|No Budget - (13.04.03)|
We didn't chose to make any budget predictions this year, it didn't really seem to be worthwhile. This year is an economic vacuum, inbetween the tax and spend measures of 2002 and the effects of them which will emerge in 2004 and 2005. Therefore it was probably sensible to sit back and keep quiet, which is exactly what happened.
The reality is that now is a good chance to plan for future strategies. Behind the scenes at the Treasury I expect that planning is well underway for tax reform, in particular corporation tax and for the planning of the Euro debate. Whether the current policies prove to be sustainiable or not, expect reform announcements over the next 2 years that will change the economic debate in any case.