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Boxed In But Battling

 
The Tax Journal brings you Ernst & Young's immediate reaction to the Pre-Budget Report of 9 October 2007
 
Anyone who has moved into a position that has just been vacated by their new boss will have a lot of sympathy for Alistair Darling. He is tightly boxed in by high levels of public spending and taxation and a current fiscal position that remains in deficit despite the strength of the financial sector oil prices and the economy. Now the reversal in the credit markets will cruelly expose this position forcing him to slash the growth of public spending.
 
Although he blamed the international financial markets for these problems they are largely home grown. He revised the GDP growth forecast for next year down from 2½–3% to 2–2½%. This seems reasonable...
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