{"id":33922,"date":"2016-07-02T08:49:39","date_gmt":"2016-07-02T07:49:39","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=33922"},"modified":"2016-07-02T13:39:29","modified_gmt":"2016-07-02T12:39:29","slug":"the-end-of-the-balanced-budget","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2016\/07\/02\/the-end-of-the-balanced-budget\/","title":{"rendered":"The end of the balanced budget ideal?"},"content":{"rendered":"<p>Almost unnoticed <a href=\"http:\/\/www.bbc.co.uk\/news\/business-36684452\">George Osborne abandoned the balanced budget<\/a> by 2020 plan yesterday.<\/p>\n<p>Theresa May <a href=\"http:\/\/www.dailymail.co.uk\/news\/article-3667613\/The-end-austerity-Theresa-vows-abandon-Osborne-s-deficit-target-launches-bid-PM-lays-Boris-Johnson-inexperienced.html\">made it clear<\/a> she had no hope of delivering it.<\/p>\n<p>As it happens <a href=\"https:\/\/www.city.ac.uk\/__data\/assets\/pdf_file\/0003\/296301\/CITYPERC-WPS-201503.pdf\">I have always made clear he could never have achieved it anyway<\/a>.<\/p>\n<p>But that is not the point: the point is that because of a policy launched by the Conservative party and vigorously pursued by factions of it the supposed balanced budget bedrock of Tory belief has been jettisoned.<\/p>\n<p>Remember, this issue was considered so important that it was legislated last year and as a result only the\u00a0Office for Budget Responsibility could supposedly suggest occasion when it need not be met. That went in a moment.<\/p>\n<p>Admittedly George Osborne said that he was still committed to the ideal.<\/p>\n<p>I suspect the Treasury is too.<\/p>\n<p>But is Theresa May? Osborne will not be her Chancellor. And will anyone now take this goal on? I do wonder.<\/p>\n<p>Might we just be seeing a new economics? I could hope. Although I am not optimistic. We may just be seeing the groundwork for even more austerity laid. This issue will need very careful monitoring.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Almost unnoticed George Osborne abandoned the balanced budget by 2020 plan yesterday. Theresa May made it clear she had no hope of delivering it. As<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2016\/07\/02\/the-end-of-the-balanced-budget\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[],"class_list":["post-33922","post","type-post","status-publish","format-standard","hentry","category-economics"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/33922","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=33922"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/33922\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=33922"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=33922"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=33922"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}