The Budget

An evaluation of Norman Lamont, the UK Chancellor's budget of March 1992 is presented. He has announced that a lower rate of taxation for the lower paid of 20% for the first 2,000 pounds sterling of taxable income will be introduced. Pensioners will have their allowance increased and the tax on new cars has been suspended to try to stimulate the industry. The government claims that the budget defecit will increase in the year 1992 to 1993. Exise duties on tobacco and leaded petrol have also been incresed.