Spending fast, taxing slow

Resolution Foundation analysis of Budget 2021

This briefing note provides an assessment of the measures announced in the March 2021 Budget. The context for this Budget was an intensification of the Covid-19 pandemic, creating a need for further policy measures to support families and firms in the months before the completion of the vaccine rollout. In response, the Chancellor announced significant additional policy support for the economy in the first two years of the forecast. He also outlined plans to repair the damage to the public finances by raising taxes in the middle of the decade.