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Following the Government’s Comprehensive Spending Review in November 2015, Chancellor George Osbourne delivered the second Budget of this Parliament’s Conservative majority Government on Wednesday 16th March 2016.
During the ILC-UK organised debate, Ben Franklin, Head of Economics of an Ageing Society at ILC-UK, presented ILC-UK's initial analysis of the Budget, looking beyond the immediate ‘winners and losers’ commentary to consider whether the long-term challenges of low productivity, systemic under saving by private individuals and the critical underfunding of adult social care are being addressed.
The 2015 Budget and the Comprehensive Spending Review confounded expectations through revealing a revised projected increase of public finance provisions of £27 billion by 2020 thereby enabling the Government to halt proposed tax credit cuts. It also saw the Chancellor stick to his promise of maintaining real terms spending on health, schools and defence while further cutting local government coffers. The 2016 Budget will undoubtedly contain its own surprises, including an anticipated announcement regarding the future of pensions tax relief just one year on from “pension freedoms”.