Wednesday, 12 March 2008
Budget 2008: George Osbourne's Response
This is a bad news Budget. Alistair Darling is kicking Britain’s families when they are down.
- Darling has added £110 a year to every family’s tax bill. The tax take will be £2.8bn a year higher by 2010 – and if benefits are excluded, it will be £4bn higher.
- The new taxes announced in the budget will add up to £1.5bn extra on all alcoholic drinks, £1.6bn on drivers, and £1.7bn on businesses over the next three years.
Taxes and borrowing are up because Labour failed to use the good years to prepare for the bad years. After 15 years of global growth, Britain has the worst budget deficit in the developed world.
Even with the new taxes introduced in Darling’s budget, borrowing will be up £20bn over the next four years, including a £7bn rise next year alone.
The Government has no room for manoeuvre, so they are kicking families when they’re down.