In light of yesterday’s Autumn Budget being unveiled by Chancellor of the Exchequer, Rachel Reeves, University of Salford economist, Dr Richard Whittle, shares his thoughts:
“The Chancellor took pains to explain that the grown-ups are back in charge, labouring the point of mismanagement and irresponsibility of her predecessors.
“This was a budget with a clear message, to fix the economy. The new investment rule, bringing assets into the calculation, allows for a reasonably significant investment programme. The focus on housing, research and development and regional transportation.
“We have not been used to tax rising budgets recently, this is one. £40bn in fact. At the core of these rises are £25bn in increased business National Insurance with significant increases from inheritance tax changes, VAT on private schools and the abolition of the non-dom rules.
“We were repeatedly reminded that there would be no return to austerity, the NHS was the winner of the day with an additional £22bn for everyday spending and £3bn for capital investment.
“Investment being a key theme, the government stepping up to its commitments with £11bn for victims of the infected blood scandal and £1.8bn to compensate those affected by the Post Office Horizon scandal.”
For all press office enquiries please email communications@salford.ac.uk.
Share: