Well, would you believe? There was I thinking that we would get a budget for contraction and unemployment and instead the Chancellor announced a budget for growth and jobs. Just shows what a dunce I am.
For savers, the return of NS&I index linked certificates has been inferred here and by the BBC. If so, it will no doubt be welcome, especially as RPI linkage may be retained, although the amount to be released is small at not more than £2 billion. It may also mean, of course, that the BoE is right when it says that inflation will fall sharply next year.
On the rest of the measures they all seem to have been pretty well trailed. What ever happened to Budget purdah? One surprise has been the extra tax on North Sea oil revenues. Not sure this is a good idea. There is still plenty of life left in North Sea oil and discouraging investment there is not the smartest move in terms of energy security.
From what I have heard it is a "linkage" with nothing to say how strong the linkage is. It could of course be a direct linkage but I suspect something weaker.
ReplyDeletea single shock has long been the additional taxes on North Sea essential oil revenues. Not certain this is typically a beneficial idea. There is nonetheless lots of existence left in North Sea
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