The last budget piled taxes on employers, failed to create new growth and reversed the fall in unemployment. This budget with its huge new tax rises confirms Labour’s first budget was a massive mistake. But this budget makes the same mistakes again, by assuming that ever higher spending and taxation is good for the economy. Once again, a Labour government is proving that socialism does not work.
Sooner or later, Labour will drive the economy into a crisis.
If we got spending down to what it was 10 years ago, we could cut borrowing and cut taxes to dynamise growth. That is what the government should be doing.
Instead, things like the family farms tax and forcing up pay for younger workers is destroying business confidence and making it harder for employers to create jobs.