My review on Budget 2021

Today I watched live on Telly (TV). Second Budget speech by the British Chancellor of the Exchequer Rishi Sunak. 

Budget is about money being collected in taxes & states the forecast of the UK economy going forward with financial and economic measures. 

Here are the key points of today’s budget. 

google.co.uk 

Here is my review on the Budget 2021. 

2021 Budget like previous budgets under the Conservative governments are mediocre. 

There are some good things that I do welcome it. The furlough scheme being extended until the end of September, although it will be better if they extend the furlough until at leas the end of the year 2021 (this year) or 2022 (next year).

Eat Out to Help Out scheme is not included in it which I am happy given I wrote my previous blog post about it. mrlimitless95.blogspot.com 

The scheme itself (Eat Out to Help Out) shouldn’t be brought back anyway & vice versa. It was a controversial & not sensible economic strategy as it was launched last summer in 2020. That drove up more Covid 19 infections which resulted in second & third national lockdowns. 

Although there are other good things in the budget like UK infrastructure bank, alcohol duties being frozen, grants to businesses being shut like pubs, restaurants, clubs & theatres, etc. 

The rest aren’t anything good including no pay rise for key workers just like previous budget. 

Income tax rates. 

VAT cut 

Borrowing to continue going higher. 

Unemployment to continue happening this year even if the UK economy returns to pre Covid (normality) by middle of next year. 

And freeports. Freeports for what? Boasting about the fact that the UK is not an EU member. No wonder Rishi Sunak didn’t even addressed the Brexit red tape & bureaucracy in his budget speech despite firms are severely affected by Brexit.

Overall, every single budget since 2010 under the Conservative governments under David Cameron, Theresa May and Boris Johnson are always not so good. This latest budget is just more of the same. Continuation of austerity measures. Introduced by Conservative Chancellor George Osborne & continued by other Conservative chancellors: Philip Hammond, Savid Javid and the current chancellor Rishi Sunak (the one everyone claims that he is admirable). 

Second Budget since the UK left the European Union last year (31st January 2020). First budget since the UK is out of the Single Market and the Customs Union. 

I continue to hope that the economy shall bound back to have economic recovery. Also I don’t want anymore of economic mess up by the Tories in the government. Once we are out of the lockdown in next few months & when the pandemic is over eventually, the PM Boris Johnson, the Chancellor Rishi Sunak & the rest of whole government ministers, they better not bring another round of cuts (austerity cuts) in the name of balancing the books & cutting the deficit. Once normality is restored eventually, debt will continue to go higher due to the effects of Covid plus Brexit & 11 years of austerity so the government better not bottle it given they always do that to screw up economically and financially.