The dust has started to settle after Wednesday’s Autumn Statement, leaving behind the chants and jeers of UK business.
After announcing a series of far-reaching changes in the highly-anticipated statement, George Osborne has been the recipient of both criticism and praise this week, with an oscillation in opinion spurred by either side of the political spectrum.
Business leaders, in particular, have rallied to make their voices heard, with many praising the announcement of business rate reform and a revision to stamp duty, whilst also urging caution until more specific details are available.
John Cridland, director general of the Confederation of British Industry (CBI), said: “These major changes on stamp duty and business rates will be a shot in the arm for families and growing firms as they look towards 2015.
“We welcome the continued commitment to deficit reduction, but real challenges lie ahead to reduce future public spending, and fresh thinking on public services will be essential.”
In his statement the Chancellor announced that the country’s deficit had halved since 2010 to £91.3bn this year, but acknowledged that he had fallen short of his initial targets.
Meanwhile, Larry Elliot, the Guardian’s economics editor, acknowledged the prudence of the stamp duty revision.
He said: “Given the way in which Britain obsesses about bricks and mortar, changing the way stamp duty is levied pushes all the buttons.”
On the other side, Shadow Chancellor Ed Balls unsurprisingly criticised the impact of the Government’s austerity measures.
He said that the Chancellor had failed in his promise to “make people better off”, conjecturing that “working people are worse off” as a result of the current economic strategy.
Frances O’Grady, Trade Union Congress general secretary, expressed a similar view.
“The living standards crisis has wrecked the Chancellor’s strategy,” she said.
Meanwhile, others have praised the increased flexibility to pensions, building upon the foundations of 2014’s changes to how pension pots can be handled.
Regardless of the range in opinions, however, many agree that the UK is poised for significant change, with a sharp rise in spending cuts ringing the bells for further austerity measures across the public sector – leading many to watch the country’s horizon with an attentive eye.