UK budget: Osborne blowing in the wind

Michael Roberts Blog

So now we have had the final Conservative-Liberal annual budget before the UK general election in May.  The Chancellor (finance minister) George Osborne waxed ecstatic in parliament that under his tutelage, the UK economy was the fastest growing in the G7 and in Europe and had created more jobs than anywhere else.

He announced a few more ‘goodies’ supposedly for the poorer income earners, namely an increase in the allowance before people start paying income tax.  This would take another 200,000 people out of paying tax by April 2017, but he failed to mention that these non-income tax payers would still be paying social security contributions even when they earning no more than £11,000 ($15,000) a year.  And there were already up to 5 million workers who earn so little that this increase in allowance would gain them nothing.  Indeed, most of the cost to the government budget from the…

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