Budget 2007... Gordon's one more thing

Dropping the basic rate is a cute move don't get me wrong and his reveal at the end that was almost Jobs' esque.

Lest not forget this is the man who whilst introducing the lowest basic rate in the history of the country also heads up the highest overall tax burden in decades.

In fact his abolishing the lowest 10p tax will in fact spread the differential between the richest and the poorest by taking more than ever out of the lowest paid's pockets, bearing in mind the smoking demographic is also some of the lowest paid people so that's another 11p per 20 cigs.

According to some calculations the abolition of the lowest rate with the decrease of the basic rate will cause a net loss of £4.3 billion and that is to the lowest paid.

Whilst the drop in VAT on nicotine patches is certainly laudable lest not forget this is only for a year, but it does coincide with the new smoking ban.

More later.