LONDON (MNI) – Shadow Chancellor of the Exchequer Ed Balls has told
parliament that he has a copy of a budget “document” and said that
tomorrow’s budget will claim to “underpin investment and job creation”
but lacks any concrete detail on how either would be achieved.
“I’ve got a copy of the Chancellor’s document to be published
tomorrow with me here today and it says that growth comes first for this
government, it says it will underpin investment and job creation. I
won’t be handing this to the press, I read it last night and frankly
there’s nothing worth leaking,” the Shadow Chancellor told the House of
Commons.
“Is he really clear that getting rid of paternity, maternity rights
(establishing) enterprise zones, is going to boost jobs and growth in
our economy? Is this going to be enough to stop the budget growth
forecasts being downgraded for this year and for next?” Balls said.
“I bet he’ll have treasury officials scrambling around all
afternoon trying to deliver 1p corporation tax cuts tomorrow, a further
tax cut for the banks, let’s wait and see,” Balls added.
Many pundits already expecting the budget to include a reduction in
the headline rate of corporation tax from 28% to 27% and 20% for smaller
businesses.
Chancellor of the Exchequer George Osborne quickly poured cold
water on the Shadow Chancellor’s claims to have a leaked copy of a
budget document.
“We’re not getting rid of maternity or paternity rights, I don’t
know where he got that from,” Osborne said.
Ed Balls was not immediately available for comment.
Tomorrow’s UK budget for financial year 2011-2012 will reveal how
UK Chancellor of the Exchequer George Osborne plans to secure Britain’s
economic recovery in a financial year which will seepublic spending cut
by more than 2% of GDP.
–London Bureau; Tel: +44207 862 7491; email: drobinson@marketnews.com/
wwilkes@marketnews.com
[TOPICS: MABDS$,M$B$$$]
