Wednesday, March 16, 2005

The United Kingdom Chancellor of the Exchequer, the Right Honourable Gordon Brown PC MP, in a speech to the British House of Commons today presented his ninth Budget, what is very likely to be his last Budget before the next UK General Election. This opened the parliamentary debate on the 2005 Finance Bill, and was followed by responses from the opposition parties.

In a 48 minute long speech, the Chancellor presented a Budget of “tax cuts that are reasonable, spending that is affordable, and [economic] stability that is paramount”, that was “the prudent course for Britain”. There were few surprises that had not already been indicated in his 2004 pre-Budget report. The increase in the threshold on stamp duty was greater than that forecast by commentators, as was the amount of the Council Tax rebate to households with pensioners.