10 Budget Takeaways

Higher taxes, higher spending and still a lot of fiscal tightening.

The macro picture from Rishi Sunak’s Budget this afternoon was much as expected. Large upgrades to the near-term growth outlook (relative to the last set of forecasts in March) coupled with a downward revision in the Office for Budget Responsibility’s estimate of the long-term scarring resulting from the pandemic gave the Chancellor a lot of fiscal wigg…