My thoughts on the Spring Statement:
The Chancellor is either clueless or oblivious to what drives the economy; private enterprise. She inherited the fastest growing economy in the G7 and it’s now the slowest. All this due to her decisions to spend six months talking the economy down, then whacking up tax and borrowing by £70bn per annum and the plan to wrap businesses up in red tape by means of the Employment Rights Bill.
As a result, the Institute of Directors business confidence index has dropped from +5 to a Covid-level -65, business failures are a 20-year high and the Office of Budget Responsibility has halved their growth forecast. There is not a single Cabinet Minister with an ounce of proper business experience and doesn’t it show.
All this means business and job losses, lower salary increased and higher prices. It’s a shambles.
