1. Certain budgets are ring-fenced. The NHS and Education, two of the most wasteful black holes, are too sensitive to be touched, showing that the Coalition are indeed pussies. Furthermore, the ludicrous decision to ring-fence overseas aid is truly without merit at a time when the UK debt mountain is piling up by the day.
2. There is no room whatsoever for tax cuts at any stage. If the Chancellor is serious about stimulating the economy, he needs to get people spending, not take money out of the economy in order to reduce its impact with bad decisions by taxing the "wealthy". Angry Teen has posted on this element many time so I direct you to his house for further musings.
However, Mr. Heffer misses the Belgian mammoth in the room. His Grace has eloquently posted on this topic today, borrowing some words from Dan Hannan in the process. Hannan sums it up, so I shall do the same:
Britain’s net contribution to the EU is rising from £6.4 billion this year to £8.3 billion in 2011-12 and £10.3 billion in 2015. But, of course, the net figure is misleading: the EU may spend some of this money in the UK, but rarely does so on things we would have chosen for ourselves. Much of the moolah goes to a privileged class of EU contractors and consultants; some goes on straightforward propaganda. Our gross contribution is rising from £14 billion to £19 billion – enough to cut council tax by half, take fourpence off income tax or pay of our Olympic debt in a single year. Here are some vivid ways of visualising the sum.The Coalition do not give a shit about you, anymore than Labour did. Until this torrent of money flowing from the UK to the EU stops, you can count on that. This is what happens when Cast-Iron Dave makes a promise.