Tomorrow the Chancellor presents his Budget. He faces tricky circumstances: the state is running out of other people’s money. Taxes are at highs and strain is in the bond markets. MPs on the governing benches won't face up to what is needed. Cuts.
Of course every item of spending will have its strident defender. The MP whose voters are on benefits. The vested interest benefitting from energy subsidies. Meanwhile, the taxpayer has a day job: that’s why journalists and think tanks matter.
We know the general pattern: the Chancellor will lead with hard-hitting political items, then the Budget will fall apart as flaws in substance or politics come to light. Your job is to accelerate that process towards enlightenment.
The key point is this: tomorrow’s Budget won’t solve our problems. It won’t cut spending, cut taxes, reduce borrowing and return to sound money. It will not deregulate the economy or abolish Net Zero. It will not abandon the idea that the Government can manage our lives better than we ourselves.
If you want great budget analysis and reaction, I recommend letting the following do the heavy lifting: The Institute of Fiscal Studies, The TaxPayers’ Alliance, The Institute of Economic Affairs, The Adam Smith Institute, The Centre for Policy Studies, The Prosperity Institute and Onward.
Get the source documents from Gov.UK and the OBR. The OBR Economic and Fiscal Outlook is always a great place for the aspiring bluffer to start…
That’s what this post is about: what happens on Budget day behind the scenes. Who the bluffers and experts are, who they are trying to impress and why.
