The Irish Times view on the UK budget: grasping for growth

The Irish Times · Irlanda · Prensahace 4 horas

The odds were always stacked against John Healey announcing any radical measures in his first budget as UK chancellor of the exchequer. His room for manoeuvre is limited by mountainous debt levels and anaemic growth.

And so it turned out. The bond markets took a mildly benign view of a package of tax increases on banks, the gambling sector and property which will fund additional social spending to tackle the cost of living crisis.

What is striking about the budget is what it failed to say. There was no statement of intent from Andy Burnham, the newish prime minister, about the direction he would like to take the country.

Two big-ticket items were fudged. Perhaps mindful that proposed welfare reforms dealt the first crippling blow to Keir Starmer’s premiership, Healey announced that plans to reduce spending would be unveiled in 2027.

There was a commitment in the budget to increase…

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