AT 3.31 pm on Tuesday 10 March, Sir Geoffrey Howe rose from his seat in the House of Commons to deliver his third One and half hours later he sat down again, having ensured that the number of unemployed would be at least one quarter of a million higher.
In those 90 minutes nicaoured which November's mini-budget will take f5bn out of consumers' pockets and £1.4bn from oil companies and banks.
Most of this money will be used to cut government borrowing, amount being ploughed back into industry The details of Howe's measures are, by now, well known. The freezing of personal tax allowances, together with the rise in national insurance contributions in April, will mean that pay packets will be worth less in money terms, never mind real terms.
The huge increases in taxation on alcohol, tobacco and petrol will add about 2 per cent to the rate of inflation.
Howe announced with only a small And Yet one of the objects of the budget to respona to tne In- excluding banks and oil comfell. The budget was expected to La fall of 14.3 points, This strategy has the budget.
By borrowing (the Borrowing Requirethe Tories have found this inResistance to further the refusal of public sector Miners have the government's even longer and further company bankruptcies and Tne logic Howe's gambling on now is that 19 March 1981 Page 2 CAMDEN TOWN HALL Camden NUPE strike in 1979 - the victory is now threatened PICKE