Gordon Brown delivered what was likely to be his final budget yesterday and the People's Republic remains unimpressed. The consensus is that the headline 2p income tax cut actually means the poorer are paying more tax due to the abolition of the 10p rate. PragueTory claims anyone earning less than £17935 more than £5000 is actually paying more tax (not taking into account any tax credits). Not like the Tories to give a damn about the poor, and not like me to agree with them. Circumstance makes strange bedfellows.
This time last week HP stopped producing its sauce in Aston, Birmingham and moved production to the Netherlands where corporation tax has recently been cut to 25.5%. In what can only be described as shutting the door after the horse has bolted, Brown cut corporation tax to 28p yesterday, making up the shortfall by tightening up the rules and raising taxes on small business. We are still quite a way off Ireland's corporation tax rate of 12.5%.
Oh and tax goes up on beer by 1p a pint on Sunday.
Better tank up before then...