It has felt like an eternity, but Chancellor Rachel Reeves will finally unveil her second Autumn Budget on Wednesday 26 November. This blog begins with an explanation of how the Budget process works, then attempts to estimate the size of the new financial hole. The next instalment will look at how she is likely to … Continue reading The Chancellor is set to raise taxes again – by as much as £30 billion
Tag: interest rates
This is no way to run a Budget!
The joint team from No.10 and the Treasury working to prepare the Budget has apparently decided to junk the plan to raise the basic and higher rates of income tax. The official line is that this is not a “U-turn” because this plan was just media speculation and never official policy. Pull the other one. The speculation … Continue reading This is no way to run a Budget!
Rachel Reeves sets the scene – for big tax rises?
Rachel Reeves’ Scene Setter speech today was clearly designed to pave the way for big tax increases in the Budget. But there are plenty of moving parts and much could still change, even now. The Chancellor put her excuses in early (blaming everyone else), attempted a positive spin (tough choices are “necessary” to protect the NHS and … Continue reading Rachel Reeves sets the scene – for big tax rises?
Will the UK need an IMF bailout?
This weekend the Sunday Telegraph led with Britain ‘heading towards IMF bailout’, citing three leading economists who are warning of a “1970s-style debt crisis unless the Chancellor changes course”. The three – Jagjit Chadha, Andrew Sentance and Willem Buiter – are not the usual suspects and their views should be taken seriously. The story was prompted … Continue reading Will the UK need an IMF bailout?
Plain-speaking Economics 