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More than a year ago, I wrote about “The good, the bad, and the ugly” in Labour’s first Budget. Today, I can offer you the sequel!
One piece of good news:
The Office For Budget Responsibility (OBR) report, leaked early today, paints a mixed but somewhat encouraging picture of the Labour Budget in terms of government finances. The fiscal buffer is larger than expected even though real economic growth and productivity have been revised down slightly.
So where is the higher tax revenue coming from? Well, a larger than anticipated increase in nominal growth is pushing up future tax