Review of the Budget by John Hawksworth and Jon Sibson
George Osborne has started his career as Chancellor with a bang delivering a tough Budget that combined £32 billion of real spending cuts with £8 billion of additional tax rises over and above previous government plans. In a historic move he also handed to the new independent Office for Budget Responsibility (OBR) the task of assessing how far these Budget measures will repair the hole in the public finances without undue damage to economic growth.
The OBR’s judgement on these issues seems reasonably favourable to the Chancellor as discussed further below but how justified is their optimism about UK economic prospects in the face of such a severe fiscal squeeze? And what will the price of prudence be for the quality of public services?
Outlook for the economy
One useful result...
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Review of the Budget by John Hawksworth and Jon Sibson
George Osborne has started his career as Chancellor with a bang delivering a tough Budget that combined £32 billion of real spending cuts with £8 billion of additional tax rises over and above previous government plans. In a historic move he also handed to the new independent Office for Budget Responsibility (OBR) the task of assessing how far these Budget measures will repair the hole in the public finances without undue damage to economic growth.
The OBR’s judgement on these issues seems reasonably favourable to the Chancellor as discussed further below but how justified is their optimism about UK economic prospects in the face of such a severe fiscal squeeze? And what will the price of prudence be for the quality of public services?
Outlook for the economy
One useful result...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
