Today’s Budget is the last opportunity for this Government to do the right thing. After 10 years of throwing money at every problem, there is none left. The deficit may come in at under £178Bn and that should be welcomed, but that does not allow for new spending – it is still debt. Any money below the £178Bn figure is not excess, it is money that has not been borrowed, it is money that hasn’t been created from thin air.
If Alistair Darling says ‘investment’ today, he means spending that he can’t afford. If he announces any give aways today there should be a march on parliament saying ‘give us our money back’.
He should announce ways to pay back the huge debt that his Government has built up. If there is any increase in taxes, even by stealth, it tells us that Liam Byrne was wrong two weeks ago. If the Government can u-turn in two weeks then we know what will happen after an election. New taxes.
If he doesn’t pay back much debt, or fails to outline a plan, the currency will plummet when he sits down. It will be the most reliable verdict. After each budget or autumn statement, Labour’s poll ratings have plummeted. If it happens this time it may be game over. It’s a balancing act between the people’s verdict and the market’s.
I suspect there will be a few give-aways and no plan to pay back the debt. I expect to feel very disappointed, and poorer, today.
Squiffy.
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