John Hawksworth Head of Macroeconomics PricewaterhouseCoopers LLP reports that the Chancellor gives the economy a boost but signals a decade of fiscal austerity
The Chancellor Alistair Darling faced a huge challenge in designing a Budget package that supported the economy in the short term while also putting in place a credible plan to rein in the huge budget deficit in the medium term. In the event he announced a package involving a relatively modest further net fiscal stimulus of around £5 billion in 2009/10 but could not afford to do more given a budget deficit that is projected to balloon to around £175 billion (12.4% of GDP) in 2009/10.
The Treasury expects this deficit to fall back gradually in later years on the assumption of a...
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John Hawksworth Head of Macroeconomics PricewaterhouseCoopers LLP reports that the Chancellor gives the economy a boost but signals a decade of fiscal austerity
The Chancellor Alistair Darling faced a huge challenge in designing a Budget package that supported the economy in the short term while also putting in place a credible plan to rein in the huge budget deficit in the medium term. In the event he announced a package involving a relatively modest further net fiscal stimulus of around £5 billion in 2009/10 but could not afford to do more given a budget deficit that is projected to balloon to around £175 billion (12.4% of GDP) in 2009/10.
The Treasury expects this deficit to fall back gradually in later years on the assumption of a...
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:
