Best of CapX: Healey’s Budget will be built on sand
'The best course would be to grip spending, not least on welfare, and use the savings to cut the deficit and taxes on business, that essential engine of growth.’
As John Healey delivers his first Budget, the markets will be watching closely, says Mel Stride. In all likelihood Healey will leave himself a very slender headroom, the smallest amount that markets will tolerate. Healey would be wise to reassure the markets further by at least signalling that significant welfare cuts are coming. But who would believe him?
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