Wednesday is the UK’s Budget day. For those who enjoyed exams when they were younger, this is a glorious occasion; the chancellor announces lots of new information, including some things have that haven’t been leaked, and he prompts a scramble to understand what it means. Normal people and the rest of the world find the scene baffling. But there is a good chance you will be called upon to say something intelligent about this unintelligible event – and that this will happen before any typically-brained human being will have been able to analyse the figures.
Here are seven things that you can say in any conversation about the Budget. This bluffer’s guide has the advantage that you don’t have to watch the event.
1. “Any announcement worth less than £10bn is not worth discussing.” No-one wants to seem without perspective or worse, vision. And vision means the big picture and the big picture means big numbers
On Saturday, Ed Balls announced that a Labour government would bring back the 50 per cent tax rate on incomes over £150,000. His main justification is that it would raise more revenue than government estimates suggest. Is the shadow chancellor correct?
The table is featured in a report from the Institute for Fiscal Studies, a think tank, on Scotland and taxation. (The original is here.) In this world, among other things, taxes on labour and transactions would be reduced, and distinctions of business size and investment type removed. Bad side-effects of economic activity, such as carbon emissions and congestion, would be taxed directly, rather than indirectly or not at all.