fees like lots of fiddling, short-term things, new complications - a 'young entrepreneurs allowance', 'starter ISA', different business rates exemption threshold for retail, leisure & hospitality ... etc . I don't hear a clear, coherent vision or a simplification of tax system

Looks like borrowing is only falling by *£1billion* this year compared to last year . The consolidation delayed again.

Only one tax measure that has a final-year scorecard costing of £1bn or more: the capital allowance changes. That's unusual

Just look at the policy measures table in the budget --- it's huge. Runs over many pages. Lots and lots of really small things

Plans to get Defence to 3% of GDP largely kicked to next year’s spending review. Expect overall spending plans will still imply very tough spending review with cuts to some public services in coming years Spending plans look to me like Achilles heel of the fiscal consolidation

As expected – defence investment plan “funded” -- being done by moving money from elsewhere. Will need details to know where it is coming from

Need to see details… but a new ‘founders relief’ in capital gains tax sounds to me like it might be bonkers. Important detail will be who gets the relief and what justifies it. Am struggling to imagine an economic rationale …

Sounds like landlords being hit – again. They already face relatively high taxes. Higher rates will discourage investment. Expect higher rents.

As expected – more businesses taken out of business rates. + another temporary measure to freeze rates for some. A long run plan for business rates still not on show.

With “Headroom” going to £15bn, I expect that means that the OBR is relatively pessimistic on nominal earnings – i.e. they don’t think higher inflation will lead to large rises in wages and therefore income taxes

Chancellor moving to take policy levies off of energy bills – but someone still has to pay. Looks like the cost is moving into general taxation

Borrowing still coming down this year. But the fiscal consolidation pushed back again. Government still planning a sharp fall in borrowing in next few years.

Allowing the ‘headroom’ to absorb impact of high debt interest costs is reasonable choice - but not costless. It means more borrowing at a time when borrowing is expensive. Lower headroom means less insurance against future bad news

Welcome to see commitment to fiscal discipline. As expected fiscal rules being met. But don’t take too much comfort from that fact alone. Pencilling in a cut to borrowing is the easy bit – it’s delivering it that’s hard.