By Rachelle Peard. Published on 29 March 2012
We’re delighted to welcome the first of an occasional series of articles from renowned economist Dennis Turner.
How times change. In previous generations, two Chancellors, Jimmy Thomas and Hugh Dalton, were forced to resign because of indiscreet Budget leaks, in Dalton’s case a casual remark to a reporter while he was on his way to the Commons to make his speech. Today, virtually everything of significance in George Osborne’s Budget was trailed in advance and there were few surprises on the day. And it was not so long ago, that the Budget was a significant economic event, justifying the huge media build up and the conferences and seminars that followed. But, as the Treasury document reveals, the net effect of the Chancellor’s hour or so on his feet and his 114-page Budget report was a difference of £470 billion this tax year to an economy worth around £1,500 billion. For the economy, and for most people, what the Bank of England does with interest rates is at least as important as what the Treasury does with taxes…
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