Tory Budget Disaster

1_pound_coinWell, two days after the budget and the wheels have already fallen off George Osbourne’s ‘one nation’ proposals. Analysts from both the IFS and the Resolution Foundation have shown where the crunch is really going to hit. £12bn off welfare, taken mainly from tax credits that would normally be paid to those in low-paid jobs, as opposed to £4bn being given to low-paid workers by raising the minimum wage to £9 an hour by 2020. That just leaves a little matter of £8bn being taken from the poorest people in low-paid jobs.

I wonder who is going to be paying for the cuts in inheritance tax for millionaires?

For five years of the Coalition Government we managed to keep right wingers at bay and produced balanced budgets that actually closed the income gap between rich and poor. Now the Tories are off the leash and we can see where they are going. Not that they gave any details of where the cuts would fall before the election. It was just something that they put together in the two months since the May election.

Oh, and spare a thought for the millions of public sector workers consigned to 1% pay ‘rises’ for the next four years having been on 0-1% for the previous 5 years already.

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