Osborne: Tories will hold emergency Budget if they win the election
James Forsyth 12:45pm
George Osborne has just announced at The Spectator’s inaugural conference, Paths to Prosperity, that there will be an emergency Budget in June or July of 2010 if the Tories win the election. Osborne told Andrew Neil that the aim of this Budget would be to reduce borrowing for fiscal year 2010-11, which will already be under way at that point, and for the years thereafter. Presumably this will be done through a combination of tax rises, spending cuts and asset sales.
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TrevorsDen
September 15th, 2009 1:19pm Report this commentThe cost of servicing the debt in 2010-11 will be some £43 billion.
Total govt spending in 1997 was some £318 billion. So we are now spending some 14% of total spending in 1997 on simply paying interest on our debt. Thats how far things have gone under Labour.
John Ware
September 15th, 2009 1:59pm Report this commentGiven that the Tories would have at most a few weeks to put together an Emergency Budget after winning an election, is it too much to hope that they will work out what they are going to do BEFORE the election? And tell us?
Marcus Cotswell
September 15th, 2009 2:09pm Report this commentI'm not sure this qualifies for the 'this just in' style announcement - it's not exactly a great surprise - although I do realise that the blogosphere is often a place where quantity counts more than quality. I don't suppose George gave us any idea what he might put in said Budget, did he? Beyond, that is, the rather brilliant ideas espoused in your concluding sentence.
Dennis Layton
September 15th, 2009 2:17pm Report this commentDon't know what Trevorsden studied but clearly it is neither maths nor economics. Comparing numbers from 2009 (£43 billion) and 1997 (£318) is meaningless and actually quite dumb. Typical fuzzy Tory "logic". AKA the big lie.
seb2
September 15th, 2009 2:35pm Report this commentDoes anyone know of any betting markets on tory policy?
I am totally convinced they will put VAT up to 20% in their first budget.
Peter
September 15th, 2009 2:54pm Report this commentI wonder which the Tories are afraid of more. Overtly touting spending cuts or overtly touting increased taxes. I reckon the public are in the mood for cuts over tax. Those ringed fences are going to haver to come down - especially the Overseas Aid fence. What little money we have needs to be spent here not wasted on African despots or on ex-third world countries now better off than we are.
Chris lancashire
September 15th, 2009 2:56pm Report this commentDennis Layton - 1997 re-expressed at 2009 prices would be £455bn, so instead of TrevorsDen's 14% it would be 9.4%. Still a lot isn't it?
Stephen Grant
September 15th, 2009 4:38pm Report this commentIm not convinced by George Osbourne and his "emergency budget".There is not enough detail just typical Tory smoke and mirrors.The history of all the parties is pitted with broken promises but the Tories are the bigest liars when it comes to policy.Im no fan of Mr.Brown and his bunch of no hopers but the Tories may just tip the country over the edge just before they pack up and leave for sunnier climates-because when it comes to the bottom line they can-regretfully the rest of us cannot!
Blue.Beat
September 15th, 2009 7:49pm Report this commentStephen Grant- Please enlighten the unlit.
Three examples please 79-97.
Max Utility
September 20th, 2009 7:06pm Report this comment1. Ahead of the 1979 election - We have no plans to increase VAT: on election doubled to 15%.
2. Ahead of the 1992 election - We have no plans to increase taxes: largest tax rise in peacetime followed.
3. Arms deals - Jonathan Aitken with the shield of truth and the sword of justice was particularly poignant.
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