Even in 2028-29, on the Office for Budget Responsibility's forecasts, we'll still be looking at growth in GDP of a lacklustre 1.6%. For a chancellor with a mantra to invest, invest, invest, that is a thin return in the medium term.
Indeed, the OBR's analysis contained the following passage about the effect on the rate of business investment, the economic dial that successive governments have failed to improve meaningfully for years.
In the short term, the tsunami of employment costs coming in April will ultimately do more to hamper growth than incentivise it, said Kate Nicholls, the chief executive of UKHospitality.
The move wasn't huge, but it cost the government slightly more to borrow for 10 years than before the chancellor spoke.
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