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03 Mar 2008
CBI director-general Richard Lambert is pressing chancellor Alistair Darling to avoid ‘Budget theatricals’ and give a short, six-paragraph speech next week.
The chancellor should also propose to delay all the proposed business tax changes, it adds.
In the six-paragraph alternative speech Lambert suggests the chancellor say that pronounced economic uncertainty means it is impossible to make ‘credible judgements based on the near-term outlook’, and that there will anyway be a need to revisit the government's three-year spending plans next year, given the continued deterioration in the public finances.
‘The only worthwhile tax changes Mr Darling could make would be to postpone for a year ill-considered and rushed changes to capital gains and non-doms tax, to give the many affected individuals a decent period to plan,’ Lambert said.
He said the CBI forecasts that, contrary to the Treasury's optimistic projections, and on current spending plans, government borrowing would total a high £45bn in 2009-10, and the current account would not move out of deficit until 2011-12 as opposed to the forecast 2009-10.
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Last Days of a dying dog
In the current economic and political climate, taking a year out would be a great idea.
Let's remember these are the last days of a dying dog of a government as it sinks under the mire of it's blinding social-engineering dogma.
I'd hazard a guess that 2008 will bring this house of cards tumbling down as the liquidity crunch hits across the board and begins to affect every aspect of the economy.
Northern Rock is just the beginning. Coupled with the reduced tax take as business and entrepreneurs set up shop elsewhere, we're in for a torrid ride.
Posted by: Ricky, 03 Mar 2008 | 00:00