Budget leaves most asking for more...

FOR the vast majority of people who are struggling in the cost-of-living crisis, Jeremy Hunt’s Budget had little to recommend it.

Tax breaks for very high earners who want to add to their pension pot is not a measure likely to prompt celebrations in the streets or even a nod of approval.

Equally, while it is welcome news that the scheme to keep energy prices down is being continued, people will still have much higher bills to pay than residents of other European countries, whose governments have taken bolder action in defence of consumers.

One of the most significant announcements related to a reform presented as intended to make it easier for disabled people to take work without losing their benefits.

However, the Institute for Fiscal Studies has warned that the move could result in a million people losing around £350 per month because of the simplistic way that it’s being taken forward.

Unintended – or, for the more cynical, intended – consequences should not be used to the disadvantage of vulnerable groups.

One aspect of the Budget that has received insufficient attention is the intention that government budgets overall will rise by just 1%.

Even with inflation expected to fall, this will represent a huge real terms cut in spending, and with extra money for defence other departments will be hit even harder.

It is difficult to see how such an approach will stimulate the economy.

It seems that the UK Government is content to see the value of earnings decrease in real terms.

From the Conservative Party’s point of view, this does not seem likely to result in increased levels of support.

Wales, it has been confirmed, will have a new investment zone, but it remains unclear what benefit it will have for the nation’s economy as a whole.

There are many areas in Wales that are suffering and need tangible help quickly.

Measures announced for the business community seem ambiguous and have already attracted criticism.

Many small- and medium-sized companies have been hit hard by both Brexit and Covid and need more help than has been offered.

It’s almost certain that there will be one more Spring Budget before the next general election.

The likelihood is that the Chancellor is planning to be more generous with his sweeteners the next time round.