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IPA FD Tom Lewis reacts to upbeat Budget

The IPA's finance director, Tom Lewis, provides his view on today's (18th March 2015) Budget.


"This was an upbeat, feel-good, tub-thumping political budget – with all the usual pre-election giveaways to choice sections of the electorate on the back of a relatively austere autumn statement. And of course, whatever promises are made can be changed should later economic realities require it.

Against a backdrop of an improving economy and employment rate, George Osbourne offered a mixture of giveaways (Help to Buy ISA, new savings allowance, increasing the higher rate tax threshold and reduction of corporation tax to 20%) with a bit of devolution (local authorities to keep 100% of growth in business rates) and some some crowd-pleasing populist policies (diverted profits tax, reducing the pension lifetime cap, annual bank levy to rise to 0.21%) to ease the strain of the 'squeezed middle'.

The challenge for the Chancellor here was to maintain deficit reduction whilst making the recovery something that people experience as much as read about.

So, the real story remains managing the deficit, economic growth and the upcoming election – of these, the key is question is, does this make a hung parliament less likely? That will of course all depend on how this goes down with the electorate”

View the full budget here

Last updated 08/04/2015

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