ANOTHER MARCH, ANOTHER BUDGET.

One can be cynical regarding almost every budget, the latest being no exception. Nothing can be easy, by giving the impression of 'giveaways' within an economy so hopelessly in debt, thanks to the years of profligacy of the last Labour regime. In addition, the Government's Libdem partners wanted to include some of their input, particularly with a view to increasing the tax threshold. The Chancellor, therefore, decided to freeze the advantages extended to pensioners, of which I am one. In my case, the yearly increases in the threshold will presumably, in due course, level out. The freeze obviously means that I can't expect such an advancement in my tax threshold, which will then be the same as a working person's threshold. The idea, presumably, is for the tax system to become universal. What will be interesting to observe, whether or not in future years, the Chancellor will make different allowances to cover for the loss.

The other 'song and dance' item is the lowering of the top rate of tax from 50p to 45p; this, if we look at economies which are performing well, is not enough. China, a communist regime, has a top rate of 23%, probably a flat rate across the board for all tax payers. They copied this from the Hong Kong system, introduced some decades ago by British civil servant, John Cowperthwaite. This is proven to be the best way to get your people to work hard, by letting them keep more of their hard earned cash. Robbing Peter to pay Paul only allows the money to spiral into free fall, dissipating all the way, until we are completely broke. Buying votes with OPM (other peoples money) is a disgrace, from which the economy will never recover.


THE POLITICS OF ENVY.