EXTRACT: George Osborne’s budget was essentially one for the wealthy - hardly astonishing, given that over 20 cabinet members are millionaires. The basic assumption was that those at the top of society are the wealth-creators and hence need to be incentivised - lots of carrots - to encourage them to create yet more ‘wealth’ (ie, make larger profits and grow even richer). Given this grotesque premise, tax cuts - personal and corporate - are a vital necessity if we are to unleash a wave of entrepreneurship that will in turn create jobs for those languishing at the bottom.
Meanwhile, the working class and the poor find themselves at the wrong end of below-inflation increases to the minimum wage, less generous tax credits, regional differentials in public sector pay, and so on. In other words, the budget saw the unwelcome return - or revenge - of trickle-down economics. Not that it had ever gone away, of course.
Meanwhile, the working class and the poor find themselves at the wrong end of below-inflation increases to the minimum wage, less generous tax credits, regional differentials in public sector pay, and so on. In other words, the budget saw the unwelcome return - or revenge - of trickle-down economics. Not that it had ever gone away, of course.
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