Friday, December 8, 2006
Crash Gordon’s £4 trillion tax fuelled spending spree
He may have delivered a punchy Commons performance ... but the numbers buried in the Pre-Budget Report told a very different tale. Quite simply, they said, the Chancellor realised that he had run out of money. John Butler, the UK economist at HSBC, said: "He has shown quite clearly that rather than cutting spending he's going to raise taxes. It's not about redistributing income, since barely none of this money is being passed on to anyone else.