The Conservative Party’s summary of the Autumn Statement is as follows. Backing business all the way: Local businesses will benefit from a cap on business rate rises and an extension of rate relief. The increase in business rates next year will be capped at 2 per cent – businesses were expecting a rise of 3.2 per cent. We are also extending and expanding the doubling of small business rate relief, making more businesses eligible for it and keeping it up […]
Tag Archives: Autumn Statement
City A.M. asked me to comment in advance of the Autumn statement. I wrote: GEORGE Osborne will present his Autumn Statement to a country in the grip of a cruel economic delusion, perpetrated against the poor and the aspirational. Welfare states everywhere are spending chronically beyond their means while papering over the cracks with easy money. Budget 2013 forecast spending in excess of receipts of about £9bn a month. Defence, criminal justice, local government and the Foreign Office have been […]
Today, we’ll be debating an Opposition Day motion on fuel duty, which I want cut. It’s shocking that 60% of the pump price of petrol is tax. Nevertheless I won’t be supporting Labour. It’s one thing to be supported by Labour on a important constitutional point — Parliament’s control over our EU budget contribution, for example — but it is another to support them on an Opposition Day designed to injure the Government. In any case, fuel is 10p a […]
Via the Autumn Statement, page 25, forecast Government receipts and expenditure through the Parliament as a percentage of GDP: See also this chart, showing how our national debt is forecast to increase as a consequence. The legacy this Government was handed remains a scandal.
The economic facts behind the Autumn Statement, in as far as they are known or forecast, are available in the Economic and Fiscal Outlook from the Office for Budget Responsibility. Table 4.7 provides forecast current receipts. Table 4.18 provides total managed expenditure. So, here’s a chart of current receipts (i.e. tax) and total managed expenditure (i.e. spending) for the next few years: The reality is that the Government intend to increase spending every year of the forecast period and to meet […]
Via the Chancellor’s Autumn Statement (PDF), the revised trajectory of public sector net debt: City AM reported back in July on a poll that, asked whether the coalition would be keeping the national debt the same over the next four years, increasing it by £350bn or cutting it by £350bn. Just nine per cent got it right – 21 per cent thought it would be staying the same and an astonishing 70 per cent thought the national debt would be […]