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Feature: A Budget for growth?
07 April 2010
The UK stands at a crossroads according to the Chancellor. Which route will the country take?
Alistair Darling’s Budget speech on 24 March 2010 was set on a stage ahead of a general election, in the shadow of the recession and rising fiscal debt and with the uphill climb facing the UK economy set to be a steep one. Understandably, the Chancellor had his eyes on the forthcoming election and delivered a more political speech than in previous years.
Chancellor Darling himself described the UK economy as being “at a crossroads” and claimed that he was delivering a Budget to “secure the recovery” and provide ”targeted support” where it is needed. The centrepiece of the Budget seemed to be a £2.5bn package for small and medium-sized businesses, funded primarily by higher than expected receipts from the one-off tax on bankers’ bonuses.
The Treasury kept its forecast for growth in 2010 unchanged from the Pre-Budget Report 2009 (PBR) in December at 1-1.5%. However, the forecast...
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