Oct 28, 2018

Remember Pastygate? Budgets that backfired

In 2012, one of the more obscure Budget proposals from Chancellor George Osborne was the introduction of a 20% VAT on pasties, rotisserie chickens and other hot food sold by bakeries and supermarkets. In his final Budget as chancellor in 2007, Gordon Brown announced a surprise cut in the basic rate of income tax funded by abolishing the 10% starting rate. Budget decisions are supposed to remain secret until the chancellor speaks. Labour Chancellor Hugh Dalton famously quit in 1947 when it was discovered he had told a journalist about some of his Budget before his statement. It's not just modern-day chancellors who have run into trouble over their Budgets.

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