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[Varche]

Interesting bit on BBC news this a.m. re the penny reduduction. The chap was head of petrol retailers or such like. On 10th March they wrote to Osborne asking if any cuts in duty were forthcoming that they be involved in the process. Why? It has never been done before, on the same day and the garages pay the government duty on the fuel they buy. So no machinery to get the 1 p overpaid back. Sounds simple but the Chancellor bodged even that! No wonder garages were reported to put upthe price a penny before later reducing it.

[Marks DTM Calib]

No better or worse than expected.

A positive was the reduction in the required borrowing.

As long as the Labour scum dont get back in for a few more terms the mess might just about get sorted out.

Not sure I agree with that:

"Total borrowing will be £165.5 billion in 2010-11, and £167.4 billion in 2011-12. £261.6 billion of this is additional borrowing for extra spending. Much of the rest is refinancing of maturing debt. There will be  no shortage of government bonds around for several years. The Chancellor’s budget adds £44 billion more  to the national debt by 2014-15, taking the total increase in debt over the five years of the strategy to £485 billion."
 
"The main change in the budget is the increase in public spending which was not flagged in the speech. The figures for extra spending are:

2011-12   increase of £10.6 billion

2012-13  increase of £9.2 billion

2013-14  increase of £8.1 billion

2014-15  increase of £6.1 billion"

http://www.johnredwoodsdiary.com/2011/03/24/office-of-budget-predicts-fall-in-capital-gains-tax-receipts-with-higher-rate/

Smoke and mirrors. 

The key is in my wording i.e. a reduction in the required borrowing....i.e. its less than was originaly thought......yes, its still huge but what do you expect after so many years of typical incompitent labour fiscal management