UK budget 2017: More austerity, and dismal projections
November 22, 2017. UK Chancellor Philip Hammond delivers the country's Autumn Budget announcement.
Hammond's optimistic view about the budget is not shared by many. In its post-budget analysis, the Institute for Fiscal Studies predicts that the UK will face 2 decades of no earnings growth and more austerity.
In fact, the IFS report undermines the chancellor’s claims that the reforms and investment in the budget are to build a UK “fit for the future”.
Moreover, the uncertainty about the outcome of Brexit negotiations still haunts the country's economy.
The budget, in the view of many, is not prepared for the post-Brexit era.
Years of austerity have dragged down living standards in the UK. Prime Minister Theresa May says the government "recognizes the pressure facing ordinary families," while chancellor Hammond hopes to prove wrong the bleak economic forecasts.
Recent reports have warned of the longest fall in people's living standards over 60 years ago. Labour Leader Jeremy Corbyn says the economy is "on its knees". He slammed the budget for not being in touch with the reality on the ground.
Corbyn says the chancellor has provided "not a penny more" for police, social care, mental health, children's services or public sector pay. Public sector workers he said would see living standards "continue to fall for years to come".
The Resolution Foundation has warned that the slash on people's incomes is going to last longer than that which followed the post-2008 crisis. Although Hammond announced extra money for the NHS, the government’s main austerity plans are still in place.
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