Bigger-than-expected margin of error into public finances

Commenting on today’s Budget, Ian Stewart, chief economist at Deloitte, said:

“The big surprise is that despite lower productivity growth, the Chancellor has been able to build in a bigger-than-expected margin of error into public finances. Faster wage growth has come to the Chancellor’s rescue, boosting tax receipts and enabling fiscal targets to be met.

“Budget measures will help bolster growth and dampen inflation in the short term. However, today’s announcements will likely have a longer-term impact on growth, as the Chancellor is raising an extra £26 billion a year in tax.”

Note to editors

Deloitte spokespeople

Deloitte has a range of spokespeople available to comment on today’s Budget. They can be reached on 02920 927541 or one of the following numbers: 

• Ian Stewart – chief economist (+44 7785 682226) 
• Amanda Tickel – head of tax and trade policy (+44 7774 337581) 
• Rachel McEleney – personal tax (+44 7826 952940) 
• Alison Lobb – corporate tax (+44 7887 629107)
• James Caldecourt – trade and tariffs (+44 7774 337581) 
• Michael Nicolaides – employment tax (+44 7586 511104) 
• Simon Down – automotive (+44 7824 895798)
• Helen Kaye – hospitality (+44 7824 895798)
• Sophie Brown – retail (+44 7824 895798)
• Andrew Clarke – VAT (+44 7586 511104)
• Philip Parnell – business rates (+44 7990 434703) 
• Ed Roddis – public sector (+44 7855 399368)
• Toby Price – stamp duty (+44 7990 434703)
• James Clare – carried interest (+44 7586 511104) 

About Deloitte

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The information contained in this press release is correct at the time of going to press.

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