The Chancellor has failed the UK, London and Ealing, Southall across the board.
There one overriding message from today’s budget, and that is one of abject failure. While in 2010 George Osborne asked us to judge his success as chancellor on abolishing the structural deficit by 2015, nearly a year on, and he is only just managing to achieve his target five years late, in 2020.
Osborne was only able to do more than scrape over the line by a tax fiddle, and loading a bigger tax burden to hard hit families. The tax burden is set to be the highest in over a decade by the end of the parliament. Osborne’s accounting fiddle brings forward corporation tax receipts in order to hit his surplus target in 2019-20. Osborne would barely make his target were it not for this accounting change.
While Osborne has promised increases in exports over the last five years we are nowhere near hitting his £1tr export target. Today the Office for Budget Responsibility confirmed that the target is on course to be missed by £357 billion.
The human cost of this budget is startling too. Osborne has failed to provide a future for the next generation. The Tory record on education is one of a teacher shortage crisis, unprecedented level of teacher low moral a school places system in crisis, a widening attainment gap between disadvantaged children and their peers, and exams and assessments in schools in chaos.
Disabled people have already suffered from Osborne’s so called recovery, now he is planning to make people with disabilities suffer even more to pay for the failures of his economic plan. While over half a million people with disabilities are losing over £1 billion in personal independence payments, big corporations are getting tax breaks and the Chancellor is cutting Capital Gains Tax – a tax he himself raised in 2010 saying doing so was necessary to “create a fairer tax system.