- Title: BRITAIN-BUDGET/REACTIONS Reactions to British budget statement
- Date: 18th March 2015
- Summary: LONDON, ENGLAND, UK (MARCH 18, 2015) (REUTERS) MEDIA GATHERED OUTSIDE WESTMINSTER BIG BEN CLOCK TOWER AND HOUSES OF PARLIAMENT MEDIA INTERVIEWING POLITICIANS ON COLLEGE GREEN TAXPAYERS ALLIANCE CHIEF EXECUTIVE, JONATHAN ISABY WALKS ON COLLEGE GREEN (SOUNDBITE) (English) TAXPAYERS ALLIANCE CHIEF EXECUTIVE, JONATHAN ISABY, SAYING: "We would have liked to have seen more detail on how the government will actually rein in spending over the next parliament. The taxpayers alliance last week produced our own spending plans saying exactly what we think needs to be done in order to reduce spending over the next five years. But there has been precious little detail from any of the parties as to how they will do it." VARIOUS OF LIBERAL DEMOCRAT CHIEF SECRETARY TO THE TREASURY, DANNY ALEXANDER TALKING TO MEDIA. (SOUNDBITE) (English) TUC GENERAL SECRETARY, FRANCES O'GRADY, SAYING: "I don't think this was the game changer that the chancellor hoped it would be, there's a growing gap between his description of Britain and most working people's experience of it. Certainly he will have got many more people in low-paid work, five million below the living wage, many more in zero hours and self-employed jobs, when they want full-time steady jobs." MEDIA FILMING (SOUNDBITE) (English) TUC GENERAL SECRETARY, FRANCES O'GRADY, SAYING: "We know that we are facing extreme cuts if the government is re-elected. No word on the NHS and whether the NHS budget would be protected. Nothing on real investment needed in schools in our infrastructure, transport and energy. In fact, we have seen a huge 15 billion (£) cut in investment in infrastructure under this government so.. I'm not sure this is going to cut the ice." MEDIA OUTSIDE PARLIAMENT VARIOUS OF FORMER CHANCELLOR OF THE EXCHEQUER NORMAN LAMONT BEING INTERVIEWED TAXPAYERS ALLIANCE CHIEF EXECUTIVE, JONATHAN ISABY TALKS TO MEDIA (SOUNDBITE) (English) TAXPAYERS ALLIANCE CHIEF EXECUTIVE, JONATHAN ISABY, SAYING: "The overall economic figures are quite encouraging, certainly on employment, there is very good news. That will hopefully for the general public, make them feel better. Whether they will reward either of the existing parties in government for that? Who knows.'' WESTMINSTER
- Embargoed: 2nd April 2015 13:00
- Keywords:
- Topics: General
- Reuters ID: LVAEHMCN9PBEHH6T741HFDSTBCBP
- Story Text: British and International media gathered around Westminster after British Chancellor of the Exchequer (finance minister) George Osborne lowered his target for a future budget surplus and announced higher economic growth forecasts in his annual budget statement to the British parliament on Wednesday (March 18).
With just over 50 days until the country's general election on May 7, Osborne said he was aiming for a sharply lower budget surplus by the end of the decade than the target he announced just over three months ago.
The budget surplus is now projected to stand at 7 billion pounds in 2019/20, way below the 23 billion pounds surplus he was aiming at late last year.
Outside parliament on College Green, politicians, commentators and pressure groups all queued up to give their verdict to the media.
Jonathan Isaby, Chief Executive of The Taxpayer's Alliance said that voters needed more of an explanation from the chancellor on how he would reduce the deficit.
''We would have liked to have seen more detail on how the government will actually rein in spending over the next parliament. The taxpayers alliance last week produced our own spending plans saying exactly what we think needs to be done in order to reduce spending over the next five years. But there has been precious little detail from any of the parties as to how they will do it,'' he said.
Osborne has been handed an unexpected windfall by a plunge in global oil prices and falling inflation since his autumn statement, giving him some leeway to pursue a less aggressive savings plan.
Britain's independent budget forecasters said at the time of the previous forecasts that to reach the target, public spending would need to fall to its lowest share of GDP since the 1930s.
During his speech, Osborne claimed that the current rate of employment is the highest in British history. The General Secretary of the British Trades Union Congress (TUC), Frances O'Grady dismissed the chancellor's claims.
''I don't think this was the game changer that the chancellor hoped it would be, there's a growing gap between his description of Britain and most working people's experience of it. Certainly he will have got many more people in low-paid work, five million below the living wage, many more in zero hours and self-employed jobs, when they want full-time steady jobs,'' she said.
Osborne had stressed in the run-up to the budget that he would not indulge in pre-election gimmicks and would stick to his priority of bringing down a budget deficit which remains one of the biggest among the world's rich economies.
Pledges during his speech included reforming national insurance for the self employed, tax cuts on savings and in an attempt to address sky-rocketing house prices, a 'Help to buy ISA', in which the government would top up savings accounts for people buying their first home by up to 25 percent.
The British finance minister's detractors and opposition Labour party leadership say Osborne is pursuing an ideological drive to shrink the state and heavily politicised the budget in a last gasp attempt to woo younger voters and win back traditional Conservative support who may be tempted to vote for UKIP (UK Independence Party).
The TUC general secretary said that the budget omitted any mention of healthcare and failed to explain further austerity measures.
''We know that we are facing extreme cuts if the government is re-elected. No word on the NHS and whether the NHS budget would be protected. Nothing on real investment needed in schools in our infrastructure, transport and energy. In fact, we have seen a huge 15 billion (£) cut in investment in infrastructure under this government so.. I'm not sure this is going to cut the ice,' said O'Grady.
Osborne said Britain's economic growth in 2015 was forecast to be 2.5 percent, up from the 2.4 percent seen in December and said living standards would be higher this year than when he took office in 2010.
That was squarely aimed at a Labour charge that ordinary people are not feeling the benefit of economic recovery.
Isaby of the Taxpayers Alliance told Reuters that he's unsure if the electorate will be swung by Osborne's announcement.
''The overall economic figures are quite encouraging, certainly on employment, there is very good news. That will hopefully for the general public, make them feel better. Whether they will reward either of the existing parties in government for that? Who knows?'', he said.
With an election only seven weeks away which opinion polls show is too close to call, the government will hope that the budget has done enough to swing the balance in their favour. - Copyright Holder: REUTERS
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