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News Release from: Cicero Consulting | Subject: Budget
Edited by the Insidemoneytalk Editorial
Team on 14 March 2008
No Longer Waiting for Gordo - It seems
we remain Awaiting Alistair
Iain Anderson, Director and Chief Corporate Counsel at Cicero Consulting
Well some might call it boring, but it appeared to be the 'wait and see' Budget this year with many of the more 'eye catching' announcements set to be implemented in years to come Stability has replaced Prudence as the mantra and the Chancellor has given us the forecast 'safety first' performance on both the speech and the detail
This article was originally published on Insidemoneytalk on 12 Oct 2007 at 8.00am (UK)
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For much of what he has announced is out to consultation or encourages voluntarism rather than compulsion from all of us.CGT, non doms, green taxes - all a very predictable and cautious agenda.
The Chancellor's BIG announcements on Child Poverty and Green taxes, set to be implemented from 2009, were typical of the statement - most of the meat of policy decisions will only come to fruition from next year.
And some of the wider announcements, e.g on removing free carrier bags, while they will get headlines, again are subject to consultation and review rather than implementation right now.
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SMEs got a special mention - following their ire at the CGT changes announced at the Pre Budget Report.
And the Chancellor will be hoping small business owners give him the boost from the corporate sector he badly needs.The Savings Gateway gets the go ahead - at last - and it will be interesting to see who decides to take up the cudgel and deliver the scheme from 2010.
The Chancellor was quick to recognise the role of the UK financial sector as having a 'central role in the World's financial system' but it again appears the City will be subject to yet more consultation on a range of measures from fixed rate mortgages to foreign income.
One take on the speech which is perhaps taken from the Tories current thinking does revolve around the need for consultation itself - perhaps the Chancellor, burned by his experience of the PBR, decided that playing a long game on many thorny issues is the best approach.
The political line of attack from the Tories and Lib Dems over coming weeks will be that the Chancellor has boxed in his Budget Box this year - spending more in the good times and not saving for the bad years.
The Government will continue to use the argument that globalisation, while beneficial, is having a negative impact on all markets right now.
As we await for 2009 and the implementation of much of Darling 2008 Budget proposals we will need to 'wait and see' if Chancellor Darling is still at the despatch box to deliver it.
That, I fear for the Chancellor, depends more on global markets than on politics.
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