TaxCorporate TaxBudget 2015: What the papers say

Budget 2015: What the papers say

A round-up of mainstream papers' reactions to the final Budget before the general election

Budget 2015: What the papers say

THE PAPERS have been remarkably kind to the chancellor and the government following yesterday’s Budget.

Despite a rather empty announcement, many publications found elements to celebrate, with City AM hailing it as George Osborne’s “gift for young and old alike”.

In particular, the government’s Help-to-Buy ISA initiative – whereby the government gives first-time buyers £50 for every £200 they save – drew fulsome praise.

That was a move that prompted The Times to label Osborne the “Comeback King” as he “raided banks and the richest pension pots” to fund the breaks.

It was a Budget that “dramatically loosened the austerity corset by £16bn” ahead of the election, according to the Evening Standard, noting the £22bn to be raised through the sale of bailed out banks such as Lloyds, Northern Rock and Bradford & Bingley.

Tax breaks brought in for the UK oil and gas extraction drew round applause, too, something the Telegraph said would “bolster” the North Sea industry by £1.3bn per year, “saving” it from the “pressing danger” of falling prices.

Despite those apparent positives, Labour shadow chancellor Ed Balls noted there was “nothing” in the “empty” speech that the party would reverse if it wins the election, something echoed in Accountancy Age‘s editorial.

The Mirror was more scathing, attacking a “collapse in living standards” under the “hapless” Osborne.

The average wage “plummeted by more than £30-a-week in real terms”, the Mirror wrote. “leaving workers an eye-watering £1,612-a-year worse off”, while “tax hikes and benefit cuts have cost families £1,127 a year”.

The Guardian’s Patrick Wintour said much of the budget was “nakedly political”, devoted to wrong-footing Labour’s campaign. Chancellor Osborne’s rhetoric was “machine-gunned” from the despatch box, with Wintour noting that a lack of public introsecption “can grate”.

However, he wrong-footed Labour on a number of measures, and was able to claim that living standards had risen during the parliament – an area that deprived Labour of making the reverse claim.

Related Articles

Spring Budget 2017: ‘Not a nice Budget for SMEs’

Corporate Tax Spring Budget 2017: ‘Not a nice Budget for SMEs’

8m Emma Smith, Managing Editor
Top five takeaways from Spring Budget 2017

Corporate Tax Top five takeaways from Spring Budget 2017

8m Emma Smith, Managing Editor
Spring Budget 2017: Making Tax Digital

Business Regulation Spring Budget 2017: Making Tax Digital

8m Shereen Ali, Deputy Editor
What can we expect from Spring Budget 2017?

Corporate Tax What can we expect from Spring Budget 2017?

8m Emma Smith, Managing Editor
Budget is a 'springboard' for tax policy reform, says new report

Corporate Tax Budget is a 'springboard' for tax policy reform, says new report

9m Stephanie Wix, Writer
Live blog: Spring Budget 2017

Corporate Tax Live blog: Spring Budget 2017

8m Accountancy Age editorial
Top five talking points for Spring Budget 2017

Corporate Tax Top five talking points for Spring Budget 2017

8m Emma Smith, Managing Editor
Income tax reduction top priority for businesses in Spring Budget

Corporate Tax Income tax reduction top priority for businesses in Spring Budget

8m Emma Smith, Managing Editor