The Spectator

Portrait of the week | 27 March 2010

Mr Alistair Darling, the Chancellor of the Exchequer, sought in the Budget to give some credibility to the government’s plans to tackle the national deficit.

issue 27 March 2010

Mr Alistair Darling, the Chancellor of the Exchequer, sought in the Budget to give some credibility to the government’s plans to tackle the national deficit.

Mr Alistair Darling, the Chancellor of the Exchequer, sought in the Budget to give some credibility to the government’s plans to tackle the national deficit. Forecasts had improved, he said, government borrowing this year would be £167 billion rather than £178 billion. Thresholds for inheritance tax are to be frozen for four years. This was the extent of the good news. Duty on beer, wine and spirits was increased. Growth forecasts for future years were reduced. Stamp duty on properties above £1 million was raised to 5 per cent, and abolished on properties priced below £250,000 for first-time buyers — for two years only. A ‘credit adjudication service’ was proposed to challenge denied loans.

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