The public finances continue to outperform expectations, providing Philip Hammond with a strong platform ahead of his 13 March spring statement. But the risks have not gone away, as David Smith reports.
Anybody looking at the monthly figures for the public finances would have to conclude that Philip Hammond has been a rather lucky chancellor. While George Osborne took all the political flak for austerity – even getting booed when he presented some medals at the 2012 Olympics – he also contrived to miss most of his borrowing targets. He thus had something like the worst of all worlds.
Hammond in contrast has been able to deliver good borrowing figures without trying too hard. Many of his tax raising efforts have fallen foul either of manifesto commitments or the tough parliamentary arithmetic. He is the Brexit chancellor presiding over a slowing economy and forced to dip into the coffers...
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The public finances continue to outperform expectations, providing Philip Hammond with a strong platform ahead of his 13 March spring statement. But the risks have not gone away, as David Smith reports.
Anybody looking at the monthly figures for the public finances would have to conclude that Philip Hammond has been a rather lucky chancellor. While George Osborne took all the political flak for austerity – even getting booed when he presented some medals at the 2012 Olympics – he also contrived to miss most of his borrowing targets. He thus had something like the worst of all worlds.
Hammond in contrast has been able to deliver good borrowing figures without trying too hard. Many of his tax raising efforts have fallen foul either of manifesto commitments or the tough parliamentary arithmetic. He is the Brexit chancellor presiding over a slowing economy and forced to dip into the coffers...
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:
