Chris Mason: Budget needs to go some way towards delivering PM's promises
Summary
The article says the UK government faces pressure to meet its promises despite high taxes, public debt, rising energy costs and limited room for new spending. It reports that the Budget is expected to offer targeted help with energy bills, add defence funding and transfer more powers and resources to local leaders, while making relatively modest tax and spending changes.Key Facts
- Chancellor John Healey has said Britain has less money available than the government of the 1990s.
- The article identifies high public debt, a high tax burden, rising energy bills and higher-than-expected inflation as constraints on the government.
- Some economic indicators, including growth and productivity, are described as better than forecast, while unemployment is down.
- The article says the government is expected to target cost-of-living and energy-bill support at vulnerable people.
- Banks are preparing for a possible levy or surcharge that could help fund energy-bill support.
- The government is expected to announce more defence spending, but details of its plan to spend 3% of national income on security by 2030 are due in next year's Spending Review.
- Healey has promised a major transfer of powers and resources to local leaders, though some Westminster figures question whether sufficient spending oversight will accompany it.
- The article expects this Budget to involve smaller tax and spending changes than some recent Budgets.
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