GEORGE OSBORNE has seen his fiscal strategy “completely derailed”, according to shadow chancellor Ed Balls.
The chancellor has presided over a “flatlining” UK economy since 2010, ensuring the recovery following the “worst recession since World War II” has been the “slowest in 100 years”, he said.
Balls (pictured) criticised Osborne for borrowing more “this year, next year and the year after” and not meeting his promise to balance the country’s books by 2015.
He added national debt would be higher by the end of this parliament and branded the statement “a wasted opportunity”.
Balls complained about a tax cut for the rich while the poor are suffering.
Reeves & Co tax partner Geraint Jones said: “It was surprising that tax cuts were given to higher and additional rate payers, but it should be borne in mind that government figures indicate that from 2014, there will be a real increase in the level of tax paid by additional rate and higher rate taxpayers.”
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The first phase of a process to restrict the amount of tax relief for residential landlords to the basic rate of tax will enter into force on April 6
Richard Le Tocq, head of Locate Guernsey, discusses the chancellor’s approach to high net worth individuals, and why relocation is increasingly attractive to HNWIs
The firm says that the U-turn 'does not alter the need for a fundamental review of the way we tax work' and that the current tax system is in need of reform