Thursday, 30 April 2009

Budget


I don't often read Mrs Parry's favourite paper the Daily Mail, but Vince Cable has been doing admirable missionary work amongst its readers. His Column this week looks at the budget. The paragraph I think is most important focuses on getting folk to face up to the scale of public sector spending implications of Labour's massive debt.




'We have escalating defence commitments – in Afghanistan and in future for
Trident missiles, aircraft carriers and much else; big cutbacks are
unavoidable following a defence review. We cannot afford to send one in two
young people to university, especially when graduate jobs are drying up'



And what he says about public sector pay and pensions needs looking at. In addition his commitment to a fair tax system ie not one that favours the mega rich, must make most Labour leaning folk blush....




'Beyond that, the taxpayer cannot continue paying for the present army of
over-paid and over-pensioned civil servants, quangocrats, NHS managers and
Government ‘consultants’. Big cuts in numbers and top pay will be required. We
cannot afford public-sector pension commitments which are escalating out of
control. Reform is urgently needed...................

Because there are some enormous loopholes – like capital gains tax at 18
per cent for those who can convert income into stock – the tax won’t be paid.
The very rich will wriggle round it. I am very disappointed more effort
isn’t being made to lift the income tax burden on low and average earners and
pensioners.........................