The Theoretical Underpinnings of Osborne’s Budget

Origin of Specious

The headline item in the UK 2015 Summer Budget is the ‘living wage’. That’s a nice piece of fat for the media to chew to death, but it’s hardly the heart of the budget.

The heart of the budget is in the section called The UK economy and public finances. The number one priority for this government is to drain your savings. Of course it sounds bad put that way, so they present it from the liability side: the priority is ‘reducing the deficit and repairing the public finances’ (1.40 – from the print version).

How is the budget going to be returned to surplus? ‘The government believes in lower taxes, and is committed to eliminating the deficit in a way that is fair to taxpayers’ (1.65). So the cuts on expenditure will have to be even bigger. Where will they fall? Sorry, no prizes for guessing correctly: ‘Consistent…

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