Here is the budget (a little austere) of the Johnson government
The British Chancellor of the Exchequer, Rishi Sunak, yesterday presented the 2021 budget to the municipalities. Here are the measures of the Johnson government. The point of Daniele Meloni
A Budget Law for the Age of Optimism. Thus, the British Chancellor of the Exchequer, Rishi Sunak, yesterday presented to the municipalities the 2021 budget, which, in the hopes of the Tory government, should be the one that will make the country return to growth after the pandemic.
Many of the measures announced by Sunak had already been anticipated by the press: the increase of the minimum wage to 9.50 pounds per hour, for example, and the freezing of excise duties on alcohol and petrol. The whole picture of the British economy was examined by the Chancellor during his speech: inflation is at 3.1% (and forecasts are that it will rise to 4), the economy will return to pre-Covid levels in the 2022 with a growth of 6.5% this year and 6 next year, wages have increased by 3.4% since February 2020 and the deficit after going to 7.9% of GDP will return to 3.3 % in 2022.
The Tory government spares no expense, this is now well established. "When I'm with Boris I always have to hide my wallet," Sunak said, while Treasury No. 2 Simon Clarke said that "conservatives are not afraid to pass for a party that invests money in the public sector." And it shows. After the increase in National Insurance to finance the health and social system, another 6 billion pounds are planned to shorten waiting lists in the NHS, while spending on the PA will increase by 150 million during this term. In Whitehall the Tories will have a few more friends. The funds for the devolved governments of Scotland, Wales and Northern Ireland will also increase, as well as an allocation of 1.7 billion for the Leveling Up, the socio-economic rebalancing of the regions, which will be dealt with by Minister Gove.
After gradually raising the corporate tax, the government has also been concerned about the business world. A 50% discount on the business rate – the tax on rents paid by companies – has been planned for 2022-2023 for the benefit of companies in the entertainment and hospitality sectors. As well as the airport taxes on flights within the country will be lowered to encourage domestic tourism. Finally, taxes on the universal subsidy – Universal Credit – have been raised from 63 to 55%, and funds for international cooperation will return to 0.7% of GDP by the end of Johnson's term.
The controversy, however, was soon served. The speaker of the House of Commons accused the government of having presented the measures first to the press and then to the courtroom, with a conduct clearly detrimental to the prerogatives of Parliament. The government responded by shrugging. "There are 5 days of debate in the classroom on the measures – said the Chief Secretary to the Treasury, Clarke – and Sunak will be audited in 2 parliamentary committees next week".
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/mondo/ecco-la-finanziaria-poco-austera-del-governo-johnson/ on Thu, 28 Oct 2021 07:44:21 +0000.