As a person of fairly advancing years, my first port of call in compiling today’s Daily Insight was WH Smith’s, to scan the front pages for news of and reaction to the chancellor’s spring statement.
Pretty low key I would say. The Daily Express had something about “At last, tax cuts on the way”. But then they would.
I felt slightly nostalgic for the time when all the papers would carry colourful cartoons of the chancellor of the day’s achievements, complete with 48-page specials on the budget’s contents.
No mention of Tigger
Still, I proceeded to the office, where I checked out the online Financial Times. Nothing! Well, not nothing, but an item tucked away in the bottom corner of the home page. No mention of Tigger, let alone a cartoon!
The world of accounting media showed a little more interest, however. Our friends at accountingWEB had a useful wrap by Tom Herbert. On the one hand, the statement was praised for its lack of “fiddly tax changes”.
On the other, it was seen as a “missed opportunity” to make a policy difference in tough times. I suspect it’s both those things.
Light at the end of the tunnel
At AccountancyAge managing editor Emma Smith suggested the chancellor’s upbeat mood maybe shortlived, especially when the OBR’s next stats are published in eight months. Perhaps not so much light at the end of the long tunnel we’ve been stuck in since the 2008 financial crisis then?
Over at the ICAEW, chief executive Michael Izza agreed, saying: “The challenge we face as a country is first to meet those forecasts. Otherwise, the light at the end of the tunnel will never get closer.
“Although positive, the ONS growth forecast of 1.4 per cent for 2018 needs to be seen in the context of stronger global growth. The IMF expects the Eurozone to grow by 2.2 per cent, the US to grow by 2.7 per cent and China to grow by 6.6 per cent this year – all exposing the challenges facing the UK.”
Let’s check back in eight months…
