Pre budget report

It's hard to care.  Bankers' bonuses to be taxed; a new tossers' tax, liability to which which will be circumvented and which will produce no net positive effect to the economy. Yawn. And what clown, even in abject desperation, convinced themselves it would be a good idea to up NIC by 1/2% when even a small child with learning difficulties would have known it would take no time whatsoever for the opposition party spokesmen to wheel out the "jobs tax" line which will now find its way into every half baked pre-election soundbite until next Spring. 

Even more bizarrely, fancy wheeling out a bingo tax reduction, which can only be designed to appeal to the proles and not, as no small number of serious commentators were expecting, then bothering with an assault on either, or both, of CGT and IHT which would have been more resonant in terms of cheap political headlines.   Perhaps, in keeping with their policy of hacking about every law on the statute book except for those from which they personally benefit, our troughing politicos decided against tightening the CGT code when they have yet to offload their ill gotten property portfolios.  There is a trivial adjustment to IHT with a freezing of the index linking of the nil rate band but no one will notice, except for Daily Express readers who will be outraged despite not being intelligent enough to appreciate that they are typically not in a socio-economic group that pays IHT in any event.

And, lastly, lets hope those with the very biggest of readerships pick up on this choice item, copied from PN01:

" Enterprise support for ex-service personnel

As part of the Government's commitment to supporting service personnel returning from conflict, including those who may be disabled as a result of their service, PBR announces new funding of up to £5 million for enterprise support. This funding will assist returning personnel by reducing the costs and barriers associated with self-employment and setting up a new business. It will also allow targeted mentoring support to help more businesses operated by ex-service personnel to thrive and grow."

Whilst having no allegiance or connection with the Armed Forces, and most certainly not having the personal qualities routinely displayed by those who do a job which involves the risk of being maimed or killed, it is difficult not to do a double take.  As a nation, we can find billions to waste on bankers and a panoply of pointless hangers on and the bessy mates of politicans, but yet only a derisory £5M for supporting ex-serviceman to find their way in civvy street.  That's roughly 10p per head of population.   

On the plus side, and as an unashamed fan of Alistair Darling, he did the best he could with nothing in his favour.  Ignoring party politics, in the abstract one has to have admiration for someone who takes on such a thankless task from his boss and yet manages to maintain some semblance of dignity whilst having bricks hurled at him. And, in a rare display by a politician of respect for both himself and, moreover, the institution, he remained on the front bench following his statement to the House.  His boss did a runner at the first opportunity; hmm, classy. 

On the not so plus side, George Osborne has evidently been in receipt of some media training and been given a new speech writer.  With more practice, he might even be able to pass for a grown up  possessed of average intelligence.  Crikey.

Speech here or here. 

HM Treasury press releases here.

Bank payroll tax, various, here.

Pensions here.

Protecting tax revenues here. 

Financial Times commentary here.

Tax tables 2010-2011 here.