The Budget, the cycle and the size of the state

Now that the dust has settled, two key points on the Autumn Budget stand out to us. The first relates to the size of the state. The Chancellor claimed to be on a “moral mission” to limit the size of government, but the numbers tell a different story. The second relates to the OBR's judgement about where the economy is the cycle, with the OBR's forecast suggesting that the best of the recovery is behind us.