The Chancellor has coped with a huge economic downgrade, but the outlook is grim for families across Britain

Published on by

Public Finances and the Economy

For his first Autumn Budget, the Office for Budget Responsibility has given Philip Hammond a truly catastrophic set of economic forecasts. After a decade of unrealised productivity forecasts, the OBR has now delivered the mother of all downgrades; all but halving its view of the UK’s capacity to grow. As a result it now expects … Continued

READ MORE

It’s time to stop feeling sorry for the Chancellor – there’s no excuse for a do nothing Budget

Published on by

Public Finances and the Economy

It’s all the rage to feel sorry for Britain’s Chancellor of the Exchequer. Philip Hammond is an unlucky man we’re told, having to prepare a Budget against a backdrop of a weaker economy, worse public finances and pressure to relaunch a government that’s had a tough Autumn. Those pressures are real, and no-one’s doubting that … Continued

READ MORE

All gain, no pain? – the Chancellor’s cunning tax plan

Published on by

Public Finances and the Economy

British politics is odd these days. But even by current standards something very unusual looks set to happen in next week’s Budget. A basic rule of British politics is that tax rises tend to happen soon after a general election, with the Chancellor betting that we’ll all have forgotten about them when the next election … Continued

READ MORE

How Philip Hammond can strike a blow for intergenerational fairness in his Budget

Published on by

Public Finances and the Economy, Intergenerational Commission

With the dust beginning to settle on a scandal-focused fortnight in Westminster politics, attention is turning back to the big event looming on the horizon – Philip Hammond’s first Autumn Budget in 12 days’ time. The backdrop looks challenging, with the Chancellor having to deal with the headache of a likely downgrade to the economic … Continued

READ MORE

Crunching the numbers on today’s rate rise

Published on by

Public Finances and the Economy

Interest rates are up. It may be a very modest increase but, for any number of reasons, the news is big. Ten years on from the last rise, today’s 0.25 percentage point increase in the Bank’s base rate (taking it back to the 0.5 per cent it sat at between March 2009 and August 2016) … Continued

READ MORE