{"id":55847,"date":"2021-03-03T17:08:24","date_gmt":"2021-03-03T17:08:24","guid":{"rendered":"https:\/\/www.taxresearch.org.uk\/Blog\/?p=55847"},"modified":"2021-03-03T17:09:33","modified_gmt":"2021-03-03T17:09:33","slug":"a-budget-for-the-fairies","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2021\/03\/03\/a-budget-for-the-fairies\/","title":{"rendered":"A budget for the fairies"},"content":{"rendered":"<div class=\"gmail_default\">\n<p>The papers and the 'usual' commentators are in agreement that now is not the time to worry about debt. They're also agree that there will be a time to repay that debt. But why? Just 1.7p in every \u00a31 borrowed since WW2 has been repaid. Why start doing so when there's no need?<\/p>\n<p>Rishi Sunak's\u00a0budget assumes that the UK is going to power out of the coronavirus crisis. It won't.<\/p>\n<p>First, there is no guarantee that the crisis in question is over.<\/p>\n<p>Second, the assumption he's made that business will borrow heavily to invest looks to be utterly unrealistic.<\/p>\n<p>And, third, the chance that people will spend, spend, spend, to the point that they do not save at all looks to be remote: it took them seven years to really spend again after the 2008 crisis.<\/p>\n<p>This budget is built on false foundations. It's as unrealistic as the average fairytale. Sunak's chances of looking glorious for long seem to me to be very slim indeed.<\/p>\n<\/div>\n<div><\/div>\n<p><iframe loading=\"lazy\" title=\"A Budget for the fairies\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/hia3JA0_mcc?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The papers and the &#8216;usual&#8217; commentators are in agreement that now is not the time to worry about debt. They&#8217;re also agree that there will<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2021\/03\/03\/a-budget-for-the-fairies\/\"><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":[127,35,106,194],"tags":[],"class_list":["post-55847","post","type-post","status-publish","format-standard","hentry","category-budget","category-economics","category-politics","category-youtube"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/55847","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=55847"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/55847\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=55847"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=55847"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=55847"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}