Beware The June Budget
Its sunny outside, and I could be tempted into thinking that summer has returned, but this is marred somewhat by the prospect of what tomorrows budget could bring.
I’m trying to decide if all the talk about it being the “toughest budget in history” is actually going to transpire. Are we just be softened up to expect the worse, but find ourselves pleasantly surprised that it wasn’t quite as bad as we feared, even though we will all definitely be worse off?
Or are we actually in for a humdinger of tax rises and cost cuts that will leave us all reeling, scrabbling around for our passports so that we can join the lengthening queues of those seeking to emigrate.
We’ve not long to wait, to find out, but I’m rather fearful of how bad the budget will actually be for consumers. VAT rises, CGT rises, insurance premium tax hikes, air passenger tax increases – all these are likely to come into play tomorrow.
It doesn’t sound good for we Brits. But what is the alternative? That £157 billion deficit looms large over us, casting a black shadow over our economy that will be there, and growing, for years to come.
The enormous national debt has to be tackled and its going to hurt.