09/04/2003
Brown’s Budget draws fire from Alliance
Alliance Finance Spokesman Seamus Close MLA has hit out at today’s Budget by the UK Chancellor Gordon Brown as "timid and sleekit".
Mr Close said: "The fact that the Chancellor did not change tax allowances - not for the first year - effectively means that yet again virtually everyone who is working and paying tax will pay more in the current year.
"The stealthy Chancellor continues to stick his hands in our pockets and the impact around the margins could be quite painful. In addition, the one percent increase in National Insurance, which was announced last year, is only starting to bite this month. It is clear that the vast majority of people are going to have less take-home pay.
Mr Close also said that the Chancellor had done “little or nothing” to assist small businesses in Northern Ireland, which he described as the “backbone of our economy”.
He said small businesses were “drowning in paperwork” as they were effectively operating as “unpaid tax collectors and social workers”.
Mr Close warned: "The disincentives to creating employment are rapidly outweighing the incentives."
Business leaders in Northern Ireland had expressed concerns that they may have been the target for taxation increases, but rhe speech revealed no indication that corporate taxation had been directly increased.
The main problem facing the UK Chancellor, as he broke with tradition to make a lunchtime budget speech, is a £12 billion ‘hole’ in his budget plans from last year.
A general slowdown in the economy has adversely affected revenues from industry and with the economy performing much more slowly that anticipated, some analysts are predicting growth as low as 1.5%, yet Mr Brown is bound to increase public spending particularly in the health and education sectors.
However the Chancellor opted to borrow to finance spending pledges and to add £3 billion to the war chest.
(SP)
Mr Close said: "The fact that the Chancellor did not change tax allowances - not for the first year - effectively means that yet again virtually everyone who is working and paying tax will pay more in the current year.
"The stealthy Chancellor continues to stick his hands in our pockets and the impact around the margins could be quite painful. In addition, the one percent increase in National Insurance, which was announced last year, is only starting to bite this month. It is clear that the vast majority of people are going to have less take-home pay.
Mr Close also said that the Chancellor had done “little or nothing” to assist small businesses in Northern Ireland, which he described as the “backbone of our economy”.
He said small businesses were “drowning in paperwork” as they were effectively operating as “unpaid tax collectors and social workers”.
Mr Close warned: "The disincentives to creating employment are rapidly outweighing the incentives."
Business leaders in Northern Ireland had expressed concerns that they may have been the target for taxation increases, but rhe speech revealed no indication that corporate taxation had been directly increased.
The main problem facing the UK Chancellor, as he broke with tradition to make a lunchtime budget speech, is a £12 billion ‘hole’ in his budget plans from last year.
A general slowdown in the economy has adversely affected revenues from industry and with the economy performing much more slowly that anticipated, some analysts are predicting growth as low as 1.5%, yet Mr Brown is bound to increase public spending particularly in the health and education sectors.
However the Chancellor opted to borrow to finance spending pledges and to add £3 billion to the war chest.
(SP)
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