A two and half percent reduction in V.A.T. when in the run up to Christmas sees stores offering 20% to 40% discounts, and still dying on the vine, will not make a bit of difference. Giving old age pensioners just over one pound per week extra allowance, and a few hundred each year on child allowance, will hardly compensate the incredible recent fuel, gas and electricity increases of 20% to 30%.
With hundreds of thousands losing their jobs, and many more worried about their future, are these give aways really going to induce people to rush out and spend?
Of course not, and the only result of the billions misplaced will be a huge increased tax burden a few years down the line. This follows the fiasco with the banks, again, billions given to save their hides, in the hope they would use the taxpayers money to give credits to small/medium businesses, mortgages, etc. all to no avail, with the banks clinging onto this cash inflation's, whilst businesses fail and the housing market/construction spirals downwards.
The pound has taken a beating, and the ineffective actions of the Brown Government will no doubt incur a further devaluation in the near future as confidence falls. I think the British public deserve something better from their elected politicians than a bleak Christmas and an even more worrying 2009.
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