Osborne announces budget announced and Harman swipes at local MP Cable

The first Coalition “tough but fair” Budget has been announced by George Osborne today to uproar in the House of Commons.

Some contents of the budget are:-

·   VAT will rise to 20% from 4th January 2011

·     Personal income tax allowance will be increased by £1000 in April to £7475 – which is £170 per year to basic rate taxpayers

·     Capital gains tax will rise from 18% to 28% from midnight for the higher rate taxpayers 

·     Child Benefit is being frozen for the next 3 years

·     Public sector pay is being frozen for those earning over £21,000 for the next 2 years

• Council tax frozen from next April
• Disability allowance cut
• Benefits cut

More information can be found on the Direct Gov website.

Local Liberal Democrat MP and Business Secretary Vince Cable came under attack from Harriet Harman, Leader of the Opposition stating he has changed from former national treasure to treasury poodle.

“Look at the Business Sec. The Hon member for Twickenham.  

Mr Deputy Speaker, the House has noticed the Business secretary's remarkable transformation in the past few weeks.... National Treasure to Treasury Poodle.

The full response can be viewed here.

We will wait for his response with interest.

What is your opinion of the Budget and how will it affect you and Teddington?

Photo by Gracey