- Disappointment as OBR borrowing forecasts increase by £56.3 billion over spending review period.
- Budget measures mitigate worsening forecasts, but chances of a budget surplus in 2019-20 are just over 50%.
- ISA reforms have effectively replaced personal pensions for the under 40s.
- Concerns that sugar levy will disproportionally hit the poorest income households.
- Modest unspecified £3.5bn cuts dwarf additional borrowing announced in the Autumn Statement. More measures may be required to meet budget surplus.
- Chancellor still has a number of get of jail free cards. For example, abolishing NICs relief on employer pension contributions could save Chancellor £8 billion a year.
