At Last, We Are Back To A Normal Budget But Don't Expect Many Treats

14th March 2023

"A stagnant economy leaves little room for either more spending or less tax." Paul Johnson writes for the Times ahead of Wednesday's Spring Budget.

It's hard to believe, but this week's budget will be the first in well over a year. All those fiscal events of the past 12 months were just that: mere fiscal events. The last actual, genuine, does-what-it-says-on-the-tin budget was way back in October 2021. Quite a lot has happened since then.

It was, after all, delivered not by the present chancellor, nor by his predecessor, nor even his predecessor's predecessor. Rishi Sunak was still in residence at No 11. Inflation was low, Ukraine was free, the Conservatives were comfortably ahead in the polls.

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