Economists said spending was also boosted by the reversal of the National Insurance increase introduced by Rishi Sunak when he was chancellor. Elizabeth Martins, senior economist at HSBC, said a recession was now “avoidable”.
Could be. Would make certain screams about inevitable depression that must be averted look a tad de trop, won’t it?
The Treasury will bank a £11bn windfall from a stronger than expected economy and plunging energy prices, economists have said, raising the prospect that the Chancellor could cut taxes sooner than expected.
My desire would be to do a Lawson. Cut a tax. Kill one, that is. Instead of lowering some plethora of tax levels, simply withdraw the state from taxing an activity. Got more money to play with? Kill another one.
Sue, the macroeconomic numbers, the balanced – ahaha – budget and so on. But look to the microeconomic benefits too of being able to gut an entire part of the tax bureaucracy.