"Former Bank of England chief economist Andy Haldane told the BBC's Sunday with Laura Kuenssberg programme this was "the single biggest reason why [economic] growth has flatlined". In response, Alexander said there was always speculation in the run-up to Budgets but the chancellor had been clear about her priorities. Chancellor Rachel Reeves is widely expected to increase taxes in her Budget on Wednesday to help fill a multibillion-pound gap in her spending plans."
"Haldane branded the months of speculation about potential Budget measures a "fiscal fandango". "That's been costly for the economy," he told the programme. "It's caused paralysis among businesses and consumers." He said the Budget process was "too lengthy, too leaky, with real costs". Haldane acknowledged this 'pantomime' had also happened under previous governments, adding that the "budgetary process""
Transport Secretary Heidi Alexander denied that pre-Budget leaks had damaged the economy. Media speculation in recent months focused on which taxes might increase, with multiple measures floated. Former Bank of England chief economist Andy Haldane said the speculation was the single biggest reason economic growth had flatlined and that it caused paralysis among businesses and consumers. Chancellor Rachel Reeves was widely expected to raise taxes to help fill a multibillion-pound gap, and ministers signalled potential income tax increases. Anonymous briefings suggested consideration of raising income tax rates, but government sources later said Reeves decided against that after improved forecasts. Haldane called the process a "fiscal fandango" and criticised its length, leaks and costs.
Read at www.bbc.com
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