There are many figures contained in this budget but perhaps the most telling is a striking set of numbers announced by Rishi Sunak in the House of Commons. This budget , he said, contained around £65bn of measures to support the economy as it continues to battle COVID-19 . But, he added, this was dwarfed by the £290bn or so the government has already set aside to spend on the pandemic. In other words, it is far better to view this budget not as a discrete event but as a continuation of a set of fiscal policies which have been accreting since the pandemic first landed in this country last spring. But if we look specifically at the new policies the chancellor announced on Wednesday, what do we learn? Advertisement The first thing is that this budget represents a big fiscal giveaway for the first three years, followed by a big fiscal takeaway in the following three years. The initial largesse, in the form primarily of extended COVID-19 support and a new super-deduction (more on that later) gives way to a period where higher corporation taxes and indeed higher tax payments from the rest of us recoup nearly all of… Read full this story
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