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PBR 2008

The Tax Journal brings you Ernst & Young's reaction to the Pre-Budget Report of 24 November 2008
The Item Club View
Professor Peter Spencer Chief Economic Adviser to the Ernst & Young ITEM Club presents the Club's view of the PBR.
With the economy already in recession this Pre-Budget Report came at a critical time. The Chancellor needed to hit all the right buttons confidently. Unfortunately the shocking state of the finances he inherited last year from Gordon Brown severely restricted his room for manoeuvre. This package was a compromise between the need to lift the economy and the need to prevent lasting damage to the Exchequer. It is likely to fail on both counts.

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