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UK takes a new direction of fiscal policy

UK takes a new direction of fiscal policy UK fiscal policy

New UK Chancellor Philip Hammond, said that the government has abandoned a plan that will result in UK finances in balance by 2020, saying that the fiscal policy will be used for the economy in the coming period of business uncertainty, while the UK is negotiating to withdraw from the European Union.

New UK Chancellor Philip Hammond, said that the government has abandoned a plan that will result in UK finances in balance by 2020, saying that the fiscal policy will be used for the economy in the coming period of business uncertainty, while the UK is negotiating to withdraw from the European Union.

According to him, the government seeks to rein in the deficit and avoiding an expansionary fiscal policy, but will “take all necessary steps to protect the economy from the turbulence.” Corporate tax rate will be further reduced to 17 percent, as planned, but he hinted that tax increases in general it may be necessary to replace the EU funding for some companies and projects.

Alfie Stirling with the Institute for Public Policy Research, the main center, said: “Today’s confirmation from the chancellor that he would” restart “fiscal policy is welcome, but nevertheless there is a bad outcome, then just have a good outcome, and now, it seems it is not clear as advocated by the Chancellor.

“A bad outcome for the Chancellor – to abandon the goal of Osborne to reach surplus by 2020, but at the same time insist on the return of public finances to balance it without any plan and unlock significant resources for further investment and the modernization of our tax system.”

“A good result will be visible on the structure, which allows the country to build a strategy to increase future productivity, a clear plan for the new investment strategy and increase the efficiency and fairness in the tax system.”

Author: Sergey Panov
managing partner Finance Business Service
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