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George Osborne's sober budget is all about continuity George Osborne's sober budget is all about continuity
(6 months later)
The chancellor's 2013 budget was always going to be focused on keeping the ship of state on an even keel through disturbingly choppy economic waters.The chancellor's 2013 budget was always going to be focused on keeping the ship of state on an even keel through disturbingly choppy economic waters.
While there will be much fanfare in the coming days about a modest 1p cut to beer duty, it is important to remember that the real impact of this relatively sober, fiscally neutral budget will be felt in the long term.While there will be much fanfare in the coming days about a modest 1p cut to beer duty, it is important to remember that the real impact of this relatively sober, fiscally neutral budget will be felt in the long term.
For all the cheers and jeers in the chamber, this was a continuity budget, not a change budget. It sought to accelerate progress, not alter the destination.For all the cheers and jeers in the chamber, this was a continuity budget, not a change budget. It sought to accelerate progress, not alter the destination.
An unfortunate hangover from the pasty tax episode means that much of the heavy lifting done in previous budgets has received little attention. However, the budget continues to steer a course fixed on the UK's long-term place in the global race.An unfortunate hangover from the pasty tax episode means that much of the heavy lifting done in previous budgets has received little attention. However, the budget continues to steer a course fixed on the UK's long-term place in the global race.
Cutting corporation tax to a historic low of 20%, making the country one of the most attractive places to do business, is a fiscally responsible move to boost investment and create jobs. It is in line with the long-term economic vision set out at the beginning of this parliament.Cutting corporation tax to a historic low of 20%, making the country one of the most attractive places to do business, is a fiscally responsible move to boost investment and create jobs. It is in line with the long-term economic vision set out at the beginning of this parliament.
Likewise the employment allowance builds on the first budget's removal of the proposed national insurance rise. This tax relief measure, encouraging small and medium businesses to take on more staff, goes hand in hand with the chancellor's efforts to see off the effects of wider, and much more dangerous, macroeconomic trends.Likewise the employment allowance builds on the first budget's removal of the proposed national insurance rise. This tax relief measure, encouraging small and medium businesses to take on more staff, goes hand in hand with the chancellor's efforts to see off the effects of wider, and much more dangerous, macroeconomic trends.
Many of the measures announced yesterday will still take some time to come on stream, and time is in short supply.Many of the measures announced yesterday will still take some time to come on stream, and time is in short supply.
After all, however hard a government works to keep its promise to business as the engine of growth, for most people this budget is about the cost of living and getting as much value as possible out of a growth rate of 0.6%.After all, however hard a government works to keep its promise to business as the engine of growth, for most people this budget is about the cost of living and getting as much value as possible out of a growth rate of 0.6%.
For those who are most affected by the squeeze on incomes, the decision to raise the personal allowance to £10,000 will leave millions of workers with more control over how their money is spent.For those who are most affected by the squeeze on incomes, the decision to raise the personal allowance to £10,000 will leave millions of workers with more control over how their money is spent.
Fairer taxation coupled with a long-overdue crackdown on tax avoidance mark the beginning of a reshaping of the relationship between government spending and the amount the individual should contribute to the state.Fairer taxation coupled with a long-overdue crackdown on tax avoidance mark the beginning of a reshaping of the relationship between government spending and the amount the individual should contribute to the state.
His vision of a lower tax, lower debt economy, still needs to be clearly articulated. Before the UK can become a major player in the new economy, it will need to have more confidence in its own potential to compete on the global stage – not just in Europe.His vision of a lower tax, lower debt economy, still needs to be clearly articulated. Before the UK can become a major player in the new economy, it will need to have more confidence in its own potential to compete on the global stage – not just in Europe.
Once the annual media frenzy has died down it will be up to departments to see these changes through and get down to the hard grind of steeling the British economy for the undeniable challenges ahead.Once the annual media frenzy has died down it will be up to departments to see these changes through and get down to the hard grind of steeling the British economy for the undeniable challenges ahead.
So before we sit down and raise a pint to a better deal for workers, homebuyers and small businesses, we must remember that it is the daily discipline of cost control that must be at the forefront of our recovery.So before we sit down and raise a pint to a better deal for workers, homebuyers and small businesses, we must remember that it is the daily discipline of cost control that must be at the forefront of our recovery.
This spending restraint is a reality familiar to the majority of people that and will go a long way to creating the conditions for the calmer waters we want to see in the future.This spending restraint is a reality familiar to the majority of people that and will go a long way to creating the conditions for the calmer waters we want to see in the future.
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