Budget 2021: What on Earth was that?

Asia's Tech News Daily

If you were starting a country from scratch, you wouldn’t start from here. I’m not talking about the weather or continued existence of Richard Madeley, but rather the way in which we do our Budget.

Budget 2021: What on Earth was that?
© West End Final WEF_Web.jpg

Despite being a former Treasury official I secretly agree with my old colleague, Chris Cook. Sure, a bit of Parliamentary theatre or call and response (Growth? Up! Unemployment? Down!) can enliven a slew of OBR forecasts.

But a system in which — leaks aside — the nation’s Budget is delivered in a speech after which the leader of the Opposition (or in today’s case, Shadow Chancellor as Keir Starmer has tested positive for Covid-19) who is supposedly there to scrutinise the thing has to respond without actually seeing it is not a wholly sensible approach to public policy.

Meanwhile, the actual numbers (did Sunak refer to debt or the deficit? Hold on is that figure real or nominal?) are tucked away in the yet-to-be-released Red Book, what I like to think of as the original novel to the speech’s adapted screenplay.

And of course, the Treasury being the Treasury, the whole shebang is kept secret not only from the Opposition, but from other government departments and, depending on the relationship between the occupants of Number 10 and 11 Downing Street, the Prime Minister as well.

If you made it through that ballad of discontent, here are the headlines from today’s Budget:

  • The UK economy is set to grow by 6.5 per cent in 2022 and return to its pre-Covid level by the turn of the year
  • Inflation (3.1 per cent in Sept) is set to average 4 per cent next year
  • Borrowing (excluding the Bank of England) is to peak at 85.7 per cent in 2023-24, a huge 10 percentage points below the March forecast
  • Total departmental spending is now planned to grow by 3.8% per year in real terms over the next three years
  • Combining the March and October Budgets, Sunak has raised taxes by more this year than in any single year since Norman Lamont and Ken Clarke’s 1993 Budgets in the aftermath of Black Wednesday
  • Beer duty has been cut…

There’s a whole bunch of other more granular but important stuff (for example, the Government seems to think it has invented Sure Start but with a moustache). Check out our business pages for how it will affect you.

One final point highlighted by Paul Johnson of the Institute for Fiscal Studies — real household disposable income is set to rise by a measly 0.8 per cent over the next five years. If the purpose of economic policy is to make us richer, it’s not going great.

In the comment pages, Tom Newton Dunn writes that Sunak’s ‘age of optimism’ Budget is built on shifting sands. Meanwhile, Ayesha Hazarika gets to an uncomfortable truth: No matter how much recycling you do, ”a flight kind of wipes all of it out.”

And finally, it may not quite be this government’s Waterloo, but an unlikely coalition of the singer Feargal Sharkey and the Duke of Wellington has brought about a partial U-turn on the sewage crisis.

This article appears in our newsletter, West End Final – delivered 4pm daily – bringing you the very best of the paper, from culture and comment to features and sport. Sign up here.

Register now for one of the Evening Standard’s newsletters. From a daily news briefing to Homes & Property insights, plus lifestyle, going out, offers and more. For the best stories in your inbox, click here.

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

Jack Ross: Hibs part company with manager in wake of Livingston defeat

Hibs have parted company with manager Jack Ross in the wake on Wednesday night’s 1-0 defeat by Livingston. © Hibs manager Jack Ross looks to the skies after Wednesday night’s ... Read more »

Crossroads star Angela Webb hits out at new series

© Provided by Daily Mail MailOnline logo A former Crossroads star has slammed current plans to develop a new show about actress Noele Gordon, who was sensationally fired from the soap ... Read more »

Miniature castle built by soldier who inspired Shakespeare character saved

A miniature castle built by a soldier who inspired a character in William Shakespeare’s plays has been saved from collapse. Sir John Fastolf was immortalised in caricature by Shakespeare as ... Read more »

Tipping Point viewers claim show is ‘fixed' and have ‘proof' machine favoured a contestant

TIPPING Point viewers have claimed the show is a fix and have 'proof' that the machine favoured a contestant during last night's show. Wednesday night's instalment of the ITV programme ... Read more »

My boyfriend was desperate to buy my Christmas present without any help – but it couldn't have gone more wrong

WE might have just three weeks left until the big day – but our Christmas prep began weeks ago. No, we're not talking about getting a head start on the ... Read more »

Big Brother's Sophie Reade looks unrecognisable 12 years after appearing on show

SOPHIE Reade was an instant hit when she entered the Big Brother house back in 2009. The glamour model from Cheshire, now 32, had to work hard to earn her ... Read more »

Rebel Wilson recalls awkward first meeting with Russell Crowe

© Provided by Cover Media Rebel Wilson Rebel Wilson joked about her first encounter with Russell Crowe as she presented an AACTA Award on Wednesday. During the 2021 Australian Academy ... Read more »

Barcelona ‘resign from football elite' with Champions League exit as angry Xavi demands start of new era

© Getty Images xavibarcelona09122021A.jpg How the mighty have fallen. Five-time European kings Barcelona will have to adapt to the sobering reality of a first stint in the Europa League after ... Read more »

Father and son arrested over wildfire that forced thousands to flee homes

© Noah Berger A father and son have been arrested accused of starting the fire which destroyed homes and a ski resort near Lake Tahoe, California (AP Photo/Noah Berger, File) ... Read more »

Ralf Rangnick makes Erling Haaland and Mason Greenwood comparison after Man Utd heroics

Ralf Rangnick has compared Mason Greenwood with Erling Haaland after the 20-year-old scored a sublime goal for Manchester United as they drew 1-1 with Young Boys. United had the luxury ... Read more »

Conte must now unleash "unplayable" £26m-rated beast, he could be Spurs' saviour - opinion

© Provided by Football FanCast Spurs midfielder Tanguy Ndombele celebrates scoring against Wolves in the Carabao Cup Antonio Conte must turn to the rarely-seen Tanguy Ndombele for Tottenham Hotspur’s upcoming ... Read more »

Thomas Muller kicked Barcelona while they were down after Bayern Munich beat them 3-0

© GiveMeSport Barcelona’s players looking deflated after exiting the Champions League Barcelona have had some major lows in the Champions League over the last few years. From blowing a three-goal ... Read more »

Tottenham vs Rennes called off after Covid outbreak, Uefa confirms

© Tottenham Hotspur FC via Getty I Tottenham Uefa confirmed on Thursday morning that Tottenham’s Europa Conference League match against Rennes has been postponed, despite the Ligue 1 club’s protest ... Read more »

UK Covid live: Johnson faces Tory revolt over plan B as fresh claims of lockdown-busting parties emerge

© Photograph: MI News/NurPhoto/REX/Shutterstock Boris Johnson’s authority among his own benches is under question after the Downing Street ‘partygate’ LIVE – Updated at 09:45 Tory rebellion over the move to ... Read more »

Nissan Ariya electric SUV available to order, priced from £42,000

© Provided by Motoring Research Nissan Ariya Deliveries of Nissan’s new range-topping electric SUV, the Ariya, will start in summer 2022, with prices from £41,875. This places the Ariya in ... Read more »

Sarah Jessica Parker reveals challenges reviving Sex and the City role in And Just Like That

© Bang Showbiz Sarah Jessica Parker admits the revival was a challenge Sarah Jessica Parker has insisted it wasn’t “simple” resurrecting ‘Sex and the City’ characters in ‘And Just Like ... Read more »

Jennifer Lawrence fans rejoice as she's spotted alongside Leonardo DiCaprio on set after movie break

© Getty Images Jennifer-Lwrence-Leonardo-DiCaprio.jpg Jennifer Lawrence has been spotted on set of her new film alongside Leonardo DiCaprio. The Oscar-winning actors will play the lead roles in Netflix comedy Don’t ... Read more »

Amazon outage disrupts lives, surprising people about their cloud dependency

The outage of much of its network lasted most of the day and disrupted several of the tech giant’s services Read more »

Paul Heckingbottom comments on key Sheffield United issue this season ahead of QPR clash

© Provided by Football League World Championship – Sheffield United v Bristol City Sheffield United manager Paul Heckingbottom has suggested that the Blades need to improve their record against the ... Read more »

Video: Porch camera captures spectacular METEOR blazing across Alberta sky after it sets off motion detector as locals report loud boom and say their houses shook

Read more »

Video: SAGE scientists warn Plan B WON'T solve Omicron crisis in hint 'Christmas lite' may be needed to stop 1million cases of super-strain and 1,000 daily admissions by New Year

Read more »

Video: Revealed: Downing Street special advisor heard joking with Allegra Stratton in leaked conference room video is former £34,000-a-year public schoolboy and son of the Vice Lord Lieutenant of Kent

Read more »

SAGE scientists warn Plan B WON'T solve Omicron crisis in hint 'Christmas lite' may be needed to stop 1million cases of super-strain and 1,000 daily admissions by New Year

SAGE scientists today hinted that tougher coronavirus restrictions could be in the pipeline as they warned the Government’s ‘Plan B’ does not go far enough to stop Omicron. Boris Johnson ... Read more »

Met Police will not investigate 10 Downing Street Christmas party

The Metropolitan Police has said it will not investigate allegations that Covid-19 restrictions were broken at a party at 10 Downing Street on 18 December 2020. © Getty Images iStock-458609327 ... Read more »

Italy slaps Amazon with €1.1 billion fine for abusing dominant market position

Italy’s antitrust authority said Thursday it had fined Amazon 1.1 billion euros ($1.3 billion) for allegedly abusing its dominant position in e-commerce logistics, the latest action against US Big Tech ... Read more »

Steven Gerrard may have already decided which Aston Villa players to sell in January

Steven Gerrard has enjoyed a successful beginning as Aston Villa head coach, but the new boss also outlined that some players within the squad are still “not sure” on his ... Read more »

Controversial Notre-Dame redesign up for vote

© Philippe LOPEZ Church authorities say the refurbishment of the interior of Notre-Dame will simply make it more welcoming for visitors A controversial redesign of the interior of Notre-Dame cathedral ... Read more »

‘Pure class' – Many Wigan Athletic fans react to player's performance during Shrewsbury victory

© Provided by Football League World Championship – Cardiff City v Queens Park Rangers Wigan Athletic managed to reclaim a spot in the League One automatic promotion places last night ... Read more »

'Mediclinic patients sent in for other issues then find out they have Covid-19'

© Provided by 702 Mediclinic says most Covid-19 patients in its facilities only found out that they had Covid-19 after being hospitalised for unrelated health issues The hospital group’s Dr. ... Read more »

Philippines anti-terrorism law 'threatens human rights' despite 'killer caveat' strikedown

© AC Dimatatac The law took effect last year and gives the country’s security forces sweeping powers to go after suspected terrorists The Philippines’ highest court has struck down a ... Read more »

Dis-Chem on implementing mandatory jab policy: It's about work safety

© Facebook.com. FILE: A Dis-Chem store: JOHANNESBURG – With no decision taken by government yet on whether COVID-19 vaccines should be made mandatory, Dis-Chem Pharmacies on Thursday said it was ... Read more »

Fact check: No 'anti-vaxxer kiss-in' in Germany

© Provided by dw.com This image was used to spread fake news about anti-vaccine protests in Germany “Mistletoe, anyone?” asks a Facebook user sarcastically, posting what purports to be a ... Read more »

RateGain Travel Tech IPO subscribed 13.40 times on final day, QIB portion booked 5.37 times

© Sunil Matkar RateGain Travel Tech IPO subscribed 13.40 times on final day, QIB portion booked 5.37 times The public offer of software-as-a-service company RateGain Travel Technologies has been subscribed ... Read more »

'Welcome to Earth', 'Dolly: The Sheep that Changed the World': The 5 best things on TV, Wednesday 8 December

Wednesday’s TV highlights. (Disney+/BBC) Wednesday night's TV highlights include some streaming service gems as nature documentary Welcome to Earth launches on Disney+ fronted by Will Smith, and hard-hitting opioid drama ... Read more »

10 best vegetarian Christmas dinner essentials that will tempt even turkey enthusiasts

We considered how easy they were to prepare and serve up, as well as the look and quality (The Independent ) It’s Christmas time, there’s no need to be afraid ... Read more »

Nach Quarantäne-Verstoss des Präsidenten: Börse im Plus – aber Credit-Suisse-Aktie taucht deutlich

Die Missachtung der Corona-Regeln durch Credit Suisse-Verwaltungsratspräsident António Horta-Osório lastet am Donnerstag deutlich auf dem Aktienkurs der Grossbank. © Bereitgestellt von Blick Börse im Plus – aber Credit-Suisse-Aktie taucht deutlich ... Read more »

Detailhändler reagieren freiwillig auf Corona-Lage: Wieder Kapazitätsbeschränkungen in den Läden!

Gemeinsam im Kampf gegen die Virusverbreitung: Die Swiss Retail Federation setzt sich für freiwillige Kapazitätsbeschränkungen in den Läden ein. © Bereitgestellt von Blick Wieder Kapazitätsbeschränkungen in den Läden! Die Schweizer ... Read more »

Ihr Aussenminister nur wenige Stunden zuvor positiv auf Corona getestet: Finnische Regierungschefin wegen Party-Nacht in der Kritik

Die finnische Regierungschefin Sanna Marin steht wegen einer Party-Nacht in der Kritik. Die 36-Jährige war trotz des positiven Tests eines Ministers bis vier Uhr morgens feiern. Nun entschuldigt sich die ... Read more »

Amazon erhält Milliardenstrafe von Italiens Kartellbehörde

© Michel Spingler/keystone-sda.ch FILE – This April 16, 2020 shows the Amazon logo in Douai, northern France. Online behemoth Amazon reported a shortfall in third quarter profits and sales as ... Read more »

Germany's Baerbock says common European response needed on Beijing Olympics

© Reuters/GONZALO FUENTES German Foreign Minister Baerbock meets with her French counterpart Le Drian in Paris BERLIN (Reuters) – German Foreign Minister Annalena Baerbock said on Thursday that Europe needed ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic