Rishi’s save and spend
What a super Budget day for the cautious pensioners.
First the Bank of England reduces the base rate, and within minutes the banks start to cut the already pretty miserable interest rates they pay to investors.
then the Chancellor indicates that the rate of inflation used to calculate the annual rise in pensions will probably be changing to a lower rate than that currently being used.
It is obvious that Prime Minister Boris Johnson, with his 80- seat majority in Parliament, feels he can get away with virtually anything.
he should remember that in about four years he will be begging for the pensioner vote. Providing we survive coronavirus, we can switch voting patterns just as quickly as last year.
donaLd SyKES, Barnsley, S. yorks.
YEstErdaY’s Budget, though to be applauded in many regards, are a fresh slap in the face for savers already facing poor interest rates.
I predict the charity sector will suffer as a result of declining returns on savings affecting many donors.
JoHn BELLIS, Burton-on-trent.
ChanCEllor rishi sunak has delivered the biggest windfall Budget in decades, honouring manifesto pledges, at a time of great uncertainty. But where is the prudence required of a Chancellor?
obviously, there are welcome positives, in relation to belated coronavirus help. But taxpayers’ money is being used like confetti, especially on hs2, whereas core problems, such as social care costs, are being ignored.
Infrastructure does need upgrading, but what about our poor flood defences? In the longer term these are our priorities. I hope there is enough left for a rainy day.
Stuart WILKIE, King’s Lynn, norfolk. rIshI sunak’s first Budget has had a rapturous welcome from the Press. But it is worse than even John Mcdonnell’s craziest fantasy. It is just spend, spend, spend — a typical labour budget from the bad old days, but from a tory government.
of the promised short-term spending £12 billion is not accounted for by the office for Budget responsibility, i.e. it will have to be covered by extra borrowing or higher taxes.
taxation is already at its highest since 1969 and the country is so far in debt it will probably never be paid off. Basically, Britain is bankrupt and rishi goes on a spending spree. It will come back to bite him shortly.
JoHn SMItH, Warrington, Cheshire