Chancellor George Osborne today laid out the government’s Emergency Budget 2010.
The overall aim: to slash Britain’s debts from a record £149bn today to a mere £20bn by 2015.
How does the government plan to get there? In extreme brief, you can look forward to:
- Big cuts in government spending (77% of the reduction). The plan will slash the budgets of many government departments, apart from NHS and overseas aid, up to 25%. The whos and whats will come out in October’s spending plan – but drastic changes clearly are in store.
- Tax increases (23% of the reduction). Yup. We heard it was coming – and it’s true. Among other changes, VAT will rise from 17.5% to 20% as of 4 January 2011.
But what’s clear right now is that this budget will impact us all in some way. The question is how… and it’s one we want to turn over to you.
- How do you think the Emergency Budget will impact your own personal income and future spending?
- Are you rethinking your household budget – and what you plan to give to charity?
- And if you work for a charity, are you facing substantial changes to your budget and/or fundraising needs?
Post your thoughts on these, and on the budget more generally, as comments below.