Head of Communications at the Adam Smith Institute Kate Andrews discussed Wednesday’s Budget and what the Chancellor should have included on Sky News.
Deputy Director of the Adam Smith Institute Sam Bowman gives a Budget round-up for Economia:
There was very little in this Budget to get excited about, either positively or negatively. Against a backdrop of astonishingly high employment and a strongly growing economy was a Budget filled with tiny little giveaways to worthy, but inconsequential, causes like the church roof repair fund. Instead of the big cuts to inheritance tax that many had hoped for, the chancellor fiddled while the economy boomed.
Employment is now at both the highest level and the highest rate since records began. Since 2010, 80% of the new jobs created are full time, and wages are finally now beginning to rise above inflation. The country is growing at a decent clip and is projected to continue growing at just under 2.5% annually until 2020 at least.
The main fly in the ointment here, as it has been for years, is productivity, which is still very weak. One reason for this may be that business investment is still very low compared to its pre-crisis level; other than cutting taxes on capital (thus boosting investment) there seems to be little the government can cost-effectively do to help this.
The ASI’s Budget reaction features in The Telegraph:
Sam Bowman, deputy director of the Adam Smith Institute, said: “Raising the personal allowance will leave more money in full-time workers’ pockets, and is a good tax cut for people on low and middle incomes.”
Director of The Entrepreneur’s Network Philip Salter gave his budget round-up in Forbes, focusing specifically on what this year’s budget means for entrepreneurs.
Chancellor George is a prudent man. Despite the UK’s buoyant economy and the upcoming election, today’s Budget wasn’t the spending splurge that many were expecting. As the Adam Smith Institute’s Sam Bowman quipped: “Osborne fiddles while the economy booms”.
Of course, what the Chancellor actually announces in the House of Commons is just the tip of the iceberg. The devil is in the 124-page document. And the one thing that stands out from this is the relentless focus upon policies to try to support Britain’s entrepreneurs. This is a government fixated upon innovation and growth.
The ASI’s Budget reaction was featured in CityAM:
Some analysts called for rapid and radical action.“Throwing more money at the demand side will not solve the housing crisis – the country needs planning reform so that it is easier to build on Green Belt land,” said Sam Bowman from the Adam Smith Institute. “The only thing this policy will Help-to-Buy is the election.”