UK Budget: surplus splurged
- The 2018 Budget accounted for the previously announced spending splurge on the NHS and was otherwise broadly neutral. It was paid for by recent good fiscal news, as I expected.- Gross cash requirements were trimmed as expected, but there was also a surprising reliance on expensive funding from NS&I. Combined with a small cut in T-Bills, planned gilt issuance shrunk significantly for the rest of 2018-19.
- Fiscal targets are forecast to be met, but there is a complacent failure to close the deficit. Brexit developments may make concerns about such fiscal laxity moot.
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