Budget July 2015

Written by Paul Beasley, director of biz4Biz and managing director of RHG Financial Services.

The first budget of this new government will be presented by the Chancellor on Wednesday. Budgets are not such an exciting event these days as much of it doesn’t take effect for a year or two. However, the start of a new parliament provides the opportunity for governments to be bold and set out their vison for the next 5 years. Here are some of the initiatives I would like to hear.

  • Abolish the 45p tax rate; it raises no additional revenue and sends the wrong message to entrepreneurs
  • Sharply increase the threshold for 40p tax rate; this is hitting key public sector workers it was not intended for
  • Abolish Inheritance Tax; first introduced in 1894 to redistribute wealth from the landed gentry it now affects ordinary people in a 3 bed semi
  • Leave our pensions alone; successive governments have dipped their fingers in our retirement pots and we need stability to encourage saving
  • Review our energy policy; shale and nuclear must be back on the agenda if we are to meet our long term energy needs
  • Commission an holistic review the health service; this has been a sacred cow for too long and we must be innovative to provide the quality we deserve (no I do not mean privatisation!)
  • Prioritise a joined up transport policy; this should put upgrade of the existing rail network ahead of HS2 and fast track airport capacity decisions
  • Commit to defence spending of 2% of GDP; meeting our NATO commitment
  • End artificial support for the housing market; this just fuels further increases in prices

All these measures will send out a pro-business message, providing a fairer tax system, security and the longer term infrastructure planning to instil confidence.

And, assuming a perfect world:

  • Ban under 14’s from pubs after 7pm and fine parents who let their children use supermarkets as a giant playground
  • Fine those who, like, cannot put a sentence together, like, without inserting, like, slang interjection
  • Ban Rap artists from performing at Rock concerts
  • Provide free belts for those who spent their last penny on designer jeans
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