Chancellor’s standstill non-event

Responding to the Chancellor’s Budget, Liberal Democrat Leader and former Business Secretary Vince Cable said:

“This was all very modest stuff, with more in it for potholes than schools and the police. A standstill non-event.

“With growth remaining stubbornly low and Brexit weighing down our economy, it is clear the big problems are still to be tackled. It was a sticking plaster Budget, when major surgery lies ahead.

“If we are to see an end to austerity, then we need a proper injection of cash – at least £19bn according to the IFS – in our public services. The Chancellor said he could end austerity without raising taxes, but that is highly unlikely in practice.

“The Chancellor dined out on the borrowing improvements the OBR has given him, but these are overshadowed by the damaging impact Brexit will have on the UK’s public finances. These costs, which could reach £80bn a year in the event of ‘no deal’, risk turning today’s Budget into a sideshow.”

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