Chancellor given a weaker Brexit rebate than expected with living standards squeeze set to deepen

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Fiscal Choices

UK economy forecast to be smaller than previously expected while 80 per cent of the Autumn Statement borrowing downgrade remains Despite short term improvements to both growth and borrowing, the Chancellor has been given weaker than expected economic forecasts by the Office for Budget Responsibility, the Resolution Foundation said today in response to the 2017 … Continued

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Chancellor right to begin tackling tax advantages for better-off self-employed workers

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Fiscal Choices

National Insurance reforms benefit low-paid hairdressers but self-employed management consultants face bigger bills The Chancellor is right to begin tackling the unfair and expensive tax advantages enjoyed by self-employed workers by increasing the rate of National Insurance contributions (NICs) they make, the Resolution Foundation said in response to the Budget announcement today. This change should … Continued

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£59bn impact of Brexit and Chancellor’s decision to increase investment spending drive £122bn extra borrowing  

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Fiscal Choices

Philip Hammond chooses not to support just about managing families who face a double whammy of lower earnings and benefit cuts Slower growth and higher inflation will mean higher borrowing and a parliament of falling living standards for millions – with the Chancellor missing an opportunity to provide much-needed support for just managing families – … Continued

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Chancellor faces an £84bn borrowing black hole in his Autumn Statement

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Fiscal Choices

The Chancellor is facing a sharp deterioration in the public finances in his Autumn Statement, but a fiscal ‘reset’ would allow him to boost investment spending and increase support for ‘just managing families’, according to a new report published today (Wednesday) by the Resolution Foundation. The report, Pressing the reset button, comes with the Autumn … Continued

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Chancellor right to abandon Budget surplus target in the face of any post-Brexit deterioration in the economy

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Fiscal Choices

Responding to the Chancellor’s announcement today that he has abandoned his Budget surplus target for 2020, Matt Whittaker, Chief Economist at the Resolution Foundation, said: “It’s welcome – though not surprising – that the Chancellor has explicitly acknowledged that it would be wrong to pursue a surplus in the face of any post-Brexit deterioration in … Continued

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