The chancellor has promised that there will be no further tax increases or spending cuts and his focus will now be on the UK’s economic recovery.
Although the sharp rise in VAT at the beginning of the year will continue to be felt and an increase in National Insurance will still happen next month, however, the overall budget will not raise any extra money.
So the public don’t need to worry about anymore tax increases or cuts, but what about the current rate of unemployment? What will George Osbourne do to create jobs?
The chancellor stated in an interview that there will be a rise in apprenticeships and work experience schemes. He has obviously taken on board last week’s eye-opening unemployment statistics from the Office for National Statistics, which revealed unemployment in the UK was at its highest since 1994 - being particularly bad in 16 – 24-year-olds.
The increase to the price of fuel is set to continue to be a burden for businesses. The Chancellor said he was “looking very carefully at that” to see if he can afford to do something about the surging prices.
It is a comfort to hear that the UK should not have to brace itself for anymore cuts or increases in tax. However, the cuts and increases that have already been implemented will continue to be felt. Economic growth should be the main focus on Wednesday and it is vital the Chancellor puts in place strong actions, and not just words, to get the UK on the road to recovery.
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