UK Budget 29th October 2018

With Brexit at its most stressful point yet (my gut says the shit deal is nearly signed now for May, with one last capitulation on Northern Ireland to go), we also have a domestic budget next week.


The Prime Minister has already boxed in the Chancellor in a few areas. Promising a tax rise to pay for more NHS, ending caps on borrowing by councils for social housing and promising to freeze fule duty.


On top of all of that, arch-remainer Hammond will be keen to build-up a war chest for the coming years Brexit debacle (as he sees it).


So with all that in play I expect a New Labour budget to be forthcoming. Some tax rises in esocteric areas, such as the self-employed rates. A holding of down of various thresholds and some pretend tax cuts in areas that don't really raise revenue. Also maybe something wild like a Vaping tax to generate the necessary distraction.


Of course, for all my cynicism the Tories overall have done a good job of fixing the Country's finances, albeit it has taken a decade and they would have been better to slash earlier rather than slowly choke pubic spending. Now they have left it all set for the incoming Labour Government to go ape with in a couple of years time.


One thing we won't see in the budget is a major move to reduce taxes in anyway. These days are over, if you are concerned with paying too much in tax then I cannot think of a single party in the Country you could vote for at the next election. Every single one is promising more taxes and a bigger state for the future. Oh for the 1990's!

from Capitalists@Work http://www.cityunslicker.co.uk/2018/10/uk-budget-29th-october-2018.html