Saturday, 23 July 2016

Fiscal Reset Ahoy

Most things come with a reset button now, it's for when things have gone so wrong that you need to start again which is fine on your phone or your router but i'm not sure what it means when the Chancellor says it about the economy. 
After just over a week in the job, Philip Hammond has looked at the books and announced that he is considering 'a reset of fiscal policy' although he wouldn't expand any further on exactly what that meant, saying that he would 'have to put something else in place'.
While Theresa May is trying her hardest to sound and look like the last female Prime Minister Margaret Thatcher, her team have been scurrying around not doing very much but you know as Tories, they will soon be doing far too much and it usually involves taking from those who can least afford it.
They also have a ready made excuse with the recent Brexit vote and news that in the wake of a massive fall of the pound and the announcement that the UK economy is tanking that they have to slash away at whatever is left after the last Chancellor hacked and smashed his way through everything in an ideological fuelled frenzy. 
He may surprise us and put the top rate of tax back up or increase corporation tax and chase those not paying it (Hello Amazon, Google, Starbucks) but more than likely reset will mean further reducing benefits, pensions and selling off  what little family silver we have left.

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