So what's Rishi going to do to help us all in the spring Budget today?
Fuck all, presumably.
Guessing he'll blame everything on the Ukraine war and hope everyone forgets that this was all on the cards well before the war.
Then make some tax cuts before the next election to show us how wonderful and generous he and his party is.
You’re in a positive mood PVA
To be fair his hands are tied to some extent. Cost of government borrowing is increasing due to rises in interest rates, which will continue although guessing inflation is bringing down true cost of debt. The Ukraine war is causing a lot of the issues and will continue to do so especially energy and food (due to wheat and fertiliser costs) and pressure to increase defence spending
For what it’s worth I’d:
Reduce fuel duty by say 10p (or reduce VAT on fuel)
Still implement NIC increase for nhs/social care but raise thresholds so lowest paid don’t have to pay it or tweak income tax thresholds to deliver the same result. I’d suggest delaying but don’t think things will improve much in 6-12 months
Bring in one off windfall tax on larger energy co’s profits, or encourage additional immediate investment in UK energy generation by same companies. Channel windfall tax into smaller business support to assist with their energy costs as these are going through the roof and will in turn increase product costs/inflation
In Oct bring in further energy assistance for poorest as cap will go up again
By all accounts some middle/higher income earners built up savings during pandemic so at least for a short period there should be a buffer, hence the focus has got to be mainly on the poorest in society. And before anyone suggests it, we can all currently see what printing more money has done…increased asset prices (benefitting the more well off) and together with post Covid demand and now war, has caused a massive inflation spike, again squeezing the poorest. Inflation was a major issue before the war even started