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UK fiscal position leaves little space for growth

Wednesday, November 30, 2022

Significance

The statement coincides with forecasts from the Office for Budget Responsibility (OBR) and the Bank of England (BoE) which envisage that economic growth will not return to pre-pandemic levels before 2024.

Impacts

  • In the short term, the negative impact of tax increases and a less generous EPG will reduce demand.
  • Efforts to bolster legal immigration in order to tackle labour shortages will face strong political resistance.
  • Polls since Prime Minister Rishi Sunak took office show that the Conservatives are very unlikely to win the next election.

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