"Not a single measure in the government's policy-packed Budget will change the growth forecast for the next five years - that was the damning assessment of the government's official forecaster, the Office for Budget Reponsibility (OBR). For a government that has declared economic growth as its top priority it is surely a disappointment. Worse than that, although the OBR upgraded its growth forecast for this year it downgraded them every year thereafter till 2030."
"An 8.5% pay rise for 18-20 year olds on the national living wage is good news for young people in work and an incentive for those who aren't to find a job, but on top of 16.3% rise for the same group last year, it may put employers off taking on new people. As one FTSE 100 boss told the BBC: "They are hurting the very people they are trying to help and it will mean"
The Office for Budget Reponsibility finds that no Budget measures will alter the five-year growth forecast, upgrading this year but downgrading each year thereafter until 2030. Businesses received few genuinely pro-business measures, prompting leaders to question where growth will come from. The government adjusted business rates calculations for 750,000 High Street retail and hospitality firms by using a lower percentage of rateable values, but rising rateable values and the phasing out of a Covid-era 40% discount mean many firms face higher bills. An 8.5% national living wage rise for 18–20 year olds may deter employers from hiring despite benefits to young workers.
Read at www.bbc.com
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