I almost felt sorry for Darling, as he delivered this preposterous Budget. Lacking Brown’s capacity for self-deception, he cannot possibly believe the growth forecasts he offered us, and on which his borrowing plans depend. There was nothing in today’s speech to suggest that the Government has the remotest idea of a credible plan to rebuild the British economy; the announcements and re-announcements which purported to support jobs and boost industry were almost all as trivial – or illusory – as the spending cuts which are meant to sustain them.
But this was also a deeply socialist Budget, setting its face against the City and against the engines of growth. Brown and Darling both know that the 50p tax rate will raise very little revenue – and may indeed cause revenue to fall – but it makes them feel good and it puts the Tories in a tricky place.
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