Britain’s autumn statement got business taxes right
It also cynically handed out an illusory windfall
You DO NOT have to be an economic historian to know that politicians like to cut taxes before elections. On November 22nd Jeremy Hunt, Britain’s chancellor of the exchequer, announced tax cuts worth £18bn (0.7% of GDP), 14 months at most before Britain goes to the polls. Mr Hunt said he was able to loosen the purse strings because of his sound economic stewardship. One of his measures was indeed a striking example of sensible policymaking. Unfortunately, the rest of the budget leaves a mess for the next government, which surveys suggest is very likely to be formed by the Labour Party.
Explore more
This article appeared in the Leaders section of the print edition under the headline “One cheer for Jeremy Hunt”
From the November 25th 2023 edition
Discover stories from this section and more in the list of contents
Explore the editionMore from Leaders
How to improve clinical trials
Involving more participants can lead to new medical insights
Houthi Inc: the pirates who weaponised globalisation
Their Red Sea protection racket is a disturbing glimpse into an anarchic world
Donald Trump will upend 80 years of American foreign policy
A superpower’s approach to the world is about to be turned on its head
Rising bond yields should spur governments to go for growth
The bond sell-off may partly reflect America’s productivity boom
Much of the damage from the LA fires could have been averted
The lesson of the tragedy is that better incentives will keep people safe
Health warnings about alcohol give only half the story
Enjoyment matters as well as risk