NIESR: The rites of the spring statement
Following the delivery of the Spring Statement from the Chancellor on Tuesday, we released a new Policy Paper, analysing the main points of the speech.
The author of the paper, Amit Kara, Head of UK Macroeconomic Forecasting, said: “The Chancellor kept to his promise and made this a non-event but in our assessment, he missed the opportunity to address some important long-term challenges facing the economy and public finances such as the pressures form an ageing population and also a shorter-term strategy to neutralise the impact of Brexit. An urgent action point might be to create a range of shovel-ready projects across the country and specifically in regions and sectors that are most vulnerable to an exit from the EU and to simultaneously prepare a strategy for the longer terms consequences of Brexit.”
He added: “We agree with the Office for Budget Responsibility that the fiscal rules are likely to be met. That has been our view for some time now. The more germane question is what policies we need to secure robust and equitable growth after EU exit. The fiscal space if not used wisely must be conserved.”
Notes for editors:
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NIESR aims to promote, through quantitative and qualitative research, a deeper understanding of the interaction of economic and social forces that affect people's lives, and the ways in which policies can improve them.
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