Six of one, half a dozen of the other

Article Abstract:

The Labour and Conservative budget proposals are quite similar. The Institute for Fiscal Studies shows that 17% of all households would lose an average of 18.28 pounds sterling a week under Labour proposals. Under the Tory package 48% would gain an average 3.14 pounds sterling a week. However, most Labour losers may be those on very high incomes. The 13.5% of people earning above the National Insurance Contribution ceiling account for nearly 40% of all taxable income. Business confidence is crucial for planning investment, promotion and production but entrepreneurs are not inspired by the Labour party.

Economic policy, Labour Party (United Kingdom), Conservative Party (United Kingdom)

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Read my lips: no more Thatcherism

Article Abstract:

Chancellor of the Exchequer Norman Lamont presented a budget with less immediate effect but including plans for 1994/5. This shows that recovery is still weak and that Thatcherite economics are no longer valid. The London financial district reaction shows that it approves of the budget. It provides opportunities for manouevre. The markets are distrustful, as promised tax increases may not materialise, but they will be difficult to change as they will be part of the Finance Bill.

Speeches, lectures and essays, Lamont, Norman

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Did prudence ever win the prize?

Article Abstract:

The cautious Budget emphasised the depth of the recession but the Treasury insisted recovery was already in place and needed no further stimulus. Annual December Budgets with expenditure and revenue decisions combined were announced as a change for the future. A lower tax band of 20 pence was introduced. The effect on election votes cannot be predicted.

Income tax

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