Most of the budget this year appears to have been leaked, those running the Tory party can't resist speaking to Journalists - I guess when an ex-Journalist is the big boss, this culture is bound to arise (and Michael Gove is two, so 2 of the top 3 in Government - must be a first?).
Anyway, we can re-read the grim old news later.
The key thing is what should be done. As I said on Monday, now is no time for a full budget in the midst of the pandemic, better to delay it. However, the outlines of good Governance and a way forward can be set out so that businesses have time to adapt:
1) A slow move away from property business rates to digital and sales volume rates. Less fixation on corporate taxes and more encouragement for companies to invest, employ and succeed. This will help re-balance the economy away from London too in the long-term
2) A real need to focus on productivity - the high immigration environment of the last 20 years has taken a big toll on productivity, investment is needed across UK PLC, including infrastructure to support it like 5G roll out etc. Tax breaks for business investment and research are essential.
3) A debt re-organisation, the UK has massive debts but is paying record low interest. Longer term gilts with lower yields should replace short-term 10 year loans. the savings for the future are huge.
4) Pension relief needs to be hugely improved, there is no point the state playing an ever greater role in older peoples' lives when they could be persuaded to save if it avoided a lot of tax.
5) Financial reforms - almost impossible with the sclerotic FCA - but a new funds structure to compete with Luxembourg, freer trading regulations for the City to entice more investment, simple regulation and encouragement for digital currencies - all these will help the City and its huge tax base thrive.
6) Continue most of the support for the economy until after it has re-opened as this will pump prime it for expansion although it will stoke some inflation.
I wonder how many of the the above will actually be done, worryingly I think only one or two at best.
