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The Chancellor’s Budget and his optimistic projections

Darling expects UK GDP to grow by 1.25% in 2010 ­ after
falling by 3.5% in 2009 ­ and that inflation will hold at 1% throughout the next

The top rate of income tax will rise to 50% for those earning more than
£150,000, which some see as a rouse to force the Conservatives into an awkward
position before next year’s election.

Some think Darling’s announcements ‘trivial’ ­ as Deloitte tax partner Bill
Dodwell calls it ­ while Tyrone Courtman, president of TMA (a trade body for
turnaround and recovery professionals) thinks “much has been said, but nothing
has been done ­ and this Budget has done nothing to change the situation.”

Hymans Robertson partner Chris Noon says Darling’s proposals on tax relief
for pension contributions by the highest earners “bear the hallmarks of a
politically expedient quick-fix.”

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