Hammond has the cash to end austerity, IFS says

first_img Read more: Brexit vote live: Tusk presses for long delay to Article 50Increased “fiscal headroom” of £26.6bn, announced yesterday by the Office for Budget Responsibility, can “allow the Chancellor to say with rather more conviction that austerity really was coming to an end”, the IFS said.The think tank said that even an extra £15bn a year of spending on top of current plans could keep borrowing within the chancellor’s two per cent of GDP limit, and keep debt falling as a fraction of national income.It also pointed out that although the deficit is lower than forecast a year ago, it is still higher than forecast in March 2016. It will be £32bn higher in 2020–21.Attacking Hammond’s inaction on benefits, the IFS said: “There was no reprieve announced for the millions of working age families dependent on benefits. The fourth year of the benefit freeze is going ahead. 10 million families will have lost an average of £420 a year as a result of the freeze”. Hammond has the cash to end austerity, IFS says by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikePast Factory4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!Past FactoryHealthyGem20 Hair Shapes That Make A Man Over 60 Look 40HealthyGembonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comPost FunA Coast Guard Spotted Movement On A Remote Island, Then Looked CloserPost FunNews SharperGrab A Tissue Before You See Richard Simmons At 72News SharperQuizscapeQuiz: 9 Out Of 10 People Can’t Name These Famous ComediansQuizscapeNext RefinanceThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryNext RefinanceG InsuranceExperts Discover Girl Born From Two Different SpeciesG InsuranceTaco RelishPhotos Show The Differences Between Kate & Meghan’s Parenting StylesTaco Relish whatsapp Share The improved public finances announced in yesterday’s Spring Statement give the chancellor Philip Hammond the power to bring austerity to an end, the Institute for Fiscal Studies (IFS) has said today.The think tank also said Britain’s relentless focus on Brexit has stopped it from addressing important economic and financial challenges in its analysis of the Spring Statement. Thursday 14 March 2019 11:38 amcenter_img It also had harsh words on the UK’s current political instability, saying: “One of the costs of a combination of the obsessive focus on Brexit and the lack of parliamentary majority has been the lack of focus on some of these challenges.”Read more: Spring Statement: Hammond warns against no deal“There is a consensus that the economy would have been about two per cent bigger had the Brexit vote not occurred”, the IFS said.The think tank also offered oblique criticism of the Labour party, attacking the “presumption in some quarters that if we do want more revenue it can all come from the rich and from companies.” It said: “It can’t. That’s not how other countries do it.” whatsapp Harry Robertson Tags: Trading Archivelast_img read more