"Most harmful" Budget in decades
By: Communications
Today’s Budget is likely to be the “most harmful” in decades, and a “missed opportunity” for reforming taxation and controlling spending, according to an academic at the University of East Anglia.
It comes as Chancellor Rachel Reeves unveiled a raft of measures, including new taxes and changes to fuel duty and benefits.
Paul Dobson, Professor of Business Strategy and Public Policy at UEA’s Norwich Business School, said: “This is likely to be the most harmful Budget in decades for business and investment.”
“The invidious hotchpotch of tax grabs to cover for the failure to rein in welfare spending will further undermine business confidence, result in lower investment, and destroy jobs.
“Another missed opportunity for reforming taxation and controlling spending will result in a persistent public finance crisis. The sticking-plaster approach rather than wholesale reform of taxation and spending will lead to yet more tax rises and higher business costs to come from future Budgets.”
Prof Dobson, added: “There is now the severe risk of a doom loop for the economy as businesses cut investment and jobs recruitment, resulting in less consumer spending, lower taxation revenue, and higher welfare bills, fuelling the need for further tax rises and further business harm.
“Businesses are already cutting investment, and this will now accelerate resulting in a rising tide of job losses and unemployment, especially amongst the young.”
Prof Dobson has advised numerous national and international organisations, major corporations and government bodies - spanning a range of industries including retailing, food supply, consumer goods, telecommunications and financial services - with advice covering regulatory policy, mergers, strategic alliances, market investigations, vertical relations, and cooperative agreements.
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