From the TUC

Autumn Statement 2014: The Touchstone roundup

04 Dec 2014, by in Economics

The Chancellor’s Autumn Statement is in the papers today for stamp duty changes to help home buyers and a clampdown on tax avoidance. Our bloggers have been unpicking some of the other details though, and they’ve found a rather less rosy picture:

There were measures to welcome too of course:

But overall, the Office for Budgetary Responsibility’s scathing commentary on the statement gave the greatest concern:

  • Geoff Tily looked at the wider economic picture, and finds a Chancellor whose original economic plan failed and who is now trying to dress the poor results up as success.
  • And Nicola Smith highlighted some key areas of the OBR response, particularly the concern at the economic damage that will be wreaked by the vast scale of further spending cuts the Chancellor proposes, and the increasingly regressive ways the economy will be balanced.

If George Osborne returns as Chancellor after the next election, and tries to stay the course that he’s outlined today, we’ll see little to give Britain the pay rise it needs to grow our economy. Austerity has failed to deliver the results the Chancellor promised, and as Frances O’Grady blogged, his expanded spending cuts plan for the next Parliament is economic self-harm, threatening a vicious circle of further decline.