Has the chancellor fixed the public finances, albeit at the expense of an increase in the tax burden to its highest in 50 years? Perhaps, but it would be unwise to rely on it, writes David Smith.
The world changed beyond recognition between Rishi Sunak’s first Budget in March 2020 and the one he unveiled on 3 March this year. Since then he said the government has provided more than £280bn of covid support for the economy. The additional support he announced will take that total to £352bn. Add in the boost he provided 12 months ago mainly in the form of additional capital spending by the government – its infrastructure programme – and the government will have provided fiscal stimulus worth £407bn over the 2020/21 and 2021/22 fiscal years combined.
There were a couple of reasons why the chancellor chose to highlight the amount...
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Has the chancellor fixed the public finances, albeit at the expense of an increase in the tax burden to its highest in 50 years? Perhaps, but it would be unwise to rely on it, writes David Smith.
The world changed beyond recognition between Rishi Sunak’s first Budget in March 2020 and the one he unveiled on 3 March this year. Since then he said the government has provided more than £280bn of covid support for the economy. The additional support he announced will take that total to £352bn. Add in the boost he provided 12 months ago mainly in the form of additional capital spending by the government – its infrastructure programme – and the government will have provided fiscal stimulus worth £407bn over the 2020/21 and 2021/22 fiscal years combined.
There were a couple of reasons why the chancellor chose to highlight the amount...
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