| Budget - June 2010
On 22 June, George Osborne presented
his first Budget as Chancellor.
The Highlights
This was always going to be a difficult
Budget, both for the new Chancellor and for the Country. It had been billed as
an “emergency” Budget, but Mr Osborne described it at the beginning of his
speech as an “unavoidable” Budget. The level of public sector debt inherited
from the previous government had reached a staggering £800 billion and it was
set to continue increasing, reaching a predicted £1,618 Billion in 2014/15. The
government aims to have the structural budget deficit in balance – in other
words only spending money it actually has – by 2015/16. The overall level of
debt will then start to reduce. The Budget sets out to balance the books with a
balance of spending cuts to tax increases of 77:23. The Chancellor forecast that
the economy would grow at 1.2% this year, 2.3% next year and by 2.8% in 2012.
While inflation – measured by the CPI or Consumer Prices Index – is set to rise
to 2.7% this year, the inflation target remains at 2%.
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