This week the UK government will announce its budget for 2011.
We know the big figures which will define it. Current public spending will continue to grow at a much slower pace than in the last decade. Tax revenue is forecast to rise more swiftly, making some impact on the size of the deficit.
Briefing before the budget makes clear this will be billed as “a budget for jobs”. The latest jobs figures released this week show decent growth in private sector jobs, more than offsetting some job reduction in the public sector. During the recession of 2008-9 the UK lost 1 million private sector jobs, and gained more than 300,000 public sector ones. Since the recovery began, the UK has gained 400,000 private sector jobs and lost over 100,000 public sector ones.
So, probably a good budget for Corporate UK – but unlikely to be any ‘give aways’ for individuals. Will there be tweaking such as fuel duty increases to be stopped ? – we will have to wait and see…..
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