• Home
  • About
  • Terms and Conditions
  • Contact
Saturday, February 16, 2019
No Result
View All Result
NEWSLETTER
USA CNN NEWS
14 °c
San Francisco
  • Home
  • World News
  • Politics News
  • Business News
  • Sports News
  • Entertainment News
  • Technology News
  • Science News
  • Health News
  • Daily Life
  • Uncategorized
  • Home
  • World News
  • Politics News
  • Business News
  • Sports News
  • Entertainment News
  • Technology News
  • Science News
  • Health News
  • Daily Life
  • Uncategorized
No Result
View All Result
USA CNN NEWS
No Result
View All Result
Home Business News

Hammond’s Brexit ‘deal dividend’ not credible, MPs say

by admin
February 12, 2019
in Business News
0 0
0
Brexit

The Treasury Committee said the government's aim of eliminating the budget deficit had "no credibility"

0
SHARES
4
VIEWS
Share on FacebookShare on Twitter

MPs have dismissed the chancellor’s forecast of a Brexit “deal dividend” of lower taxes and higher spending.

The Treasury Committee said it was “not credible” to describe any resultant economic boost from a Brexit deal as a “dividend”.

In their report on the 2018 Budget, MPs said what was being talked about was “avoiding something really very bad”.

Read More : Government sued over no-deal ferry contracts

They also said the government’s aim of eliminating the budget deficit had “no credibility” and should be abandoned.

Committee chair Nicky Morgan said Chancellor of the Exchequer Philip Hammond had said that in the event of a deal being struck there would be a “boost from the end of uncertainty, and a boost from releasing some of the fiscal headroom that I am holding in reserve at the moment”.

However, MPs pointed out that the Office for Budget Responsibility (OBR) had previously said it was “odd” to refer to this as a dividend.

“The OBR already assumes an orderly Brexit, so there won’t be a ‘deal dividend’ beyond the forecast just by avoiding no-deal, ” added Ms Morgan.

“Business confidence may improve with increased certainty, but it’s not credible to describe this as a dividend.”

UK economic growth slowest since 2012
A resolution to months of Brexit indecision?
All you need to know about Brexit

The government has also said it is aiming to return the public finances to balance “at the earliest possible date” in the next Parliament.

But the Treasury Committee said Mr Hammond “could have achieved balance by 2023-24 in the Budget without further fiscal tightening, but instead he chose to spend more, largely through increased funding for the NHS”.

“It is clear that the fiscal objective now has no credibility, so it cannot be used by Parliament to hold government to account.

“It should be replaced before the next Budget with something that accurately reflects government policy and priorities, which clearly do not include running a budget surplus,” the committee added.
‘Scathing’

The report also highlighted comments by the chancellor that “austerity is coming to an end”, which he had told the committee meant “more generous funding of public services, real wage growth and a lower proportion of income going into taxation”.

However, Ms Morgan said: “Claims by the chancellor that austerity is coming to an end are expansive and imprecise. He should set out what he means in more measurable terms, especially as he will face more difficult choices at future budgets for how to fund such a pledge.”

Shadow chief secretary to the Treasury, Peter Dowd, said the Treasury Committee had “shone a light on the government’s false promises and economic fictions”.

Describing the report as “scathing”, Mr Dowd said: “The chancellor must take no-deal off the table, and use his Spring Statement to finally end the disastrous austerity policies which have done so much damage to the economy and our society.”

Read More : Nissan takes $83m charge related to Carlos Ghosn

A Treasury spokesman said: “Restoring the public finances to health is a result of good economic management, not luck.

“Debt is now falling on a sustained basis for the first time in a generation, wages are growing at their fastest rate in over a decade, and [Monday’s] GDP data confirmed that the UK economy grew for a ninth consecutive year.”

To Get More Business News

source

Tags: Brexitbusiness newsbusiness news articlesbusiness news for todaybusiness news googlebusiness news headlinesbusiness news latestbusiness news nbabusiness news of todaybusiness news todaybusiness news world
admin

admin

Recommended

Mueller charges

Stone vows to fight Mueller charges

3 weeks ago
Trump

In Wielding Emergency Powers, Trump Paves a Dangerous Path Forward

16 hours ago

Popular News

  • India

    Pulwama attack: India will ‘completely isolate’ Pakistan

    0 shares
    Share 0 Tweet 0
  • The Federal Debt Is Rising. Concern Is Not.

    0 shares
    Share 0 Tweet 0
  • Will Gompertz reviews Jeff Koons at the Ashmolean Museum in Oxford ★★★☆☆

    1 shares
    Share 1 Tweet 0
  • Trump’s Face-Saving Way Out of Crisis Raises Fears Over Rule of Law

    0 shares
    Share 0 Tweet 0
  • China closes its Everest base camp to tourists

    0 shares
    Share 0 Tweet 0

Connect with us

Newsletter

If you want to get regular newslatter from our newspaper, please click the below subscribe button.
SUBSCRIBE

Category

  • Business News
  • Daily Life
  • Entertainment News
  • Health News
  • Politics News
  • Science News
  • Sports News
  • Technology News
  • Uncategorized
  • World News

Site Links

  • Log in
  • Entries RSS
  • Comments RSS
  • WordPress.org

About Us

We are the world best leading online newspaper portal. You all are the most welcome in our newspaper.

  • Home
  • About
  • Terms and Conditions
  • Contact

© 2019 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • Home

© 2019 JNews - Premium WordPress news & magazine theme by Jegtheme.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Terms and Conditions - Privacy Policy