In a speech to the House of Commons last night, Andrew Turner MP criticised the Budget, which sets out the Government’s plans for taxes and public spending. Mr Turner reminded the Government that the British people, British business and International markets are all crying out for concrete plans to reduce Britain’s economic deficit. He expressed his concern that the Budget lacks credible measures to address public debt and contains big tax increases for hard-working families.
Mr Turner said:
“The Chancellor was content simply to make projections, when he should have been detailing plans, and to talk vaguely about an end point instead of precisely focusing on how we will get there.”
Britain's national debt will hit an unprecedented £1.3 trillion by 2014-15, which is more than double the level of just a year ago and amounts to more than £50,000 per household.
Mr Turner said:
“If we do not quickly get a handle on this, our triple A credit rating will be downgraded, investors will lose confidence and the recovery will stall, if not worse. This situation will not just sort itself out, it will not just evaporate and it cannot be left for future Governments or future generations to sort out; it is our moral duty to begin reducing the deficit now, and that requires action from the Government today.”
The Budget has been called a “tax raid on the middle class.” Indeed, Income tax will increase by stealth for 30 million people, since both the basic and higher rate thresholds have been frozen. This will mean £96 a year more for a couple who both work. A single pensioner on an average income will be more than £110 worse off as a result of Labour’s tax grabs. National Insurance will be hiked for workers and for firms. This jobs tax will discourage businesses from hiring staff, cut people’s pay packets, and mean anyone earning £20,000 a year or more will be worse off.
Mr Turner said:
“When we look below the surface, we see that the Chancellor utterly ducked making the tough decisions in the best interest of the country and instead chose to penalise the overwhelming majority of hard-working people.”
Mr Turner added:
“The Budget was the Government's unique opportunity to reassure the markets, secure the recovery and, most importantly, to help the British people. They have comprehensively failed in every respect. Indeed, it is nonsensical to expect the same Government who caused the problem on the one hand to offer an effective solution on the other. So, we need an alternative. If we do not get a grip now on tackling the continued implications of the economic crisis, it will be superseded by a social crisis that will make the recession look like small change.”

The full text of Andrew Turner’s speech can be found at:
www.theyworkforyou.com/debates/?id=2010-03-29a.526.1&s=andrew+turner+budget#g585.0

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