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Reacting to today’s Budget statement, Nick Pearce, IPPR Director, said...

“George Osborne has missed the opportunity to jump start the economy. Rather than raise the personal allowance and lower the top rate of income tax, he should have cut employer national insurance in the same way the Barack Obama has boosted the US economy with a consumer stimulus.

“US unemployment has fallen for nine months, while UK unemployment has been rising for nine months. The UK still desperately needs a ‘jobs guarantee’ to ensure that more than 800,000 people who have been out of work for more than a year get back to work or risk losing their benefits.

“There are better ways of helping low income families than raising the personal allowance and cuts to Working Tax Credits will really hit working families.

“Closing the loop hole for foreign buyers using companies to purchase homes is a welcome move, but he should have gone further and introduced a mansion tax. Stamp duty at 7% on £2 million mansions will help but more action is needed to prevent the super-rich from using the London housing market as a ‘global reserve currency’ and to tax housing wealth, not just transactions.”

“The child benefit ‘cliff edge’ move is simply tinkering at the edges. The Chancellor should have gone back to the drawing board. It would have been better and bolder to invest in universal childcare by freezing child benefit for 10 years.

“The big surprise was the £1bn raised by the freezing pensioner tax allowances, which is a controversial but welcome move to spread the burden of deficit reduction to include pensioners.”

Written by Scott Buckler
Wednesday, 21 March 2012 14:02

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