Displaying items by tag: budget

With the budget passed, the coalition has much to focus on apart from judicial reform. Pray for God’s priorities to be the government’s priorities, and ask God to show the various ministers how to work in unity as they deal with issues. Ask God to place the coalition's reins firmly in prime minister Netanyahu’s hands, and use his partners to keep him turning Israel onto a more biblical path, while removing any ungodly advisers from him. Ask God to anoint finance minister Smotrich to win the war against Israel's high cost of living and show every ministry how to reduce wasteful spending and increase the effectiveness of their budgets. May national security minister Ben-Gvir use the budget dedicated to reinforce and encourage Israel's police force to do just that - while also removing all unrighteousness from its ranks. And finally, ask God to help the housing industry to make affordable housing readily available. See

The chancellor pledged increasing public spending amid higher than expected economic growth. Whitehall departments will receive a rise of £150bn over the course of this parliament, the largest increase this century. There is extra money for schools, tax cuts for businesses and a cut in air duties for internal flights. A changed alcohol duty will see cheaper sparkling wine and draught beer, and the planned fuel duty rise is cancelled. Amid huge concern over the £20 cut to Universal Credit, changes will be made to let working claimants keep more of their benefits. There is new money for the NHS, a rise in the National Living Wage, and public sector pay rises. The Institute for Fiscal Studies said inflation and higher taxes on incomes would negate small wage increases for middle earners. Low-income households will see the cost of living increase faster than benefit payments. The chancellor acknowledged in his budget that families are under strain: see

Rishi Sunak has set out tax and spending plans to help business and people through the pandemic and support long-term economic recovery. Although the economy shrank by 10% in 2020, it is forecast to rebound in 2021, with projected growth of 4% and a return to pre-Covid levels by the middle of 2022. Pray that these projections will be met or exceeded, and the Government’s actions will fulfil the promises of recovery for those remaining on furlough. Pray for easy access to the promised increased Working Tax Credit and Universal Credit for those in need. May the budget bring relief to the 700,000 unemployed. We can thank Him for £1.65bn to support vaccination rollout and £19m for domestic violence programmes and networks of respite rooms for homeless women. However, the shock of coronavirus on our economy won't be fixed overnight. May God give our Government wise strategies progressively to reduce debt.

In Brussels a high-stakes disagreement has emerged with a jackpot worth the total value of the EU budget until 2027 plus its €750bn Coronavirus Recovery fund. 24 member states and a majority in the EU Parliament are in opposition to Hungary, Poland, and Slovenia over the division of EU funds between member states being linked to the behaviour and the values of individual governments. The EU wants to pass a law that if a member state pursues policies that the EU feels are in conflict with its core values, it will lose access to the funds. Poland and Hungary emerged as democracies from communist dictatorship and both have gone on to elect right-wing nationalist governments, heavily dependent on EU funds. Political opposition and economic reliance has introduced a strain of toxicity into their Brussels relations.

Chancellor Rishi Sunak delivered his first Budget in the House of Commons on 11 March. Parts of it appear to have been written at the last minute as coronavirus spreads across the nation. His spending plans include a £5bn emergency response to support the NHS and other public services with statutory sick pay for all who choose to self-isolate, even if they don't have virus symptoms. Benefit claimants will be able to claim sick pay on day one, not after a week, and there is a £500m hardship fund allocated to help vulnerable people. To try to save businesses from liquidation, firms with fewer than 250 staff will be refunded for sick pay payments for two weeks, and small firms will be able to access ‘business interruption’ loans of up to £1.2m. Business rates will be abolished for firms in the retail, leisure and hospitality sectors with a rateable value of less than £51,000.

Donald Trump is prepared to prolong the current government shutdown because the ‘humanitarian and national security crisis on the southern border’ necessitates funding a wall. This plan is popular with his fanbase, but most Americans oppose it by a 10-to-20 point margin. Trump has Republican support, but Democrats feel they have public support; so the standoff about the shutdown continues. Also, before signing an anti-human trafficking measure on 9 January, Trump said, ‘Israel put up a wall to protect them, and they don’t have a problem any more’. He seems to equate Hezbollah terrorists, Hamas, IS, and the Palestinian ‘second intifada’ attacks with a few thousand migrant families at the Mexican border. See

Italy has refused to back down over its expansionary 2019 budget, which EU chiefs claim breaches previous spending agreements. The indebted nation at first unveiled plans for a deficit budget of 2.4% of GDP, three times the previous administration's target. The European Commission rejected the draft and demanded it be revised to a more realistic level. But the Italian government has so far refused to budge, saying the spending plans are in the best interest of the Italian people. Prime minister Salvini has even threatened to veto the next proposed eurozone budget, in retaliation. However, that budget will be available only to those countries which abide by EU rules about budget deficits and debt; so Italy could be left out in the cold if the dispute is not resolved.

Wages are rising and unemployment rates are at their lowest for more than 40 years, so these should be boom times for young people. However, rising rents, bills and living expenses mean that one in five aged 25-34 will spend over 60% of their pay on payday. A further 3% find themselves in the red. Meanwhile, house prices in England have risen by 173% over the last 20 years, and around a quarter of 20-34-year-olds still live with their parents - with slim chances of owning a home any time soon. Those living in rented accommodation find high rents eating up income, making it impossible to save for a deposit on a home. Pray for Philip Hammond as he prepares next week’s budget. May the undetonated timebomb of Brexit have no adverse influence on his proposals, and may they give opportunities for economic growth and prosperity for young and old alike in the nation’s future.

Nothing reveals a government’s values and priorities like a budget. Ekklesia suggests, ‘The Government’s heart is with the wealthy, healthy, strong, and secure. The poor, sick, powerless or insecure seem to be mainly regarded as a political problem, to be solved as cheaply as possible as this budget continued the seven-year pattern of prioritising deficit reduction over the welfare of Britain’s people.’ Austerity continues, although some view it as economically unsound, shrinking the economy as spending power is systematically reduced, and causing the most sustained fall in living standards for over sixty years. If the nation continues to overspend, it will cost future generations dear. Others suggest that the Chancellor could, if he chose, direct spending to the people and the sectors most in need, prioritise socially beneficial activity, and allow austerity to fall more heavily on areas less vital to our wellbeing.

Plans are being put in place to impose a budget for regional government departments in Northern Ireland, the secretary of state has revealed. But James Brokenshire stressed this did not mean a return to direct rule from London over the province. The Northern Ireland secretary vowed on 1 November that he would shelve his budget preparations if the two main parties in the Stormont assembly, (Sinn Féin and the Democratic Unionists) quickly secured a deal to restore power-sharing to Belfast. However, Sinn Féin said that imposing a budget from Westminster was tantamount to direct rule and would derail the negotiations between the two parties. In return, Brokenshire emphasised that if he failed to act in the next few weeks, the regional government ministries in Belfast would simply run out of money. So he is planning to enable a budget bill to be introduced at Westminster when appropriate, to protect the delivery of Northern Ireland’s public services.