Chillin' out till it needs to be funded
While the Debt is supposed to go down by ten times, south from 10% of GDP, Corp Tax is down to 24% and drinks are cheaper in the first Tory budget exercise, though a pre-emptive one.
“The crisis in the euro zone shows that unless we deal with our debts there will be no growth,” forecasting that the British economy would grow over the next five years by a maximum annual rate of 2.9 percent in 2013 compared to 1.2 percent this year. He said the government would make spending cuts totaling £17 billion, about $25 billion, more than had been planned by the former Labour government over the next five years.
Mr. Osborne also announced Tuesday that he would impose a levy on banks to raise £2 billion per year
The larger spending cuts have obviously been planned for a Tory legacy but give Labour a real chance of getting back in the saddle. Though according to Cameroon’s man at the center, welfare payments are up from GBP 132 bn in 2000 to GBP 192 bn now. That’s nearly $300bn or the entire stimulus spend in the US. Children’s clothing and books have been exempt from VAT, with the VAT increased to a just and meaningful 20%. Indian VAT debate rages on btw, with VAT on fuel in some states as high as 33%