Budget should be abolished in current form

London Loves Business reports on the IEA/TPA post-Budget briefing

The Budget should be abolished in its current form, one of the UK’s most well-known economists has demanded, as measures are not being “properly debated” and are avoiding “proper scrutiny”.

Philip Booth, editorial and programme director at the Institute of Economic Affairs, believes the Budget in fact “shouldn’t introduce tax policy measures” at all.

Booth said the current form of delivering the Budget is devised “to get good political headlines”. He described yesterday’s Budget as including “nonsense”.

Booth voiced his concerns at a briefing on the Budget on Thursday morning. He said: “Since Gordon Brown took over - and George Osborne has continued this trend – [the Budget] has led to the centralisation of powers in the Treasury, and all sorts of announcements about things which should have nothing to do with Treasury responsibility on Budget day, simply in order to get good political headlines.

“And good political headlines tend to lead to bad economic policy."

Read the full article here.

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