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Reform’s Senior Economist James Zuccollo wrote a blog for Prospect Magazine. George Osborne was right to emphasises the importance of wellbeing, and the sustainability of debt, in his Budget speech. Sadly, his policies have depressed income growth and done little to improve fiscal sustainability. The next Government should abandon the salami-slicing, budget cuts of austerity, and focus the only feasible route to genuine fiscal sustainability: improvements in public-sector productivity.
“In 2010 David Cameron promised to “start measuring our progress as a country, not just by how our economy is growing, but by how our lives are improving.” Unfortunately, as dealing with the deficit became the defining mission of his Government, that promise seemed to fall by the wayside. This week, in George Osborne’s Budget speech, we glimpsed its return.”