Death, Taxes and Pyjamas
From Market Matters March 2010
In the 1700’s Benjamin Franklin said “Nothing can be said to be certain, except death and taxes”. That can’t be far from the mind of whichever Chancellor of the Exchequer occupies No.11 Downing Street after May. The politicians are all struggling to find a very large Elastoplast to stick over an equally large hole in public finances that is now apparent. The penny really dropped (sorry about the pun) when the Treasury did its sums in February and had to borrow money to finance Government spending – something it has never, ever had to do before. Since records began, the Exchequer has been swimming in cash after the January tax deadline - but not in 2010.
