–Darren Williams is European Economist at AllianceBernstein. The opinions expressed are his own.–
The Great Debate UK
It is clear Britain got a ‘bounce’ from the Olympics, but much more is needed to secure long-term economic legacy
–Andrew Hammond is an Associate Partner at ReputationInc. He was formerly a UK Government Special Adviser, and a Senior Consultant at Oxford Analytica. The opinions expressed are his own.–
Following the Autumn Statement last week, pressure remains on Chancellor George Osborne to tackle the continuing fall in living standards and the growing divide between the UK’s highest and lowest earners.
The Autumn budget is one of two scheduled statements the Chancellor gives each year to inform the public about tax and spend plans and provide the latest growth forecasts. These budget statements are useful not only for the public, but also for investors in our debt, rating agencies and global businesses. Hence they are a big deal, and it is important that they are accurate.
The government’s latest plan to boost growth by relaxing planning permission rules has attracted a mixed reaction. In fairness, allowing homeowners who have detached houses to build an 8 metre long-extension is never going to get the UK economy out of the bolt hole it has found itself in. Likewise, the perceived U-turn on the plan to build another runway at Heathrow is unlikely to happen in time for Cameron and Osborne to take credit for the growth boost.
–Dr Richard Wellings is Director of the Transport Unit at the Institute of Economic Affairs. The opinions expressed are his own.–
–Sheila Lawler is Director of Politeia. The opinions expressed are her own.–
The 2012 Budget seemed to have something for everyone. For low earners there are tax cuts; for business there are cuts in corporation tax; for well-off families fearing the loss of child benefit, a reprieve; and for all who recognise that the public finances and public spending must be brought under control, there is the comfort of a ‘fiscally neutral’ budget.