Plaudits for the handout that wasn't

Article Abstract:

City of London analysts believe that UK Chancellor Gordon Brown gave the impression that he was giving away more in his 1999 Budget than he actually did. The Budget generally fulfilled analysts' expectations of being neutral or mildly expansionist. City observers feel that the tax cuts, especially for middle-income families and the lower-paid, will assist the retail sector. They also regard the supply-side measures, especially efforts to eliminate distortions in the tax and benefit system, as helpful.

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Politically, it sounds good. But will it work?

Article Abstract:

UK Chancellor Gordon Brown's 1999 Budget seems to be very attractive politically, as it contains many measures promoted as being designed to assist ordinary people. However, it is important to consider whether this Budget will actually be effective in practice. Brown is taking the risk that economic growth will pick up again, and is also taking a smaller risk on inflation. Furthermore, it is uncertain whether the additional spending announced in the Budget will add value.

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