Kwasi Kwarteng’s first set piece as Chancellor of the Exchequer was never going to be easy, even before the 0.5% increase in interest rates the day before. The new Prime Minister Liz Truss revealed much of what we might expect before Mr Kwarteng spoke a word, so we already knew that there would be: a…
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Just before Christmas, the Chancellor asked the Office for Budget Responsibility (OBR) to produce an economic and fiscal forecast for 23 March. The timing and brief nature of the accompanying Treasury announcement reflected Mr Sunak’s wish to keep the Spring Statement a low-profile event. This was not meant to be a March mini-Budget, despite what…
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The first autumn Budget for three years was a three-part presentation. The Chancellor’s well-trailed speech was accompanied by the first multi-year Spending Review since 2015 and the latest Economic and Fiscal Outlook (EFO) from the Office for Budget Responsibility (OBR). Mr Sunak’s previous two Budgets had been dominated by the pandemic, which has wreaked havoc…
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On some counts this Budget was Rishi Sunak’s 15th major announcement since his first Budget, just under a year ago. During this period, the pandemic has dominated the Chancellor’s actions and this was true of his latest Budget. To no small degree the framework for Mr Sunak’s latest appearance at the despatch box had been…
Continue ReadingLate November should have seen the Chancellor announce his Autumn Budget and a comprehensive spending review covering the next three financial years. Like many other plans, the uncertainty created by the pandemic has put both on hold. In their place was a Financial Statement, primarily addressing a one-year spending review, with a nod to the…
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The Chancellor, Rishi Sunak, has spent so much time in the spotlight that it seems hard to believe he has not yet been in the job for five months. Yesterday’s Financial Statement was just the latest of a series of announcements by Mr Sunak since he presented his Spring Budget on 11 March, four weeks…
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Rarely have we seen a Budget delivered against such a dramatic existential threat to the global economy. The fact that the Coronavirus will have a major impact on the major economies of the world is not in dispute. The extent of that impact on the UK economy is a significant judgment call for a Chancellor…
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There can seldom have been such little interest in a set piece UK Government announcement as was afforded the Chancellor’s Spring Statement yesterday. Large spaces on the green benches in the House of Commons, reduced to an afterthought on the main news channels last night and a lack of column inches in today’s newspapers tells…
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The Chancellor, Philip Hammond, yesterday delivered what is expected to be the last UK Budget before Brexit. In a speech which signalled the end to austerity, Mr Hammond announced measures aimed at supporting businesses, infrastructure and the NHS. The main announcements are summarised below, and our detailed analysis can be found here. It is worth…
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