This year the Chancellor introduced a quiet Budget, but not a dull one. In macroeconomic terms, the modest tax cuts that the Chancellor introduced represent a slight tightening of the stance of fiscal policy. This was very much in line with our pre-Budget forecast, and was largely dictated by...

The Budget embodies many of the recommendations that we have put forward over the last year-on personal savings and the appropriate stance of macro-economic policy- but a void remains on the key issue of Exchange Rate Mechanism (ERM) entry. With inflation set to rise above 9 percent in the short...