AFTER a long, drawn out and highly choreographed build up, the Budget finally arrived.
The government’s primary “mission” as they termed it in typically grandiose terms, to deliver economic growth.
Having tied her hands by ruling out tax rises on “working people”, the chancellor then proceeded to place most of a huge tax bill, squarely on the shoulders of business employers (presumably not considered “working people”) taking the tax burden to record levels.
These private business owners, large and small, including private care company owners, already struggling with small profit margins will inevitably, as a result of increased costs, reduce staff wages, and cancel or delay recruiting.
Some businesses will inevitably go under, leading to increased unemployment.
Will these measures achieve the economic growth mission?
The Office of Budget Responsibility has made clear in their view in the longer term they will not.
And whilst increased tax revenues in support of our struggling NHS will be widely welcomed, what will be the cost to the nation’s economy of one of the biggest tax, borrow and spend budgets of modern times?
Time will tell.
John Crick, Bishop Auckland.
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