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Pre-Budget Report 2009

Until this morning, in common with many of my colleagues, I was anticipating a comprehensive Pre-Budget Report which would set out Labour's stall in advance of the General Election next year. We were let down. The opportunity which Darling and the Labour Party had to establish the fiscal foundations for a potential fourth term has not been taken.

I had foreseen an increase in capital gains tax and changes to the main inheritance tax reliefs, but this did not happen.

Darling and Labour have played safe so as not to alienate the electorate.

What we have instead is a reduction in bingo duty and a tax on bankers' bonuses which may well prove ineffective and not make the desired contribution to our debt reduction. It has been a wasted opportunity.

Commentary from Robert Jamieson, partner with Mercer & Hole and past President of the Chartered Institute of Taxation.

The views given in this blog are personal to the author, if you would like to discuss the contents of this post with Robert you can contact him at or call 020 7353 1597.



Date: 10th December, 2009
Author: Mercer & Hole Media


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