Nov 13, 2022
The repair Budget to defuse a financial timebomb
On Thursday we will see a repair Budget that seeks to complete the job of defusing the timebomb set off under Britain's finances by Liz Truss' mini-Budget. Setting a plan for a declining national debt by 2027-28 will require tens of billions of pounds worth of both spending cuts and tax rises. In broad terms, spending will be squeezed after 2025 from current plans, raising billions of pounds, but may still grow in line with inflation. A similar slowing of the growth in spending on infrastructure, and cancellation of a planned boost to aid spending, could also raise significant amounts. On the tax side, the chancellor has already reversed £33bn of mini budget tax cuts and raised a further £5bn by cancelling the plan to cut the basic rate of income tax in to the future.
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