• Privacy policy
  • T&C’s
  • About Us
    • FAQ
    • Meet the Team
  • Contact us
TLE ONLINE SHOP!
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
No Result
View All Result
The London Economic
SUPPORT THE LONDON ECONOMIC
NEWSLETTER
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
No Result
View All Result
The London Economic
No Result
View All Result
Home Politics

Budget: ‘Scrooge’ Sunak’s cuts look too harsh to be ‘deliverable’

The “spending plans in particular don’t look deliverable, at least not without considerable pain”.

Joe Mellor by Joe Mellor
2021-03-04 13:55
in Politics
FacebookTwitterLinkedinEmailWhatsapp

The biggest tax-raising Budget for 28 years has made the Chancellor look less like “Santa Sunak” and “more like Scrooge Sunak”, according to an economic think tank.

The Institute for Fiscal Studies (IFS) said Rishi Sunak is largely funding a mammoth £50 billion squeeze by freezing income tax allowances and hiking corporation tax in “screeching U-turns on Conservative policy”.

In a damning assessment of Wednesday’s Budget, the IFS warned that Mr Sunak’s spending plans to help address the UK’s battered public finances “do not look deliverable” and further tax rises may be needed.

It said the corporation tax increase from 19% to 25% by 2023 was a “gamble” and the move will not have a bad effect on much-needed business investment.

The IFS also said Mr Sunak had been “silent” on long-term recovery plans to address the future consequences of the pandemic.

You can now read @PJTheEconomist's opening remarks on the #Budget2021 in full, download all of the slides presented by our team and watch the event again.https://t.co/1oWEb34T8O pic.twitter.com/AGOQ7S6QDk

— Institute for Fiscal Studies (@TheIFS) March 4, 2021

Too harsh

The IFS suggested that Rishi Sunak’s long-term plans involved spending cuts that were so harsh as to be unrealistic.

Paul Johnson, the IFS’s director, said the “spending plans in particular don’t look deliverable, at least not without considerable pain”. The budget involved cuts worth around £4bn a year in spending after next year, he said.

RelatedPosts

Quelle surprise! Rich List reveals which parties wealthiest people in UK donate to

Watch: Anti-Brexit campaigner storms Tory Party conference dinner

Why hasn’t the arrested Tory MP been named in the media?

Bray fights another day as Fabricant’s legal bid flops

He said: “Are we really going to spend £16bn less on public services than we were planning pre-pandemic? Is the NHS really going to revert to its pre-Covid spending plans after April 2022?

“In reality, there will be pressures from all sorts of directions. The NHS is perhaps the most obvious. Further top-ups seem near-inevitable.

“Catching up on lost learning in schools, dealing with the backlog in our courts system, supporting public transport providers, and fixing our system for social care funding would all require additional spending. The chancellor’s medium-term spending plans simply look implausibly low.”

Related: Rishi Sunak slammed for ‘naked pork barrel politics’

Since you are here

Since you are here, we wanted to ask for your help.

Journalism in Britain is under threat. The government is becoming increasingly authoritarian and our media is run by a handful of billionaires, most of whom reside overseas and all of them have strong political allegiances and financial motivations.

Our mission is to hold the powerful to account. It is vital that free media is allowed to exist to expose hypocrisy, corruption, wrongdoing and abuse of power. But we can't do it without you.

If you can afford to contribute a small donation to the site it will help us to continue our work in the best interests of the public. We only ask you to donate what you can afford, with an option to cancel your subscription at any point.

To donate or subscribe to The London Economic, click here.

The TLE shop is also now open, with all profits going to supporting our work.

The shop can be found here.

You can also SUBSCRIBE TO OUR NEWSLETTER .

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

Trending on TLE

  • All
  • trending
Abdollah

‘Rescue us’: Afghan teacher begs UK to help him escape Taliban

CHOMSKY: “If Corbyn had been elected, Britain would be pursuing a much more sane course”

What If We Got Rid Of Prisons?

More from TLE

Fintech aims to provide $1 billion in cash advances to Amazon’s army of small businesses

COVID-19 has proved that where there’s a will, there’s a way when it comes to homelessness

UK entrepreneur invests in Las Vegas Sticks and Shakes

Weather forecast, alerts and UVB index for London, Monday 26 April 2021

Jay Bradley on why the industry is welcoming Irish whiskey protection in more international markets

200,000 children could be made homeless this winter, charity warns

Member of a grooming gang has been given extra jail time after trolling one of his victims on Facebook

‘Deeply worrying’ concerns over BBC impartiality raised after Tory ally blocks appointment of senior reporter

A 103-year-old Bristol Rovers fan still goes to every home match – after arriving at her first by steam train

Astonishment as Balenciaga’s new bag looks just like a Tesco bag & the price will blow you away

About Us

TheLondonEconomic.com – Open, accessible and accountable news, sport, culture and lifestyle.

Read more

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.




No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Entertainment
  • Lifestyle
  • Food
  • Travel
  • More…
    • Elevenses
    • Opinion
    • Property
    • Tech & Auto
  • About Us
    • Meet the Team
    • Privacy policy
  • Contact us

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.