Politicians and the media will try to build up the drama of Budget day. In truth you’ve had the budget already, in two senses.
You’ve had it over the last year, as the government has heaped spending on spending, commitment on commitment.
And you’ve had it in the last week, as the government has seen fit to leak its own “ideas” on necessary changes to the ever expectant media.
The government cooked its goose – and ours – when it took over £3,000,000,000,000 of bank liabilities. It is delaying making those banks own up to their lossses and sort out their mess.
The government cooked its goose – and ours – when it kept money too tight for too long and intensified the downturn. We will experience a big revenue loss from the economic fall, and a big increase in spending on benefits.
The government cooked its goose – and ours – when it decided to undermine its own VAT revenue on top of all the other “spending pressures” and “reflationary measures” it took to get the PM over each media event in recent months.
So now we have the “cupboard is bare” budget.
Subsidies for electric cars that are not in production, tax increases for a future government, and employment subsidies on a small scale.
What we need is an honest budget, setting out just how much financial damage has been done, and setting out a course to correct it. In this government of the spinners by the spinners for the spinners I expect we will once again have the opposite. They can’t even own up to the extent of last year’s borrowing, so don’t expect them to get this year’s right.