The Conservative’s first Budget as the majority party since 1996 was not without incident or surprise. This short briefing outlines the ILC-UK response to the announcements.

We believe this budget offers some progress but there is still much to do. While many will be fixated on the immediate winners and losers, the long term challenges of low productivity growth, over reliance on private consumption and household debt to drive the recovery, systemic under saving by individuals and continued underfunding of social care remain big concerns. The measures contained within the Budget may help to address some of these issues at the margin, but more is needed to tackle these challenges.