The Budget a "Balanced Approach"
Updated: Nov 23, 2017
The Autumn Budget has happened, it looks good for Scots with the NAT's facing calls to u – turn on their Scottish Tax Hike Policy as Westminster is sending more cash across the border!
Scotland will receive an extra £2Billion in Funds from Westminster and further £3Billion has been pledged over the coming years to ease the BREXIT transition process and more is promised if necessary.
The NAT's will endeavour to spin this as Big Bad Westminster as per usual.
Big Bad Westminster is freezing fuel duty, relieving the Fire and Police Services of VAT, adding £2Billion to the Scottish Budget and innovating new tax policies to attract investment in the North Sea.
“1.4 million out of work is 1.4 million too many”
The Office for Budget Responsibility (OBR) forecasts 600.000 new jobs, due to the Technological Revolution that the UK is firmly at the forefront of and will pledge an investment of 3.2 Billion.
The OBR’s revised productivity growth and GDP predictions for:
2017 – 1.5%
2018 – 1.4%
2019 – 1.3%
2020 – 1.5%
2021 – 1.6%
They are predicting a BREXIT slump, which doesn’t surprise me as we have a Remain Chancellor.
Although, in 2020 we are back up in the GDP Growth % polls and increase again in 2021.
So minor short term slow down for BREXIT, but only in the short term, that's if the OBR are correct, the medium to long term will be very bright.
Borrowing is down to 49 Billion, a short fall of 8 Billion which was predicted by the trusty OBR and its set to fall to 39.5 Billion next year, that is one big over draft…
It is however, the lowest level of borrowing in 20 years.
The UK must “reduce debt to invest in the future”
The UK National debt is due to peak at a whopping 86.5% of GDP this year and then steadily fall next year to 86.4% of GDP all the through to 2023, where it is predicted to fall to 79.1% of GDP.
Therefore, we have so called Austerity Cuts.
Labour want to borrow another 500 Billion but, you can’t borrow your way out of debt.
It all sounds good in soundbites “End Austerity” but Labour caused it, they were in power when the debt sky rocketed.
The current front bench are far less competent than their predecessors.
Yes, that is actually possible!