UK Budget 2005 - Economy
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Argument on forecasts unresolved
As confident as ever in the infallibility of his public finance forecasts, Gordon Brown dismissed all talk of black holes in the books and crowed about his ability to meet his rules on borrowing and debt.
Brown predicts growth of up to 3.5%
Gordon Brown has once again placed a bet on the resilience of the British consumer in reiterating his above-consensus forecast for economic growth this year and next.
Treasury shuns economists' views and sticks with forecasts
The Treasury stuck with its existing tax revenue forecasts, the Budget Red Book showed making few concessions to the views of outside economists.
Tax crackdown to save Treasury an extra £3bn
The Treasury expects nearly £3bn in additional tax revenues over the next three years from anti-fraud and anti-avoidance measures announced.
Surging Asian economies identified as threat
Flush from his recent visit to China, Gordon Brown once again identified the fast-growing economies of China and India as competitive threats to the UK.
Risk of economic recession if consumers panic
If rising interest rates, falling house prices and low pension provision panic consumers into snapping their purses shut, they could push the economy into a slowdown or even recession.
Praise for growth record but warning on balancing the books
Gordon Brown has made it a ritual in recent Budget speeches to stress Britain's superior economic record compared with other rich nations and on Wednesday was no exception.
UK review on euro ruled out in single sentence
With his customary quip Gordon Brown announced that government net borrowing would meet the Maastricht criteria for entry, but ruled out initiating another euro assessment.
Government confirms issue of 50-year gilt
Bond prices and yields see-sawed in the UK gilt market after an expected confirmation that the UK government would issue a new 50-year gilt after more than four decades.
Lex live: Tarnishing the Golden Rule
Gordon Brown’s ninth budget gave little joy either to taxpayers or his critics. But it did allow him to declare, with some satisfaction, that he had met his golden rule, to borrow only to invest over the economic cycle.
