“IN this world nothing can be said to be certain, except death and taxes,” wrote US President Benjamin Franklin in 1789.
The pandemic has certainly reinforced the former, while its effect has put increased pressure on the latter.
The Conservative philosophy of low taxes is deeply ingrained in me and it’s concerning to note that the Budget will see them rise to their highest level for 50 years.
Of equal note is the fact that the country’s debt will soon reach 97 per cent of GDP – a level unimaginable in peace time.
Somehow, this must be paid for and many of us feared that punitive tax rises were inevitable.
Instead, and crucially, Chancellor Rishi Sunak froze taxes - at least in the short term - pensions and National Insurance.
His priority, he said, was “protecting, creating and supporting jobs”.
To that end, he extended furlough to the end of September, widened eligible categories, continued the UC uplift and dedicated millions to new apprenticeships, training, upskilling and kick-start programmes.
At the same time, and particularly welcome in South Dorset, were new, restart grants and business rate holidays for hospitality, tourism, leisure and personal care, and extended VAT cuts and recovery loans, all aimed at supporting struggling businesses.
And it’s important to note that it’s these businesses in the private sector that make a major contribution funding the public sector.
Reassuringly, the Office for Budget Responsibility predicts GDP to return to pre-pandemic levels by the middle of 2022.
However, the Chancellor rightly told MPs that repairing our finances will take the work of many governments, over many years, a sobering message.
Key now is to get our nation back to work, reduce unemployment and create a playing field that attracts investment both at home and from abroad.