Every budget is many ways more political than financial.  Each government has to decide how much it will raise from taxes & what to spend the money on.

To tackle the UK's budget deficit, Chancellor George Osborne decided he would raise 80% from spending cuts and 20% from tax increases.

The spending cuts will largely be announced in the October review and the tax has been mostly raised by increasing VAT to 20%.

Further information is available in the article I did for the Swindon Advertiser.

Posted by Sean Wilson, APFS, Independent Financial Advisors (IFA), Swindon, Wiltshire.