3 March 2021
Ian Stewart, chief economist at Deloitte, comments on the Chancellor’s statement:
“More than £50 billion of extra help for businesses and households in the next year will give the economic recovery a shot in the arm. With the end of the lockdown in sight, the UK will see a strong rebound, with investment playing an outsize role.
“Even once the pandemic support schemes wind down, the public sector will be larger than it was before the crisis. To reverse the rise in the burden of public debt by the end of the parliament the government has pencilled in a rising take from business and income taxes from next spring.
“Paying down the public debt accumulated in the pandemic is likely to be the work of several governments. But the Chancellor is planning for beyond the pandemic, and the fiscal tightening that will be needed to begin to reduce levels of government debt.”
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Deloitte has a range of spokespeople available to comment on today’s statement. They can be reached on 020 7007 3333 or 0207 303 5054 or one of the following numbers:
• Ian Stewart – chief economist (07789 036 944)
• Amanda Tickel - head of tax policy (07920 270 964)
• Rachel McEleney - personal tax (07826 891 752)
• Zubin Patel – corporate tax (07795 968 483)
• James Warwick - employment tax (07768 178 264)
• Gareth Pritchard – indirect tax (07920 006 216)
• Mike Barber – climate change/sustainability (07920 270 964)
• Jonathan Evans – stamp duty (07818 535 803 /07789 036 944)
• Gerry Biddle – business rates (07785 381 369)
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