The Chancellor has been waited on for nearly a year for a follow up to a blockbuster first budget hot on the heels of a landslide election win for a reenergised Labour party.
This is it. A slimmed down vision of the nations finances as she tackles the key points of modern life in the UK to meet the challenges it faces.
While some stand to gain, any lifestyle progress is going to be made up of costly improvements as a result of a need to balance the books.
The Treasury is introducing a High Value Council Tax Surcharge on properties above £2 million; will charge National Insurance contributions to employee and employer on pension sacrifices above £2,000; and will impose a per mile tax on electric and hybrid vehicles.
While these steps may seem punitive to some, the Government believes it can afford to risk marginal increases to the cost of living in the current climate to relieve the pressure put on the public finances.
It’s not an uplifting budget for everyone, but it’ll reassure the Labour faithful that tough times won’t fall on them any harder, and there are measures to help protect the poorest that they can support.
