilding programme and high tech equipment supply programme, extra facilities are being poured into adult education. In addition, huge increases are being made in helping firms with the apprentice scheme.
However, there seems to be two downsides to all this. We already know that when Labour pour money into any scheme, bureaucracy goes up and such a lot of money goes into paying huge armies of civil servants to administer the scheme.
Also, to try and counteract the Conservative’s scheme to reduce council tax by half for pensioners, they have said that Pensioners will get £200 off Council Tax bills. So I must admit, although I don’t vote Tory, we really do have Michael Howard to thank for that!
Anyway this brings me to the second “downside” and that is, after the election we will have to pay for all of this. So expect either a raft of new “hidden” taxes, or perhaps even a very visible few pence on income tax. Or perhaps both even?
The tax free allowance will rise with the level of inflation but tax will be refunded to families in the form of child credits.
Wine up 4p a bottle, beer 1p a pint. Spirits frozen so Gordon won’t have to pay for his Scotch! Also Cider and Champers frozen. Which respectively means that both old labour and new labour will be pleased!
Lots more mentioned but you will soon be able to search it out on Google.
In fact, it is already up, you can follow the link below my sign-out for the full budget speach.