The Budget didn't tell us much about the big picture for the UK over the next few years. Growth is forecast to be a little lower than George Osborne had hoped. And he'll probably have to borrow a little more than he had hoped in the run up to 2020. Beyond that it's hard to say much: the official forecasts haven't been particularly accurate recently and the global economy looks even more dodgy than usual.
Still, amid the macro confusion, Osborne did send the UK's investors some very clear messages. The first is that he doesn't want you to invest in buy-to-let. He has refused to budge on changes to tax relief for buy-to-let investors. He has expanded his 3% stamp-duty surcharge to large-scale investors in the sector as well as small. And in case anyone was still wondering what he was trying to tell them, he has slashed capital-gains tax (CGT) for everyone except second homeowners. They pay 10% or 20%. You pay 18% or 28%. Osborne's message? Houses are not for landlords. They are for owner-occupiers.
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