Public finance geeks have been even more excited than usual about the latest statistical bulletin from the Office for National Statistics (ONS), which includes new data on a balance sheet aggregate known as ‘public sector net worth’. What is this, and why does it matter? Public sector net worth, or PSNW, is a relatively comprehensive … Continue reading How valuable is ‘public sector net worth’?
Tag: public debt
Latest misses show the danger of relying too much on OBR forecasts
It is always good to begin with some ‘good news’. The UK government recorded an unexpectedly large budget surplus in January, with revenues exceeding spending by £5.4 billion. This was £5.0 billion better than forecast by the Office for Budget Responsibility (OBR). It would be daft to focus on just one month’s figures, but this … Continue reading Latest misses show the danger of relying too much on OBR forecasts
The Autumn Statement (or ‘Revenge of the bean-counters!’)
If you believe that there is a £55 billion ‘black hole’ in the public finances, and if you believe this has to be filled with tax increases and spending cuts in order to reassure the markets, then Jeremy Hunt’s Autumn Statement was a reasonably fair way to go about it. But there are some mighty … Continue reading The Autumn Statement (or ‘Revenge of the bean-counters!’)
Jeremy Hunt’s tightrope act could see the economy take a tumble
It’s usual for some of the contents of a Budget to leak out before the official announcement. This time, though, we already have a very clear idea of what’s coming on Thursday. The Prime Minister and Chancellor, and their backroom teams, have worked hard to prepare us for ‘difficult decisions’. The good news is that … Continue reading Jeremy Hunt’s tightrope act could see the economy take a tumble