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Our friends over at the New Economics Foundation have produced the following comments on the Budget. It's well worth a read if you want an easy to access analysis on the changes to come. So we're reproducing it here for you.
Jobs and sustainable growth
“Osborne’s Budget was long on growth rhetoric, but short on concrete action to deliver decent jobs and a sustainable economy,” said James Meadway, senior economist at nef. “A clear government strategy is needed to promote those sectors that will drive the new, green economy, including targeted credit creation for low-carbon industries and a Green Investment Bank worthy of the name. Instead we have tinkering and hot air. Osborne promised much but once again fails to follow through.”
Finance and banking
“Rebalancing the economy is impossible without a rebalanced banking system. Any plan for regional growth, however bold, will founder without ensuring that local enterprises are properly supported by the financial system,” said Tony Greenham, author Head of Finance and Business at nef. “We need genuine competition and choice, and we need local and regional banks that both understand and are deeply committed to their local areas. Politely asking the big national banks to support SMEs has as much chance of success as politely asking them to cut their bonuses.”
Youth unemployment
“It’s good that the government is trying to tackle youth unemployment. But 140,000 apprenticeships and two month work placements will barely begin to help the almost one million young people out of work.” said Dr Faiza Shaheen, lead researcher on economic inequality at nef. “The best bet is to get the economy going again, especially in the most deprived areas where youth unemployment is highest, but the cuts along with rising inflation are likely to dampen the recovery further.”
Climate change and energy
“Whilst we welcome the announcement of the Green Investment Bank, what we now have is neither a bank nor sufficient capital to instigate a transformation to a low carbon economy anywhere near the scale necessary," said Dr Victoria Johnson, Head of the Climate Change and Energy Programme at nef. "The banking crisis has raided the public purse, now it is stripping us of any chance of meeting our climate change targets or closing the imminent energy gap. With a drop in fuel duty, a freeze on air passenger duty and a carbon floor price that is too low, the Chancellor has demonstrated that the self-professed ‘greenest government ever’ is more of an anaemic beige.”
Planning
"Cutting planning red tape is a welcome step but introducing a model where 'default answer is yes' to any development decision is heading for disaster as far as sustainable development is concerned," said Nicola Steuer, Programme Director at nef. "Until we recognise that local government has a crucial place stewardship role to play, and should not simply 'let through' any proposed development, planning decisions will continue to be shaped by short-term financial interests alone."
Transition from fossil fuels
"This budget should signal the transition away from a fossil fuel dependent economy, not a desperate scramble to revive old style economic growth." said Andrew Simms, nef fellow. "By failing to invest adequately in a low carbon future and create alternatives to dirty energy and congested roads full of cars, the government has cornered itself and left the UK vulnerable to a rising oil price. They should be pricing pollution out of the atmosphere, but instead are too scared of a political backlash to raise fuel duty. This budget is firefighting a blaze of the economy's own making, when it should be building a fireproof future."
(Author: CSM)

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