CCR Magazine

You are here  :Home arrow News arrow Missed opportunities blight a prudent Budget, says CPS
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines


Commercial Credit News


Missed opportunities blight a prudent Budget, says CPS PDF Print E-mail
Wednesday, 22 November 2017
Daniel Mahoney, Head of Economic Research at the CPS, said:  “The headline story from this Budget was the dramatic downgrading of Britain’s productivity forecasts – a minute-long section of Philip Hammond’s speech that will add as much to the deficit as the rest of it put together. In 2019, for example, productivity growth will be 0.7 percentage points lower than was predicted earlier this year. Overall, these revisions to productivity will knock nearly 3 percentage points off nominal GDP growth over the next five years.

“Given that this was the story of the Budget, it was a shame that the Chancellor did not outline more measures to improve productivity – such as those suggested by the Centre for Policy Studies recently.

“The policy decisions made at this Budget will put further strain on the public finances, adding around another £22bn of debt over this parliament. But in macroeconomic terms this is relatively small – so the Chancellor should be commended for resisting the temptation to engage in a spending splurge.”

Robert Colvile, Director of the Centre for Policy Studies said: “Within the constraints imposed by the productivity and GDP downgrade, the Chancellor did many things right - although there were arguably too many minor, interventionist initiatives. But the U-turn on Universal Credit was necessary and welcome, there was a cash boost for the NHS, and firms will benefit from the more generous offer on business rates. He also avoided some expected bear traps, such as punishing white van men by lowering the VAT threshold.

“While the Chancellor has remained relatively prudent, it is disappointing that most of his promises will be funded by increasing the deficit. But the real disappointment came on housing. Yes, a review of urban planning was promised. But abolishing stamp duty for first-time buyers will do little to help – and may even increase prices – without much more sweeping reform of our broken planning system, including the green belt.”

 Forums International Ltd

Forums International Ltd

 Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.

Find out more here.

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online


CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road

Registered in England No: 05483197