Time to Go global after a budget of low horizons

Published Mar 16, 2016

reckless3.pngUKIP Economics Spokesman Mark Reckless said: "It truly was a Budget of low horizons based on staying in the EU with growth at a paltry 2%. George Osborne can see the broken economies of the European Union pulled over on the hard shoulder. He then congratulates himself for passing them at 30 miles an hour, while economies beyond Europe zoom past in the fast lane. Worse still, half of his 2% growth forecast reflects net immigration of over 300,000 adding up to 1% a year to the 30 million or so in work. Much of the paltry growth forecast beyond that reflects an assumed take-off in consumer borrowing that would end in tears.

"We need to raise our eyes to the horizon and Go global by voting ‘Leave’ on 23rd June. Then we can really get corporates to pay their fair share by eliminating the EU rules that allow them to avoid tax. We will have £20 billion a year gross – that is £55 million a day – and at least £10 billion a year net back from the EU to use for our priorities. Leaving the EU would mean we could cut the deficit faster, reduce spending more gently, and cut taxes to make them lower, simpler and fairer.

"Instead, inside the EU the Chancellor claims he will “choose the long term” after his short term plans were found wanting. That means putting off balancing the budget once more as spending cuts are pushed beyond the horizon yet again. For each of the next three years Osborne says the budget deficit will improve by around £17 billion a year, yet then claims there will suddenly be a £32 billion surge into surplus the year before the election. Does anyone really believe that?

"The Chancellor once promised a simpler tax system and even pretended to support a flat tax. The reality is that in budget after budget his obsessive fiddling and gimmickry has given us a tax system that is ever more complex, and ever more inefficient for everyone involved, except for the lawyers and accountants. This budget saw more of that tinkering e.g. his new tax on sugary drinks, ostensibly to pay for more sports in schools, but in reality to hit the poor hardest.

"UKIP wants taxes to be lower, simpler and fairer. We therefore welcome reforms next year to business taxation and the rise in the personal allowance to £11,500 and the 40p threshold to £45,000 - inspired by the UKIP manifesto. However, if we are really to make taxes lower simpler and fairer, while dealing with the deficit, we need to vote to Leave the EU on 23rd June."

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