Labour’s first budget in 14 years appears to have avoided the Halloween nightmares that many predicted. Yes, the overall tax burden is at its highest level since 1948, but this budget’s tax and spend distribution is such that it spreads both the pain and the benefit. Most of the pain has been focused on the well off, sparing others from increased taxation.
This was, as is so often the case, a budget that was more about politics than economics.
