“If I had just read this Autumn Statement, rather than watching it on television, I could have been forgiven for thinking that George Osborne was back. Once again we heard an Autumn Statement that included a long list of various new spending promises. The Chancellor said that he plans to balance the books as early as possible in the new Parliament, yet still plans to borrow more to fund some of his promises, adding further to the debt that is going to have to be paid by future generations. He may call this responsible, but I doubt those who will ultimately have to pay for this spending will agree.
“Although the lowest corporation tax rate in the G20 is welcome, I would like the Chancellor to have gone further and announce he was scrapping it. In a post-Brexit world, this would have led to massive investment into the UK economy, creating more highly skilled and well paid jobs, generating growth and prosperity across the country. Free markets work. They raise living standards and lift people out of poverty. Anything that stands in the way of making the UK the place to do business, needs discarding.
“If I was to sum up today’s speech in a single phrase it would be ‘jam tomorrow’.”