Budget 2014 Background

The 2014 budget has to be looked at, as all budgets do in the context of the overall economic position of the Country. The situation is still extremely difficult but it is better than it was four years ago.

The scale of the problem is demonstrated by the fact that even though the Government has reduced the annual deficit by a third the Country is still having to borrow an estimated £109billion this year just to pay the bills. No individual, no business, no organisation can continue for long paying out more than it gets in.

Fortunately, the economy is growing again. The latest forecast from the Independent Office of Budget Responsibility is that the economy will grow by 2.7% in the current year.

The reason why all this is important is that it is only because the Conservatives have a long-term economic plan which is making it possible to help savers. pensioners and families. In the long-term it is for the benefit of our children and grandchildren that we get the nations finances in order so we don’t pass the debts we have built up on to them.