Hunt missed chance to boost UK growth, economist says
Jeremy Hunt budget It dealt with safety and did not stimulate the UK economy. President It’s gotten bolder, says an economist at the Adam Smith Institute. Maxwell Marlowe, head of research at the London-based think tank, was speaking the next day. Mr Hunt The long-awaited financial results announcement has been made.
The main points are: Extending the 30 hours per week of free childcare currently available to many working families with a 3-year-old and her 4-year-old to younger children. A guarantee that energy prices will remain at current levels until the end of June 2023: abolishment of lifetime benefits and an increase in pension tax caps. The Government’s commitment to spend £2bn a year on defense and national security priorities between 2023/24 and 2027/28 (£3bn in 2024/25).
Hunt also confirmed that the corporate tax will be raised to 25% next month.
Marlowe told Express.co.uk:
“He had the right idea. He wants to solve the problem that has been imposed on him, but he came to the wrong conclusion.
“for example, Childcare Great news about the ratio, it actually gives parents more choice and lower costs.
“But free childcare, wraparound childcare, is taking away payments from Peter to Paul.”
Referring to the fact that Hunt confirmed the changes won’t take effect until next year, Marlowe said: “Fundamentally, it doesn’t help at least as much as he thinks. please give me.
“Because this is a crisis right now, a parenting catastrophe that will never be fixed from what he proposed. His reform needs to be more holistic.”
Marlowe also welcomed the government’s new full expense policy, which provides a new 100% first-year capital deduction for eligible plant and machinery assets.
He said: “That’s great, but unfortunately not enough.
“So any type of capital that the company uses, such as oil rigs, cannot be expensed.
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“That’s great. We want to drill more to take advantage of the very large and wonderful mineral resources in this country. So he was able to go further.”
“Then finally corporate tax increase Frankly disgraceful. We are raising rates when the rest of her G7 countries are lowering rates.
“What’s going on? And we’re going to lose a lot of competitiveness all over the world, which is very bad news.”
Asked about the impact of Hunt’s budget, Marlow predicted:
“It was said that he could avoid a recession because of his work, and this is great news.
“But if he was a little more radical and took a little more risk, it’s nowhere near the growth we could have achieved. I know he doesn’t want to.”
asked if it was a probrexit Of Hunt’s budget, a notorious remnant supporter, Marlowe said:
“It’s interesting. The emphasis in the OBR report that came out at the same time was migration, much of the reason brexit What happened was that people wanted to control migration.
“But the math behind the budget is based on increased migration from what we have now. So in many ways it’s anti.brexit in that sense.
“But you know he claimed to be great brexit British pub, the best brexit There were some discrepancies between the UK pint and regulation so I think it was definitely a mixture of the two defiantMorebrexit and brexit”