Re-fuelling the economy?
The chancellor begins with a promise to help families with the cost of fuel. Duty is clearly coming down and by more than scrapping this year's penny on top of inflation. The Budget surprise may be how far he goes and how he pays for it.
There was no surprise in the economic forecasts, though, beyond the claim that slower growth this year creates "scope" for higher growth later, which generated some hollow laughter in the Commons.
No surprise either that George Osborne said: "Britain has a plan and we are sticking to it."
Update 13:01: A tax cut, a tax rise and the vision thing
Another 1% off corporation tax - on top of the 1% previously announced - that's the headline pledge for business.
The overnight story of a personal tax cut for individuals will, though, be outweighed for some by an important and dull sounding technical change - upgrading many tax allowances by the CPI measure of inflation rather than RPI is a tax increase. In other words, the tax free amount will be increased less than it would have been for ISAs, Capital Gains Tax, and employee national insurance contributions.
The vision the chancellor outlined is a simpler, fairer tax system and private sector job creation in the regions instead of what he dubbed a "debt fuelled economy".
Source: http://www.bbc.co.uk/blogs/nickrobinson/2011/03/budget_2011_analysis.html
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