It tells you quite a lot when the main measure, withheld until the last moments of the chancellor’s speech in order to increase the dramatic impact, appears to be a swap in timing between the Budget and the Autumn Statement. But that is the story of the Chancellor’s supposedly major statement yesterday.
This seems to mean that next year we shall have two budgets. But afterwards we are going to have only one proper Budget, in the autumn, and a spring statement, of much lesser import, in March. I wouldn’t bank on it, though. We have been here before. In the end chancellors cannot resist the urge to meddle and tinker twice a year.
As in recent years, the amount of borrowing that the chancellor says he is going to do is dominated by what the Office for Budget Responsibility (OBR) says is going to happen to the economy. But, as we all know, it hasn’t got much of a clue.
Roger Bootle of the Daily Telegraph