(I didn’t watch the live Budget broadcast yesterday, for fear that I might throw something at the telly. This is a fairly common occurrence whenever George Osborne is on screen, so I figured probably best not. However, I was following the Twitters, with particular interest shown to tax expert and strident reformist Richard Murphy. He was not impressed. I’ve had a chance to see what was in young Osborne’s little red satchel, and I would like to respond as if I was the Shadow Chancellor (incidentally, isn’t that a great name for a fantasy villain?) – admittedly, with the benefit of hindsight that I don’t think Ed Balls gets.)
The Shadow Chancellor rises, and waits for the applause and jeering to die down. He fixes his opposite number with a hooded glare, and taps impatiently on his lecturn with the eraser end of a pencil.
The House of Commons is, unusually, completely silent as he speaks.
“Is that it? Really? Is that the best you can do? Have you given up so early in the game, George? I mean, this is just derisory. There’s hardly anything here! Alright, let’s see what you’ve managed to do, shall we?
A penny off fuel duty. When you’d raised it by two in the last budget, and a postponement of the next hike until January. Which means you’ve just promised the drivers of the nation two price rises on fuel in 2012. 50p on a packet of fags. Fine, I’m with you on the coffin nails. A sneaky play on alcohol duty though. No rise doesn’t mean you’ve abolished the duty escalator. So that’s a 2% rise above the rate of inflation. 10p on a pint over the next year. You’ve just doomed the rural pub market. Not that people can afford to drive to them in the first place, but that on top of the VAT hike is going to grease the slide on which a lot of these local community businesses are already teetering. Nice work.
“That’s a sweet little drop in corporation tax rates there. And I see you’ve made an attempt to address tax avoidance. Sort of. A bit. A fifty grand payment if you’ve lived in the UK for twelve years. I can see Philip Green quaking in his boots over that one. And you’ve not put a limit on the tax assets that banks are sitting on from the losses they incurred in the 2008 banking crisis. That’s what kept Barclay’s tax bill down to a 1% payment. Nicely done. Keeping your paymasters sweet.
“If you were serious about tax avoidance, you’d give HMRC the cash and staffing it needed to get to grips with the staggering amount of revenue we lose to corporate shenanigans every year. Instead, you’ve provided loopholes in inheritance tax and charitable contributions that will turn this country into a haven for tax abusers. Nicely considered.
And after that, we can still see that growth has slowed for the third successive quarter that you’ve been in charge of the accounts. That’s not the best record, really, is it?
“I suppose we should be grateful that you haven’t done more. After all, the cuts that will begin to bite in the next couple of weeks will be bad enough without you turning the screws any further. Unfortunately, you’ll probably find that your lame duck budget hasn’t fooled any one. I suggest you have a look at the people who will be filling the streets of London this Saturday. The people who will be clearly and directly affected by your politically motivated financial agenda. Is it a coincidence that you’re rushing through your attempt to clear the deficit in time for the elections of 2015, when most economic experts consider that there’s no problem with taking 12 years to do it? And in fact that this country is in significantly better financial shape than you’d have us believe?
“It’s becoming pretty clear to everyone with two brain cells to bang together and a fast internet connection that your policies aren’t working, that your interests are not those of the people you claim to represent, that you’re lying to the electorate in order to push through policies that are based on discredited economic theories dragging us back to the worst excesses of the Thatcher years, that your arrogance and hubris will not allow you to admit that the gamble you’re taking with this country’s future is putting us on a path to disaster. This Budget is pointless, because the damage is already done.
“I’d say thanks for nothing, George, but the sad fact is that you’re going to leave us with less than that.”
The Shadow Chancellor sits, and waits for the inevitable tumult.