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CITY VIEWS: WHAT DO YOU THINK OF OSBORNE’S EMERGENCY BUDGET?

Marion Dakers
CHRIS GRAY | MANPOWER
“The less well off are hit harder with the VAT rise, but I suppose everyone is going to be hit this time. The cuts are a step in the right direction, but I reserve judgement until they get more specific in the autumn. I’m not surprised they have changed the threshold for income tax, as they had to do something for the less well off.”

MARK CHRISTENSEN | XL INSURANCE
“The most important thing is that public sector pay has been frozen, which is in real terms a pay cut for a large number of people. Those lucky enough to keep their jobs with the State will now get hit by VAT as well. The Liberal Democrats had much more progressive ideas before the election, particuarly on the tax system.”

PATRICK HARRISON | ENGLISH MUTUAL
“I’m slightly surprised that they managed to put together a comprehensive Budget in six weeks. Cuts have to be made, and they are going to hurt. Consumer spending will dip after the VAT rise and then recover – but it won’t be a quick fix. They could have been much more cruel with CGT. It could have been 40 per cent or worse.”