Budget 2020: The right prescription for now?

Today’s Budget announcement was part of a stimulus ‘double-bill’. The Bank of England unveiled a massive impetus this morning, with a 50-basis point cut in the interest rate and more importantly a package of targeted measures to guarantee credit flow to businesses given the looming threat of Coronavirus.

This afternoon’s instalment in the form of Rishi Sunak’s debut Budget complemented this by acting to ease cash flow concerns for households and businesses. In addition, the public spending taps have been turned on to support public services and to enable investment in infrastructure – in relation to everything from climate change to transport and housing. One thing that was missing however was any meaningful increase in taxes. Normal Budgets are generally a careful balancing act of revenue-raising and spending commitments, but not today, which was a rather one-sided affair in that it was overwhelming focused on spending.

Where is all of this money coming from if not from tax rises? The answer is borrowing. The UK is set to borrow £300billion over the next five years.

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Spreadsheets tell the real story of Phil’s latest Budget

Today’s Budget speech may not have been the most exciting ever, but it was possibly the most future-focused. Indeed, Philip Hammond used the word ‘future’ 33 times at the dispatch box this afternoon, and focused heavily on measures relating to, for instance, first time homebuyers, the technology sector, electric cars. In contrast, there was no mention of pensioners and little to appeal directly to that particular demographic. This perhaps marks a new era of more youth-friendly Budgets. Continue reading

Budget 2017: Public finances remain no laughing matter

Chancellor Philip Hammond surprised those anticipating a boring Budget by littering his speech with jokes and gags. However, there were definitely none of the pyrotechnic policies that were prominent in the last Chancellor’s Budgets (e.g. the sugar levy), as the substance of ‘Spreadsheet Phil’s’ announcements lived up to his nickname. And, needless to say, the state of the public finances remain no laughing matter. Continue reading

Budget Preview: Will a spoonful of sugar (tax) help the austerity go down?

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*** Follow our Live Budget Blog today from 1230pm ***

Today George Osborne will deliver his eighth Budget. If you add in Autumn Statements and Spending Reviews, the current Chancellor has delivered thirteen fiscal events before he gets to his feet today. Horse racing enthusiasts would pour over these to assess the Chancellor’s fiscal form and make predictions on what we may expect to see. Continue reading

Chancellor performs fiscal escapology but austerity isn’t over yet

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**The Autumn Statement and Spending Review as it happened, on our live blog.**

The Chancellor has developed something of a reputation for over-promising and under-delivering when it comes to fiscal austerity. He certainly didn’t shed this image today in the first all-Conservative Spending Review since the mid-1990s.

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