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Budget 2018: Public finance forecasts gives Chancellor boost

Public finance forecasts gives Chancellor boost

Yael Selfin, Chief Economist at KPMG in the UK, comments on the latest Budget.


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Yael Selfin, Chief Economist at KPMG in the UK, commented on the Autumn Budget: 

“The Chancellor was given a boost with an expected lift to public finance forecasts by the Office of Budget Responsibility today. He chose to spend most of it with an additional £14.8 billion on average spending announced today, allowing him to move some way towards ending austerity over the next five years. 

“In addition to increasing governmental day to day spending the Chancellor is also still looking to increase investment in order to raise the UK’s weak productivity performance. The £6 billion announced is welcomed, but more funds will be needed. 

“Overall, the government will need to make some important choices over the next decade to ensure that further public spending helps to boost productivity and austerity is felt to have ended by most people and businesses. Additional money may also be needed if Brexit proves to be a bigger shock to the economy. The Chancellor was wise to leave a £15 billion pot of Brexit funds untouched but will need more cash in the event of a difficult transition and a no-deal.“

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About KPMG:

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 14,500 partners and staff.  The UK firm recorded a revenue of £2.2 billion in the year ended 30 September 2017. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 154 countries and territories and has 200,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such.

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