It has been so busy at work that I have been at my desk by 7.45am all but one day this week. The reason was partly to do with the Chancellor's Pre-Budget Report on Wednesday. Big business had read the speculation in the run up to the Statement with some trepidation but as one commentator said the day after the City responded with a collective shrug of the shoulders. But having now examined the so-called Green Book it is clear that the rest of us will suffer as this Government has basically run out of ideas to fix the mess that Gordon Brown got us in.
The Government’s proposals include:
· National Insurance hikes on workers meaning a smaller pay packet for anyone earning £20,000 or more.
· National Insurance hikes on local firms, making it more expensive to pay staff.
· Higher income tax, pushing more middle income earners into the 40 per cent higher rate.
· Inheritance tax rises by stealth, taxing people more as house prices start to rise.
· Higher stamp duty, meaning the average first time buyer will now pay £1,475 in stamp duty.
· A new telephone tax on anyone with a phone or fax line.
· Forcing councils to make more cuts to rubbish collections and pushing up council tax.
The only impact the Pre-Budget will have is to hike up taxes for the hard working families across Chatham & Aylesford. There was a suggestion that there would be an early Election because the Chancellor and Prime Minister would not want to hold another Budget - good - bring it on because this Labour Government will not doing anything to sort out the worst debt crisis this Country has ever faced.