This article was last updated on April 16, 2022
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The British Chancellor, George Osborne has shown his “absolute determination” that the fresh Budget will help in driving the country’s economic growth, despite the forecasts of its having a small impact on U.K. gross domestic product.
Mr. Osborne has strongly emphasized the measures introduced to encourage employment, home-ownership and small businesses and said: “It’s a difficult situation, but it could be a lot worse.”
“We have made a lot of mistakes as a country, over many years, building up these debts. But my determination is not to run away but to confront them head on.”
He brought a planned increase in income tax thresholds to £10,000 starting from 2014, which Tory aides said meant that everyone who paid the 10p tax rate under Labour will be exempted from the tax altogether from next year.
Shadow chancellor, Ed Balls has criticised Mr. Osborne’s Budget and said: “He told us two years ago he would get the economy growing, get rising living standards and get the deficit down.
“Borrowing is up, the national debt is rising, the economy is absolutely flat and everybody in our country is worse off year by year, apart from the rich. It’s not working.”
Mr. Balls has asked Mr. Osborne to take a swift economic “U-turn” on budget after the growth forecasts for 2013 were halved to 0.6%. He is also of the opinion that the fresh budget will only support the millionaires like the previous ones and this wrong approach will not work for the general public.
While Mr. Osborne has told the measures announced to boost housing economy were devised to support the working class who are trying “to raise their kids in the right way.”
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