00:00It's always nice to announce what you're spending money on but of course money
00:03doesn't grow on trees it is paid for by taxpayers and ultimately if you can't
00:07tax people enough you borrow. Last year we had the largest tax increase in a
00:11generation. The forecast that the Chancellor made in March were already
00:16out of date on borrowing 14 billion ahead of her expectations on borrowing.
00:19The big question today is can she do those good things without coming back
00:24later in the year for additional tax increases. There are certain aspects of
00:27investment in the public infrastructure that are important to make and we'll
00:31look at each of those projects one by one to make sure that they're providing
00:34value for money for taxpayers but ultimately remember the money for that
00:39has come from businesses, largely from businesses, that large increase in taxes
00:43last October and those businesses are now paring back their investment. They haven't
00:47got the money to make those investments and they're paring back on employment too.
00:51More than a thousand jobs a day lost since the October budget because the
00:55decisions the Chancellor made so it's a balance between the two you can't just
00:58talk about the good stuff you've got to be fiscally responsible about what that
01:02means in terms of additional taxes and additional borrowing.
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