Budget: Tax cut dominates

The Chancellor painted a rosy picture of the UK economy, claiming it is growing faster than all other G7 countries. He said inflation would fall to 2pc this year and was forecast to remain on target into 2009, while the economy had stabilised and would ‘never’ return to the boom and bust cycle of previous eras. Employment was also rising, Brown told Parliament: “Today Britain has a higher proportion of men and women in employment than America, Japan and all our major European neighbours.” He said Britain had met the ‘golden rule’ of balancing spending and revenues – recording a s...