As usual, I tend to try and absorb the actual facts rather than the mass (and often ill-informed) hysteria. Am pleased and surprised to find that I don’t feel remotely hysterical about this somewhat Liberal Budget.
It’s one of the great ironies of the long period of Labour government that we have seen a huge increase in the divide between the rich and poor. To my pleasure, I can see that this is genuinely being addressed by this Budget with some radical measures. It’s about time we had some dollops of radical behaviour in government; we need something to sweep aside the apathy of the British politics during recent times.
I am all for the higher base rate for lower incomes. Many of my struggling staff will deservedly benefit from this. Equally, as a typical manufacturing company, the lowering of NI will be of real help.
I am not going to join the caterwauls of horror over the increase in VAT either. Food and children’s clothing are still exempt. Most businesses will simply claim back the extra they pay (and that includes additional fuel costs before anyone starts!) so goods from business to business will be no dearer. Yes, the man in the street will be paying more but I am sure that will also spark off a frenzy of pre-rise spending, which will do none of us manufacturers any harm in the run up to Christmas.
Finally (speaking purely personally), I am thrilled to see the re-linking of the state pension to earnings. Not only do I think it is fairer, but it is also going to be of benefit to me personally, having damn all else to keep me in my old age, as I have always put all my foolish eggs into the basket of my business. Overall, I say, way to go!