Nov 28, 2023
Government spending plans 'a very big risk', says watchdog
Spending plans outlined in the chancellor's Autumn Statement represent "a very big fiscal risk", according to the UK's official economic forecaster. Richard Hughes, chair of the Office for Budget Responsibility, told MPs on the Treasury Select Committee that spending plans carried a level of "Uncertainty". "It is very difficult to assess the credibility of the government's spending plans, because after March of 2025 the government doesn't have any spending plans," Mr Hughes said, as he and other members of the OBR faced questions on the Autumn Statement. The chancellor's speech, delivered to the Commons, is the government's main opportunity outside of the Budget to make tax and spending announcements. Some 2.2 million more workers now pay the basic rate income tax of 20% compared with three years ago, according to official figures, while 1.6 million more people have found themselves in the 40% tax bracket in the same period.
Related companies
Make a complaint about Budget by viewing their customer service contacts.
