What are your predictions for this coming day next week, and do you agree with me that this will be one of the bleakest Budget statements in decades?
With gloomy fiscal pointers coming in from all sides, I rather think this will be the first of several austere Budgets aimed at bringing medium and long term fiscal sustainability to the country.
As for the general consumer, I believe the 'old usuals' such as alcohol and tobacco will be hit hard. I also suspect there will be phased in sliding scale tax rises for most employees, dependent on earnings, together with a rise above 17.5% VAT from next year.
I predict too that the chancellor will announce a severe cut-back in public spending, but with rising unemployment, a soaring budget deficit and record national debt this will, I think, be very hard to achieve.
Election day 2010 is not that far away, so there has to be a couple of 'sweeteners' hidden somewhere in the chancellor's speech. TC.
that most people will not be even slightly interested, unless duty on alcohol,tobacco and petrol is increased. The there'll be the usual outcry about the ordinary working person being the one who always has to pay, and calls for Gordon Brown to make way for someone else.
The papers will carry pages of comparisons showing how three different families will be affected, and the stock market will either close up or down on the day.
Then we'll all get on with the job of earning a crust.
I read it was highly likely that tax relief on pension contributions will be limited to 20% so that higher rate (40%) income tax payers will have less going into their pension pot. It seems that private pensions started as a target for this government, and remain so, but they go on giving "final salary" pensions to themselves and many civil servants (not that one begrudges them that, if they pay a reasonably proportionate amount in)