(Image source: Press TV)

BY DAVID EARL

It’s a European economy on the brink. Can Britain right the ship with a new budget combining aid to the poor, with tax cuts and slashed benefits? Euronews says finance minister George Osbourne delivered a budget that will...

“...help the poor and stimulate growth, but he admitted the fiscal pain will continue for the people of Britain with unprecedented spending cuts and tax increases to reduce the country’s sky-high debts.”

So a heaping helping of austerity with perks for the rich?
Those spending cuts aren’t sitting well with members of the Labour Party … but the Tories have a defense. Here’s Sky News with the back and forth.

“Wrong priorities, wrong values, out of touch, same old Tories ... We’ll be getting 5 times more money each and every year from the wealthiest in our society.”

That five-fold increase comes in the form -- theoretically -- of corporate spending -- that is, hiring and expansion. The Wall Street Journal says cutting the corporate rate could bring in even more cash...

“Britain was open for business, he was trying to send a political signal, and that’s important because if Britain is going to grow its way out of this recession, it’s only going to do it through business investment and through corporate spending.”

But at the same time, the elderly across the UK are getting their tax-free benefits frozen. That’s not sitting so well with some pensioners the BBC talked to.

“It’s being dubbed by some as the granny tax. I don’t think it’s fair really, because pensioners have paid into the system all their life.”

And the Guardian points out the budget’s impact on middle-aged workers. The paper says under this budget, their future looks grim.

“Middle-aged workers now face the prospect of a much poorer retirement. They face a triple whammy: the over-65 tax allowance will be scrapped by the time they can claim it, compulsory pension saving by their employers is deferred and their state pension age could be increased without limit.”

Britain’s budget deficit doubled during February to £15.2 billion, or about $24 billion. Economists expected it to hit £8 billion.
 

New UK Budget Proposed

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Mar 22, 2012

New UK Budget Proposed

(Image source: Press TV)

BY DAVID EARL

It’s a European economy on the brink. Can Britain right the ship with a new budget combining aid to the poor, with tax cuts and slashed benefits? Euronews says finance minister George Osbourne delivered a budget that will...

“...help the poor and stimulate growth, but he admitted the fiscal pain will continue for the people of Britain with unprecedented spending cuts and tax increases to reduce the country’s sky-high debts.”

So a heaping helping of austerity with perks for the rich?
Those spending cuts aren’t sitting well with members of the Labour Party … but the Tories have a defense. Here’s Sky News with the back and forth.

“Wrong priorities, wrong values, out of touch, same old Tories ... We’ll be getting 5 times more money each and every year from the wealthiest in our society.”

That five-fold increase comes in the form -- theoretically -- of corporate spending -- that is, hiring and expansion. The Wall Street Journal says cutting the corporate rate could bring in even more cash...

“Britain was open for business, he was trying to send a political signal, and that’s important because if Britain is going to grow its way out of this recession, it’s only going to do it through business investment and through corporate spending.”

But at the same time, the elderly across the UK are getting their tax-free benefits frozen. That’s not sitting so well with some pensioners the BBC talked to.

“It’s being dubbed by some as the granny tax. I don’t think it’s fair really, because pensioners have paid into the system all their life.”

And the Guardian points out the budget’s impact on middle-aged workers. The paper says under this budget, their future looks grim.

“Middle-aged workers now face the prospect of a much poorer retirement. They face a triple whammy: the over-65 tax allowance will be scrapped by the time they can claim it, compulsory pension saving by their employers is deferred and their state pension age could be increased without limit.”

Britain’s budget deficit doubled during February to £15.2 billion, or about $24 billion. Economists expected it to hit £8 billion.
 

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