These Foolish Things

Budgets are always political but the specifics are usually only realised much later.
When Nigel Lawson knocked two points off interest rates in 1987 he fuelled an expanding economy into an overheated one, culminating in the 1990-2 recession.
The impact of George Osborne's big decision on tax rates will be felt much more immediately. It seems, from the leaked briefings, he intends to gift those earning in excess of £150k a tax cut taking the upper rate from 50 to 45p in the pound. This would be an 'adjustment' which can only benefit the wealthy and risks retoxifying the party as protecting the interests of the privileged. It hardly helps the front rank are well represented by Etonian millionaires, although I understand 'Oik' Osborne went to Westminster (his wealth notwithstanding) .
The Lib Dems have tried to temper the obvious iniquity by ensuring higher allowances before tax is paid for the poor (and the rich) and contributing to so much hot air about clamping down on tax avoidance. You would have thought we've all heard that one so many times.
The budget is likely to be remembered for this one tax break until the election and cannot be remotely justified in times of desperate austerity. Put it against the fact that about half of all young black men are without a job. The Government are also considering introducing regional pay deals which can only mean pay cuts in the north.
There goes 'One Nation' Conservativism at a stroke.