risks smashing one of his budget rules because he is already running close to its limit and there will be many spending and tax pressures ahead, the head of Britain’s budget watchdog said on Thursday, March 16., announced on Wednesday, March 15, leave him with a buffer of only 6.5 billion pounds for hitting his target of getting debt as a share of economic output falling in five years’ time.
OBR Chair Richard Hughes said Hunt had given himself more leeway last November when he extended the target horizon by two more years. “So even with two years of extra time, and a somewhat brighter economic outlook, and a bit more potential output in the long run from higher employment, he is still struggling to meet that fiscal rule,” Hughes said at a panel discussion about the budget organized by the Resolution Foundation think tank.
Hunt used his budget on Wednesday to announce extra spending on childcare, tax rule changes, and other incentives to get more people into work, alongside incentives for business investment, in a bid to speed up Britain’s slow pace of economic growth. Hunt was likely to face calls for further freezes of fuel duty – a regular feature of budgets over the past decade – and he has suggested he also wants higher spending on defense and future reductions in taxes for businesses, Hughes said.Hunt and Prime Minister Rishi Sunak committed to the latest version of Britain’s fiscal rules in November after the
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