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Restoring primacy to Budget

Restoring primacy to Budget could have a positive impact

The Treasury Committee has suggested that restoring primacy to the Budget could have a positive impact on the UK economy.

It had carried out an inquiry into chancellor of the exchequer George Osborne's Autumn Statement.

As a result of this, it published a report yesterday (January 29th), which contained several conclusions and recommendations for action.

Among these was the suggestion that the annual Budget should be the main focus of fiscal and economic policymaking.

Chairman of the Treasury Select Committee Andrew Tyrie MP emphasised the fact that the Autumn Statement is not a second Budget and should not be treated like one.

He added that in recent years it has increasingly started to read like it is meant to be interpreted as being just this.

"The case for two Budgets is weak," he commented, adding: "An additional one can create uncertainty and carries an economic cost. Only in an emergency would it be likely to carry long-term benefit."

"The primacy of the Budget as the main focus of fiscal and economic policymaking should be re-established," the MP continued.

"Adequate Parliamentary time must be given to allow proper scrutiny of the Finance Bill," he said, suggesting that the time provided to do this in 2012 was inadequate.

This is not the first time the chancellor has been criticised for his policies, as the British Policy Federation recently warned that proposals unveiled in last year's Budget are very damaging to UK housing.

Concern was expressed that the 15 per cent stamp duty rate could make it less likely for people to consider making an and investing in housing in the country

Mr Tyrie also said that the Treasury Select Committee will be questioning incoming governor of the Bank of England Dr Mark Carney to see if he believes there is a better monetary policy than the one the UK is already adopting.

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