Although called a pre-budget report the statement made by the Chancellor on Monday was in many respects an emergency budget with more changes being made than are often made in the main budget.
The main effect is a £20 billion temporary tax give-away, then almost £40 billion of announced permanent tax rises – that’s almost £1,500 for every family in Bury.
The Chancellor, in one move, has doubled the national debt to more than £1 trillion, and borrowed more than at any time in our history. We now know that Britain will be paying off Gordon Brown’s debt for decades to come. With this Budget, Gordon Brown has mortgaged the country’s future to try and safeguard his own.
The choice at the next election could not be clearer. A record borrowing binge and a lifetime of tax rises under Labour, or fiscal sanity and lower taxes that last under the Conservatives.