Dirk, the Editor, is a free spirit but he does ask that the Enterprise Britain bloggers are consistent.
Can you therefore please ignore my previous fifty seven blogs.
This is the greatest BUDGET ever for Enterprise Britain.
‘Why?’ you ask.
- It is a tax cutting, right wing Conservative set of proposals – Corporation Tax to be progressively reduced to 24%, one of the lowest rates in Europe.
- CGT – no problem. We can live with a rate of 28% and I suspect the detail will make it even more palatable.
- Great improvement in Entrepreneur’s relief.
- It is the right budget for the markets: gilt yields will mean our borrowing costs are manageable and rates of interest are stable.
- The Bank Levy is far less than they were expecting and the flow of bank funding can resume in to the SME sector.
BUT, it is the political fallout that wins most applause.
Dave and George are so polarising the Lib-Dems that they will implode within 18/20 months, they will get slaughtered in the General Election (my guess is early Spring 2012) by a rejuvenated Labour Party, and we can vote a Conservative Government in its own right for the next five years.
Harriet Harman, in her Budget response, mocked the Lib-Dems. “They have swopped 22 ministerial cars for the jobs of thousands of workers.”
My bet is that the most unsettled Lib-Dem is Vince Cable. Will he lead the revolt (apart from the back benches who are already saying they will vote against the Finance Bill)?
We need to read the small print and Departmental cuts will not be known until the autumn.
But this budget puts us on the road to recovery.
On that bedrock we can rebuild Enterprise Britain.