Well, it’s that time of year guys and gals! It’s time for the Chancellor George Osbourne to let us all know how good…sorry, bad we’re doing as an economy and what he’s going to try and do to make it better. I’ll be posting updates of the most important and eye catching stuff here, so at the end of it we can all make our own conclusion of how buggered we all are. Please press refresh to update page.
So far we know that the Government is going to spend an extra £5bn on ‘shovel ready’ projects and further new projects through Whitehall spending cuts.
It is also widely predicted that the Government will hold off the 3p rise in fuel duty.
12:37 – Chancellor says we’re on the right track. Hmmm…
12:40 – growth for 2012 downgraded to -0.1%
12:42 – 2013 growth forecast at 1.2%, 2014 growth forecast at 2%
So far George Osbourne has blamed Europe as one of the main causes for the lack of progress in the recovery of our economy. He’s comparing our unemployment figures to other European countries. But that still doesn’t mean that 8.3% unemployment is OK!
12:46 – OBR predicting deficit and borrowing to fall year on year up to 2018
Osbourne still saying in a roundabout way that all of this isn’t his fault, that the previous government is still to blame. I don’t agree. Still blaming the world economy as well.
12:55 – government still going to spend 0.7% on foreign aid
12:56 – £5bn extra spending is confirmed. Will be spent on new roads, rail, construction of 120,000 new homes, flood defences, super fast broadband, scientific research centres, further education colleges, 100 new free schools and academies.
George Osbourne promising to do more on tax avoidance. Saying that a new agreement signed will bring in an extra £7bn in taxes. Then he says that we’re all in this together. That gets a jeer and cheer!
13:08 – Osbourne confirming that he wants to make sure that people in work will be paid more than those on benefits.
13:14 – small business rate relief extended to April 2014
13:17 – corporation tax to be lowered to 21% from April 2014
BIG NEWS: 3p FUEL DUTY RISE CANCELLED ALTOGETHER
13:20 – £9440 (£135 extra) the new threshold for personal income tax
I’m guessing this might be the end of the good news.
So that’s that. The response from Ed Balls begins. Though I am a Labour voter, I am struggling to see where Balls goes with this. For all the criticising they do, they still haven’t come up with any credible plans to oppose the Coalition. Its OK saying that the other party is wrong, but you have to have answers yourself if people are going to take you seriously!
Right now, if Labour were to win the next election, it will be on a protest vote rather than based on solid policies and plans.
I’m ending this post here. I’d cover the rebuttals but all Balls is saying is the the government has failed, nothing much solid beyond that!
Balls came across as a bumbling oaf and he will be shifted from that role sooner rather than later. Quite surprised that you are a labour voter considering how badly they screwed your generation over but I guess it’s a northern thing.
The interest on the national debt will be 80% of the countrys’ earnings by 2015.