Alistair Darling, the Chancellor of the Exchequer, has failed to take the tough decisions to tackle the countrys enormous budget deficit according to the Institute of Economic Affairs, the leading free market think tank.
Mark Littlewood, the IEAs Director General, said:
A tax on bankers bonuses is a populist measure, not a practical one. It must not be allowed to distract from the enormity of the budget deficit. Both government spending and tax rates are far too high. In particular, we need to cut back dramatically on the countrys ballooning welfare bill which, including state pensions, accounts for over a quarter of total government spending. The Chancellors proposals today are barely even cosmetic. Unfortunately, this Pre-Budget Report seems to be more about chasing headlines by kicking bankers than dealing with the bottom line of the countrys public