One of the former economic advisers to Andy Burnham has assessed John Healey’s Budget, giving it a score of four out of ten. He cautioned that there is still a significant 50 per cent likelihood that the UK could experience a major debt crisis in the near future. Andy Haldane, who previously held the position of chief economist at the Bank of England, expressed his views during an interview, stating that the Chancellor’s first fiscal announcement did not address the “credibility gap” that the government faces with the bond market, particularly regarding concerns about the UK’s fiscal trajectory.
“This Budget featured a slight increase in spending and a minor rise in taxes, yet it fails to instil any greater confidence that the existing debts and deficits can be effectively reduced. In fact, there has been an upward revision of these deficits and debts,” he remarked. He further emphasised, “We find ourselves in a situation of significant fiscal instability.”
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