The UK’s new budget

I have had some time to digest the budget that was announced in the House of Commons on Tuesday – the first budget of the new UK administration. These are difficult times and it was inevitable that taxes would rise and welfare benefits would fall. Some argue that the budget has gone too far and that the UK risks going into double dip recession, as though we are now out of recession and on our way to growth again. I doubt that. People are still too frightened to take risks. The economic mood is one of fear, which is why gold is at an all time high. Continue reading