Friday, May 29, 2009

The Big Bill

Yesterday was Budget Day; one of the annual highlights of the Parliamentary Year.

I had been working up all manner of epithets, mots bon, and suitably cynical ripostes for my response to The English Willie's first budget of this new centre-right government.

However, I have to confess to some pleasant surprise!!

I had anticipated much of what was in the Budget, but suspected (as any good cynic should) that the bad news being broadcast was a smoke and mirror concealment for far worse; whether a massive overspend on "anti-recession" programmes, or a slash and burn on government services a la the Mother Richardson of all Budgets from the early '90s would be equally disastrous.

No, I confess to pleasant surprise.

The English Willie has taken an amazingly pragmatic stance. No dramatic tax cuts, no borrowing money to make saving for the future.

The Big Bill is for the future - an estimated $20billion shortfall in the Cullen Fund in 10 years time, an estimated 10 years before the short term borrowings already in place are repaid in full.

But, it could have been a whole lot worse. That is for sure, a huge amount worse.

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