Its been long overdue but here is the official BUCF Response to the Budget.
What can we really say about this budget? In simple terms this budget wasn’t worth the paper it was written on and the public can see that so I’m not going to pick it apart piece by piece or go on my usual tyrade of abuse at a government I despise more than I ever imagined possible. This ‘Budget’ speaks for itself as the hostile public reaction to it demonstrates. We all can see, apart from our dear Labour counterparts, that we are in the worst economic situation in living memory which try as they might cannot be solely blamed on the bankers or the Americans. However the reality of this budget is much worse. Usually at times like this we could console ourselves an election was round the corner and the Conservatives could come in and sort it out (as we always do) but the fact remains that whoever does come in next and whoever comes after that is inheriting the worst economic legacy in living memory. This is down to the fact that what lies behind the numbers in this Budget is a set of assumptions that are ficticious. Darling confidently predicts that by 2011 the economy would have swung around to rapid growth, trampolining from a shrink of 3.5pc this year to a miraculous growth by that same amount in 2011. How exactly? By taxing higher earners more? Give me flaming strength… weve been there before and it failed!!!!
Indeed following the rise in public borrowing and the increase in taxes on the wealthy outlined in the budger there has been much talk of a return to ‘old Labour’ politics and this wouldn’t be an entirely outrageous statement. The ‘old’ Labourites that lurk on the governments backbenches never truly accepted ‘New’ Labour and have always yearned for a return to the divisive class concious politics that blighted the country. In that light the 50% tax hike on the highest earners, which incidently is the most productive part of the economy, will delight those ‘old’ Labourites who have always deomonstrated a ‘politics of envy’ and led our country to ruin. But this budget is far worse than ‘old’ Labour. Unlike new Labour, old Labour had the ‘honesty’ to outrageously tax the electorate at the time, rather than tax subsequent generations. Britain is going to be riddled with debt that will be all but impossible to pay back. Even by the governments own figures our national debt will soar to 79% of GDP in 2013/14, while Public Sector Net Borrowing will peak this year at 12% of GDP. In sum, no matter how they try to spin it, this budget clearly shows our national finances are in a much worse position now than they were even at the point of maximum humiliation in 1976 when Denis Healey held out the begging bowl to the IMF for a £2.3bn bail-out. So this government and this budget can be summed up in 5 clear words: Labour have done it again.
The sick man of Europe is back. Enter ‘Thatcher’.