Disappointing budget for those hoping to boost growth
16 March 2023
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Joseph Dinnage writes in The Express
IEA Press and Digital Officer Joseph Dinnage has written for The Express criticising the budget’s lack of ambition.
Joseph wrote:
“Nothing announced was drastic enough to drag our economy out of stagnation – and when the Chancellor proclaims that halving inflation from the peak of 10 per cent is something to laud, things must be bad.
“The move to freeze income tax thresholds until 2028 to fill a £55billion hole in public finances seems prudent – but the devil’s in the detail. The decision is expected to drag 3.2 million into paying tax, while a further 2.5 million are to pay 40p higher rate or 45p additional rate.
“The tax burden is at its highest since Attlee’s government and ideas like this perpetuate our high tax and low-growth malaise.”
Read the full article here.
Joseph wrote:
“Nothing announced was drastic enough to drag our economy out of stagnation – and when the Chancellor proclaims that halving inflation from the peak of 10 per cent is something to laud, things must be bad.
“The move to freeze income tax thresholds until 2028 to fill a £55billion hole in public finances seems prudent – but the devil’s in the detail. The decision is expected to drag 3.2 million into paying tax, while a further 2.5 million are to pay 40p higher rate or 45p additional rate.
“The tax burden is at its highest since Attlee’s government and ideas like this perpetuate our high tax and low-growth malaise.”
Read the full article here.
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