Papering over the cracks:
The chancellor has fired the starting pistol for next year’s general election with a budget aimed at most of the government’s critics. There’s a sort of mansion tax with the changes to stamp duty and a new levy on multinationals that avoid paying tax on work done in the UK.
But despite some growth and some confidence in the economy, the recovery is still very fragile. The underlying problem is that too much of the nation’s wealth is in the hands of too few people. That wealth needs to be spread around more evenly if the economy is to really recover. Unfortunately this imbalance set in when Labour were in power, and the coalition hasn’t come up with any answers.