New Government Up And Running

Gideon realises the jokes on young Nick

So it's begun in earnest, I don't know why journalists say that I mean if you've waited for 13 years to get into power I suppose it's not going to begin with a game of keepy uppy in the garden of number ten.

Anyway here is the document we've all being waiting for, well worth ten minutes of anybody's time. What is interesting is that after all the promises about raising the personal allowance it won't be come into effect until after April 2011, so the new regime begins in classic old regime style, firstly by announcing a change in the taxation structure to take place a year hence and secondly by displaying prudence in recognising that tax cuts aren't something to be handed out with the freshers prizes.

The Labour party idea of a National Insurance increase is to be scrapped but the spectre of a large increase in VAT looms over it all - up to 20, 22 or 25%? The big job on hand is cutting the deficit and the budget at the beginning of July should be interesting.