The classic test of Budgets in these tough economic times is whether they’ll help with growth. On these terms George Osborne and the government get a mixed score for the measures announced yesterday.
Reducing corporation tax to 24% next month, increasing the personal allowance to £9,205 and reducing the top rate of tax to 45p are the key tax changes that will help with growth.
On the supply side both liberalising Sunday trading laws for a time and relaxing planning rules will make it easier for businesses. Regionalising public sector pay could also be a powerful tool for helping rebuild a thriving private sector in the regions.
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