TORY U-TURN? Philip Hammond to ‘IGNORE manifesto pledge to balance the books by 2025’

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TORY U-TURN? Philip Hammond to ‘IGNORE manifesto pledge to balance the books by 2025’

TORY U-TURN? Philip Hammond to ‘IGNORE manifesto pledge to balance the books by 2025′
PHILIP Hammond will use the autumn budget to announce the government will be performing yet another U-turn and will not eliminate the deficit by 2027, according to reports.
By Matt Drake
PUBLISHED: 00:00, Tue, Aug 1, 2017 | UPDATED: 08:18, Tue, Aug 1, 2017

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The Conservatives announced in their 2017 manifesto that they aimed to balance the books “by the middle of next decade”. However, the chancellor may have to acknowledge that he might not be able to reach his target before 2026 or 2027.

Mr Hammond has suggested it could be pushed back by one or two years and is understood to be “flexible” about the year the target is achieved. Many economists, including the Institute for Fiscal Studies, say that a rigid target is a bad idea because of the levels of uncertainty.

Paul Johnson, director of Institute for Fiscal Studies said: “Given the scale of austerity we’ve seen, and given the uncertainties over the next few years, it’s risky to tie yourself to any specific date in the the next decade.

Philip Hammond U-turnGETTY/REUTERS
Philip Hammond has changed target to balance books

“In some ways the existing target does not look super challenging, because the government’s plan is to have a pretty small deficit by 2020 then eliminate the rest slowly. Economic uncertainty, even in small extra steps, may be challenging and the population is ageing rapidly so it’s more challenging than it looks.”

The Treasury said that the suggestion was speculation.

Mr Hammond will also likely resist requests for cash injections into government departments, such as public sector pay. This has made him unpopular among certain Tory MPs, including Plymouth MP Johnny Mercer who said he opposed the one per cent cap despite voting in favour of the measure.

Austerity kills protestGETTY
MP for Plymouth has criticised Mr Hammond for the one per cent pay cap
Things you may not know about Philip Hammond
Wed, March 8, 2017
Philip Hammond will deliver his Autumn Statement to MPs at the House of Commons detailing the government’s spending and taxation plans today

Play slideshow
He described the legalisation of same sex marriage as “damaging” for the Conservative Party but also said in time he will come to terms with the change
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۱ of 10

He described the legalisation of same sex marriage as “damaging” for the Conservative Party but also said in time he will come to terms with the change

He described the legalisation of same sex marriage as “damaging” for the Conservative Party but also said in time he will come to terms with the change
Philip Hammond was born in Epping 1955 and grew up in Essex
He married his wife Susan in 1991, they have three children and live in Send, Surrey
He went to the same state school in Brentwood as Richard Madeley
He is the second richest member in cabinet with a net worth of £۸.۲m, just under Lord Strathclyde with £۹.۶m
He studied politics, philosophy and economics at Oxford
He made his wealth from stakes in health care, property and construction, and oil and gas here in the UK and abroad

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There are several items that must be accounted for in the budget, such as £۱ billion additional spending for Northern Ireland as part of the Conservative deal with the Democratic Unionist Party and £۲ billion to fill the gap left by the U-turn on national insurance contributions for the self-employed.

The treasury’s woes are made worse by the Conservatives failing to win a governing majority in the Commons. This means that finance bills, such as tax rises, will be hard to push through as it would only take seven MPs voting with the opposition to block legislation.

Day-to-day expenditure has been finalised until March 2020 and the government has said it doesn’t expect any more welfare cuts in this parliament.

Johnny MercerSWNS
Mr Mercer is MP for Plymouth

Given the scale of austerity we’ve seen, and given the uncertainties over the next few years, it’s risky to tie yourself to any specific date in the the next decade

Paul Johnson

However, The Office for Budget Responsibility has warned that achieving the existing target of reducing the deficit to 0.7 per cent of GDP by 2021-22 depends on cuts to public services later in parliament.

A HM Treasury spokesperson told Express.co.uk: “The deficit is down by three quarters since 2010 but the national debt remains too high at £۱.۷bn, or £۶۵,۰۰۰ per household. The government has a credible fiscal plan to bring the public finances back to balance by the middle of the next decade.

“At Autumn Statement 2016, we targeted a structural deficit of less than 2% of GDP, and debt falling, in 2020-21. And the independent OBR said at Spring Budget 2017 that we are on track to meet those fiscal rules two years early.”
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Philip Hammond
Conservative Party
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۱۷ Comments

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۵۰ minutes ago
Siwn
With a bit of luck he will no longer be The Chancellor when the Autumn Budget comes up.

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۰
۳ hours ago
shanghai blues
Hammond is useless replace him with someone who knows what he/she is doing

ReplyShare


۳ hours ago
JanetWhite
“achieving the existing target of reducing the deficit to 0.7 per cent of GDP by 2021-22 depends on cuts to public services later in parliament.” So if we ditched foreign aid which is was set by Cameron at 0.7% of GDP we would not have to have cuts to public services !!

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۳ hours ago
besbry
Why is he the chancellor ?He can’t get anything right ,every policy is either cancelled or ignored ,his attempt at usurping the PM is nothing short of treachery,and his actions are doing nothing else but doing the UK harm. sign the petition to get rid of him….

ReplyShare


۵ hours ago
Suu
He has to go.

His treacherous plotting while May was away is unforgivable.

As for balancing the books, if he means tested all foreign aid he’d deal with the deficit a lot faster.

ReplyShare


۵ hours ago
Trevor Ammanford
He can always leave a note for the next chancellor, “There’s nothing left”.

ReplyShare


۶ hours ago
hacknee
You all can hate Hammond, but he is the only honest in the tori government. Just like he said freedom of movement will continue after Brexit. He was honest and said how it will be. Brexit ministers attacked him there will not be freedom of movement after Brexit, but there will be a new registration system where Europeans will have to register. So basically there will be just it will not be called freedom of movement.

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۰
۳ hours ago
shanghai blues
There will be free movement because that is what he is working towards. That is not being honest

ReplyShare


۶ hours ago
lojolondon
Hammond is totally, utterly useless. If he continues with Nu-Labour / BBC-friendly policies, he will end up with the same Nu-Labour economy, that is obvious. Disaster, and treachery against all the fiscal conservatives who Conservative.

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۰
۷ hours ago
I’m Spartacus
But the French still cannot deal with “asylum seekers” at Calais who are attacking truck drivers ! Thousands of immigrants are pouring across their southern borders helped by “charities” which are themselves helping the Mafia to huge profits in people smuggling. This is where the EU needs to get its act together.

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۰
۸ hours ago
stevedon99
‘HS2’ and ‘Foreign Aid’ have to be two of the worst money wasting ideas any government could have come up with (other than going to war on a lie).
As for Hammond why is he still on the front bench? The man is a liability and always has been. He should have been sacked months ago. He is without doubt far closer to a corbynister than a conservative…

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۷ hours ago
I’m Spartacus
HS2 is another form of foreign aid. Many of the companies bidding for the work are French, German, Italian or Japanese. It’s like Hinkley Point on rails. Total vanity project for politicians. As long as it doesn’t run through their constituencies.
If you want to get from Shrewsbury to London on HS2 you will need to get a train to Birminghan New Street, then take a 15 minute walk to the HS2 station ! Which offsets any saving in travel time. No doubt the new Mayor will have a fast track people mover installed…….probably horses and carts. At least they’d be environmentally safe. Politicians , I wouldn’t pay them in brass farthings.

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۱۱ hours ago
Osprey
Stop with the god damn waste of money foreign aid and the balance would be achieved in no time!!!

ReplyShare


۱۱ hours ago
Lovelylizzie
If you read
“۲۰۳۰: your children’s future in Islamic Britain ” by David Vincent…and
“Britain’s Great Immigration Disaster” by Gavin Cooke…both are free on kindle

You will see exactly why the National debt has increased so rapidly and will never be cleared.

There are many facts and figures given in the books the government would rather you did not know. For example, the average British tax payer now pays £۴۰۰۰ a year more in tax than they did in 1997.

Where is the money going? To support the millions who have come into this country and do not work .

Blair set up a special unit to bring in millions of illiterate Mooslems…who would all vote Labour of course. Read about the progeny of their first cousin marriages and costs to the NHS for lifelong care.

In 2013, the Telegraph reported on an EU funded investigation which showed the 600 000 Unemployed EU migrants in London alone were costing the NHS £۱.۵ BILLION a year. Then there were all their other benefits on top. Completely unsustainable.

Read the books. Look up the Cloward piven strategy and Kalergi plan to see the future planned for us all…look up “The moronification of western man: are we becoming more stupid?” For the reality…

ReplyShare3 replies


۸ hours ago
stevedon99
If we can see this happening, why is it that this government is blind to the situation. or choosing to ignore it…
The people who are employed to keep the country safe from invaders are letting the British people down….

ReplyShare1 reply


۳ hours ago
JanetWhite
The government are aware and are complicit, they are all GLOBALISTS which means they support millions coming to the UK which they presumed would work but obviously their culture is to sit around all day breeding which is why their countries they left are failure 3rd world countries, no one wants to work to build them up! All we have done is imported 3rd world culture into a 21st century progressive culture and it won’t work. People will rebel especially as they are being pushed out of their own towns and cities to accommodate freeloaders !

ReplyShare


۶ hours ago
Coeus
Is that £۴K increase in tax, before or after inflation?

ReplyShare


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