Moral and financial failings in the Budget

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Responding the Chancellor Osborne's 2012 Budget statement, Simon Barrow, co-director of the beliefs and values thinktank Ekklesia, commented:

"There is both a moral and financial failing at the core of this budget.

"Some 212,000 low income working families are set to forfeit almost £4,000 a year and nearly 4.5 million pensioners will also lose money because of tax changes. The overall tax adjustment package is regressive. Spending power in the economy is being decreased and the worst-off 20% of the population are being hit hardest.

"Likewise, tax breaks to the wealthy will not put resources where they really matter and will cost the Exchequer overall. A sustainable economy that can pay its way requires investment to rebuild on the basis of things like green technology and jobs, not crippling austerity where those with least re-mortgage those with most.

"The £10 billion worth of additional welfare cuts further indicates that people who face the biggest challenges are being made to pay the highest price for economic problems they did not create."

* More to follow from Ekklesia. Our 2012 budget coverage and analysis can be found here: http://www.ekklesia.co.uk/tags/9137