No Plan B
George Osborne started his Autumn Statement by explaining that the forecasts he made a year ago have turned out to be optimistic. Naturally, there was plenty of shouting from those sitting opposite in the House when he put the blame elsewhere: a sharp increase in global prices for fuel and agricultural commodities driving up inflation, the problems with government borrowing in the eurozone, and the long-term impact of the 2008/09 financial crisis turning out even worse than anticipated. In the Chancellor’s view, the measures that he has taken so far have limited the damaging impact of these external shocks, and he proposes to carry on with more of the same. Ed Balls claimed that the lower growth forecasts were proof that the government is cutting too far, too fast – but he is in the comfortable position of never being able to know whether he would have coped any better.
Usually, next year’s tax rates and allowances are released immediately after the Chancellor sits down, and the commentators can calculate the effect on the average taxpayer straight away.This time, they were only added to the Treasury website much later in the day. It had appeared that the Chancellor was returning to the old days when the allowances were the finale of the March Budget, but it seems that someone simply forgot to press a button at the right moment.
Visit the Emslie Bird website for more comments and highlights of the important measures that Mr Osborne announced and their likely impact on taxpayers.
Emslie Bird Ltd offer a comprehensive range of individually tailored accounting services that meet the specific needs of each client. Their minimum fuss, minimum jargon attitude ensures that they are talking your language. Contact Paul Bird on 01902 428202 for more information.
