[Harley's Dad]

In the margins of yesterday's budget we heard yet again wailing and bleating from various politicians that living standards for ordinary people have fallen. Well of course they bloody well have! The country has been living way beyond its means for years and how else are the books to be balanced unless everyone takes a cut in real income, however painful it is.

Just as at home we all have to balance our own budgets, so too has the country as a whole, and even now after four years of trying to reign in government expenditure the present coalition are still over-spending and having to borrow about £100 billion per year just to keep the country going. This is not something gifted by some fairy godmother - it has to be repaid. And on present forecasts it's still going to be another two or three years before the government can hope to balance its annual income/expenditure books. And past debts amount to some £1.4 trillion (about £20,000 for every man woman and child in the country) which also has to be repaid.

So everyone has had to take a cut in income of, at a guess, 5-10%. And it hurts those at the lower end of the pay scale most, because they have least financial room for manoeuvre. But while I can't quote figures, I doubt that a significant hike in the higher rate of tax would make that much difference to the Chancellor's income - and it could arguably damage the economy (I speak as someone who once paid 83% on the top slice of a not very large income).

Meanwhile sadly, real incomes must remain depressed until we are once again living within our means, however painful it is, and it's no good complaining endlessly about it. It's our debt and we must now repay it ...

Tony.