One of the most eyecatching political reports of the weekend was squirrelled away on page 16 (£) of the Sunday Times. It’s worth clipping out for the scrapbook, even now. In
it, Marie Woolf reveals some of the fiscal sweeteners that Osborne might sprinkle into the Budget. There are two particularly noteworthy passages:
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i) Raising the personal allowance. “The income tax threshold is already set to increase by £1,000 to £7,457 from April 1. However, Osborne is expected to raise
it by about a further £500. Details of the additional concession are still being worked on, but it marks a victory for the Liberal Democrats, who have been arguing within government for tax
cuts for the poor.”
ii) Holding off on 50p. “The Treasury admits that in addition to carrying out modelling on the effects of tax cuts for the lowest earners, it has looked at the effect of cutting
the 50p tax rate.
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