Announcing his second Budget today, the Chancellor of the Exchequer, George Osborne, has sought to signal that the Coalition Government’s economic policy extends beyond deficit reduction and includes a plan for growth, while also setting out a range of measures to relieve the pressure on taxpayers.
Amongst the major announcements was a further 1% cut in corporation tax; moves towards a simplified taxation system; support for first time buyers through the introduction of a shared equity scheme; and likely to be the most popular of the measures, the introduction of a Fair Fuel Stabiliser and an immediate 1p cut in fuel duty.
The statement lacked the drama of the Coalition’s first Budget last June, which set out its intention to all but wipe out the deficit by the end of this Parliament. Its political significance cannot be underestimated however, at a time when public dissatisfaction is rising in line with the rise in petrol prices and inflation and with the Chancellor already under pressure after the 0.6% contraction in the economy in the last quarter of 2010.
APA is generally happy with the proposals made and especially welcomes attention to the needs of new, young homeowners and the measures to support and fund small business.
APA Director General, Gareth Osborne, said: “Given the extremely difficult climate I believe the Chancellor has created an intelligent and pacifying budget with sufficient good news to offer some assistance to many sectors of the economy, without doing anything too rash. All-in-all a pretty this is a fair attempt to maintain a general belief in the Coalition’s strategy for recovery.”
Amongst the major announcements was a further 1% cut in corporation tax; moves towards a simplified taxation system; support for first time buyers through the introduction of a shared equity scheme; and likely to be the most popular of the measures, the introduction of a Fair Fuel Stabiliser and an immediate 1p cut in fuel duty.
The statement lacked the drama of the Coalition’s first Budget last June, which set out its intention to all but wipe out the deficit by the end of this Parliament. Its political significance cannot be underestimated however, at a time when public dissatisfaction is rising in line with the rise in petrol prices and inflation and with the Chancellor already under pressure after the 0.6% contraction in the economy in the last quarter of 2010.
APA is generally happy with the proposals made and especially welcomes attention to the needs of new, young homeowners and the measures to support and fund small business.
APA Director General, Gareth Osborne, said: “Given the extremely difficult climate I believe the Chancellor has created an intelligent and pacifying budget with sufficient good news to offer some assistance to many sectors of the economy, without doing anything too rash. All-in-all a pretty this is a fair attempt to maintain a general belief in the Coalition’s strategy for recovery.”
APA Members can find a full review of the Budget by visiting the Members' Area of the website and selecting the News Section. This also provides a link to the full Budget document.
APA
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