Mythbuster: the budget

In his first major act as chancellor, Kwasi Kwarteng had an opportunity to steady an economy that has been rocked by the pandemic, the Ukraine war, the energy crisis and years of his own party’s mismanagement. He also had a nation of workers struggling with low pay and the soaring cost of living, and public services in dire need of investment. “Help is coming” he declared. But for who? Myth: Friday’s announcement was not a budget Fact: Despite calling Friday’s announcement a “growth plan”, not a budget, the chancellor’s announcements were one of the biggest fiscal events in the past decade These are massive changes to economic policy, but the semantic sleight of hand has allowed the new Conservative government to escape proper scrutiny. Usually, the Office for Budget Responsibility assesses budgets and lets people see robust numbers setting out the impact of each policy. The chancellor, however, has avoided oversight. Perhaps the Conservatives are afraid of scrutiny because they know that their irresponsible plans don’t add up. Myth: This budget will help to grow the economy Fact: It is absurd to hear the new Chancellor call this mini budget a “plan for growth” when the defining feature of our economy, after 12 years of Conservative government, is a lack of growth. And the negative impact of these new proposals has already been significant The pound nosedived during Friday’s announcement, crashing further to record lows the following Mo...
Source: UNISON Health care news - Category: UK Health Authors: Tags: Article cost of living Source Type: news