TUC has argued that the economy and public finances were derailed over the coalition years because government spending cuts had a larger-than-expected impact on the wider economy (see e.g. blog, paper). Earlier this week the Office for Budget Responsib…Read more…
OBR set out scale of tax losses from low pay growth
Yesterday’s OBR report sets out the impacts that low wage work is having for tax revenues, suggesting that the £17bn shortfall we assessed that low earnings have created to date (as set out in IPPR analysis for the TUC last week) is likely to be even larger. Firstly, the OBR point to various…Read more…
The real story of the Autumn Statement: the OBR tell the Chancellor to think again
Many are already reporting today’s Autumn Statement in terms of the immediate changes to stamp duty and air travel. But the big headlines were not in the Chancellor’s speech. It’s the OBR’s chilling analysis of the spending cuts that are set to come that should be the real…Read more…