RSS feed
It's a backs to the wall Budget
18 March 2010
Business leaders have called on Alistair Darling to make clear his plans to reduce the deficit when he stands up in the Commons next Wednesday. This is likely to be an unusual budget so close to a General Election.
Andrew Shaw, national tax managing partner for BTG Tax, part of the Begbies Traynor group believes Darling will be a “Budget for floating voters”.
He said: “We’ve already had the 50 per cent tax band on income tax and I think after the election we will see both capital gains tax and vat go up, but they can’t raise them beforehand. And, given the parlous state of public finances, they can’t give away much either.
“Petrol is due to jump 3p a litre in April but they might just defer that.”
We can expect a phoney budget on 24 March with any hard hitting, significant tax raising measures deferred until the second 2010 Budget.
Facing an enormous deficit and with no money in the bank and a General Election ahead Chancellor Alistair Darling is unlikely to deliver an “earth shattering” budget given his limited options.
Author: Andrew Shaw
< Back to all news