Budget Postscript

Seems like some slightly more independent voices share my views on the budget:

'The inescapable fact appears to be that we are spending more than we are earning even in the good times, and something will have to give if the economic outlook deteriorates. With growth forecasts downgraded, the housing market in the doldrums and a looming credit crunch, the options to withstand any major economic shocks look limited, a surprising situation given the long period of steady growth. If the economic situation does deteriorate, then the Chancellor will be forced to cut spending, increase borrowing and/or raise taxes. None of these options look particularly attractive. '

- from the Institute of Chartered Accountants England and Wales Tax faculty budget briefing

'The Budget is implausibly optimistic about the economic and fiscal prospects'

- from The Economist, 14/3/08