Haldane gives Healey’s first Budget four out of 10

Economy · First reported 29 Oct, 07:41 · Updated 04:48

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Former Bank of England chief economist Andy Haldane said John Healey’s Budget did little to reassure him about the UK’s public finances, while noting that markets had reacted with relief to the package. The supplied coverage also reports criticism of the Budget from other economic commentators.

Andy Haldane rated Healey’s Budget four out of 10 and said it did not do enough to protect public finances or address concerns about debt and deficits.
Haldane said there remained a 50 per cent chance the UK economy would be in worse shape the following year, and described the country’s fiscal position as precarious.
The Budget included a £2.4bn energy support package for households in council tax bands A to D and a temporary windfall tax on UK banks.
Government bond yields fell during Budget-day trading, and the article reports that investors welcomed Healey’s commitment to existing fiscal rules and the absence of unfunded spending measures.
A separate report said an economist accused Healey of using “made up numbers” to balance the books, while the OBR said rising energy prices had made its figures out of date.

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Key facts

Haldane’s Budget rating: Four out of 10
Energy support package: £2.4bn; restricted to households in council tax bands A to D
Market response reported: Government bond yields fell during Wednesday’s trading
Haldane’s economic outlook warning: He said there was a 50 per cent chance the UK economy would be in worse shape the following year