Monday, 24 November 2008

Getting it wrong

It takes a special sort of genius to mess up both the politics and the economics of a Budget statement, but I reckon the Chancellor managed both today in his 'pre-Budget report'.

First, the politics. You would think that announcing a £12 billion tax cut (VAT down to 15%) would be the sort of thing most Chancellors would dream about. Yet this was leaked over the weekend, so when he announced it in the middle of a long and dull statement (lasting nearly an hour) Alistair Darling barely raised a cheer. Likewise the 45p income tax rate on the highest earners would have been red meat to many on the Labour benches, but they had heard about it on the news the night before. The only new stuff was fiddly things like bringing forward the April child benefit rise to January, a one off increase in the £10 Xmas Bonus, and then unexpected bad news like National Insurance increases. By the end, the Labour benches looked pretty demoralised.

Second, the economics. This was a one-off chance to do something bold to stimulate the economy. But if people know tax rises are coming, then will they spend? And are people going to spend, spend, spend because shop prices have been cut by about 2%? Marks & Spencer know a thing or two about sales, and they reckoned a 20% discount would attract custom last week. The VAT cut - though costing a fortune - just looks like small beer.

What should have been done was a massive programme of investment in the things we need for the present and the future. The Chancellor says he will insulate an extra 60,000 homes, but there are over 3 million in fuel poverty. A huge programme of home energy efficiency would create jobs, save fuel bills for hard-pressed pensioners and other householders, and benefit the planet. Likewise we could have insulated our schools and hospitals to decent standards, creating jobs, freeing up money for education and health and benefiting the planet. We could also have done more to upgrade the National Grid - onshore and offshore - to be fit for the low-carbon economy that we need to move towards.

Today was a once-in-a-lifetime chance to do something for the long term. Instead all we got was a temporary tax cut that probably won't deliver.

2 comments:

kiki said...

情趣用品,情趣,情色,成人,A片,自拍,情趣用品,情趣,色情,成人影片,色情影片,免費A片,情趣用品,情趣,成人網站,A片下載,日本AV,做愛,情趣用品,情趣,美女交友,A片,辣妹視訊,情色視訊,情趣用品,情趣,色情聊天室,聊天室,AV,成人電影,A片,情趣用品,情趣用品,情趣商品,情趣,情趣情色,A片,AIO,AV,日本AV,色情A片,AV女優,A漫,免費A片,A片下載,情色A片,哈啦聊天室,UT聊天室,聊天室,豆豆聊天室,色情聊天室,尋夢園聊天室,080視訊聊天室,080聊天室,080苗栗人聊天室,免費視訊聊天,上班族聊天室,080中部人聊天室,視訊聊天室,視訊聊天,成人聊天室,一夜情聊天室,辣妹視訊,情色視訊,成人,成人影片,成人光碟,成人影城,自拍情趣用品,A片,AIO,AV,AV女優,A漫,免費A片,日本AV,寄情築園小遊戲,情色貼圖,色情小說,情色文學,色情,色情遊戲,一葉情貼圖片區,色情網站,色情影片,微風成人, 嘟嘟成人網,成人,成人貼圖,18成人,成人影城,成人圖片,成人影片,UT聊天室,聊天室,豆豆聊天室,尋夢園聊天室,080聊天室,080苗栗人聊天室,080視訊聊天室,視訊聊天室情趣用品,A片,aio,av,av女優,a漫,免費a片,aio交友愛情館,a片免費看,a片下載,本土自拍,自拍,愛情公寓,情色,情色貼圖,色情小說,情色文學,色情,寄情築園小遊戲,色情遊戲,嘟嘟情人色網,一葉情貼圖片區,色情影片,情色網,色情網站,微風成人,嘟嘟成人網,成人,18成人,成人影城,成人圖片,成人貼圖,成人圖片區,成人小說,成人電影情趣用品,情趣,情趣商品,自拍,UT聊天室,聊天室,豆豆聊天室,哈啦聊天室,尋夢園聊天室,080聊天室,080苗栗人聊天室,H漫,A片,AV,AV女優,A漫,免費A片,愛情公寓,情色,情色貼圖,色情小說,情色小說,情色文學,色情,寄情築園小遊戲,色情遊戲,SEX,微風成人,嘟嘟成人網,成人,18成人,成人影城,成人圖片,成人貼圖,成人圖片區情趣用品,情趣用品,情趣,情趣,情趣商品

eda said...

飛機杯,視訊,自慰套,自慰套,自慰套,自慰器,充氣娃娃,AV,按摩棒,電動按摩棒,情趣按摩棒,按摩棒,跳蛋,跳蛋,情趣,情趣,情趣用品,情趣用品,跳蛋,男女,潤滑液,SM,情趣內衣,內衣,性感內衣,角色扮演,角色扮演服,吊帶襪,丁字褲