Understanding Budget policy

What should we make of the recent budget? The honest answer is we cannot really assess it until well into next year. Yes, not until 2021. The reason becomes evident when answering two key questions: What are the broad aims of the government’s budget policy? What are the realities?  After more than five years in power, it is becoming clear that the government has three key objectives, captured in Figure 1. The first is to advance the Prime Minister’s vision of New Welfarism. This comprises the public provision of essential private goods and services via various governm.....

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