The Analysis News & Opinions
Opinion
UK's budget deficit to last a quarter of a century
It has been reported that the Conservative Party plans to achieve a budget surplus by 2025. In 2010-2011, the coalition government pledged to eliminate the cyclically adjusted current budget deficit by 2014-2015. Public sector net borrowing was planned
to reach 2.1% of GDP by 2014-2015. Substantial progress was made in reducing the budget deficit, which was – on some measures – the highest of any OECD country in 2010. However, both of the budget deficit
targets were missed. The cyclically adjusted current budget deficit was 2.5% of GDP in 2014-2015 and public sector net borrowing was 5.2% (OBR public finances databank). In 2015-2016, the Summer Budget
projected that public sector net borrowing would be in surplus by 2019-2020. This target was dropped after the UK’s decision to leave the European Union. It has been reported that the Conservatives will pledge to get public sector net borrowing in surplus by 2025-2026. The last time that public sector net borrowing was in surplus was in 2000-2001 (OBR public finances databank). This means that public sector net borrowing is due to be in deficit for 25 consecutive years. According to the Conservative Party’s
fiscal target reported in the press, the UK is set to reach a budget surplus by 2025-2026. This will mean that the UK will have lived beyond its means for a quarter of a century. While it is quite understandable that
Theresa May wants fiscal wriggle room during the Brexit negotiations, this fiscal target is disappointing. It should be seen as a ‘worst case’ scenario. The next government must aim to achieve a budget surplus at an earlier date.
Daniel Mahoney Head of economic research, Centre for Policy Studies
Main conference sponsor announced
Marston Holdings has been announced as the headline sponsor for this year’s landmark conference, which will now officially be known as CCRInteractive, in association with Marston Holdings. Stephen Kiely, editor of CCRMagazine,
said: “We are really proud to be working, once again, with Marston Holdings in making an outstanding day for the whole industry. We always want to have a headline sponsor with a reputation that will enhance our own event, and we are pleased to have achieved that. “Now is the time that we all start to really
look forward to the big day, so it is pleasing to see the big industry players getting on board to make it another great success.” The news comes as momentum continues
to build towards the industry’s landmark day, in its eleventh year. Professionals from across the industry,
who have already agreed to speak, include: Diana Keeling, head of credit at Ian Williams; Joe Deville, lecturer at Lancaster University; Andrew Barbaro, regional credit
in association with
manager of Antalis; David Thornley, group credit controller at Fort Vale Engineering; John Simpson, finance manager transactional of CRH Fencing & Security Group (UK); Gary McCready, director – commercial planning & analytics, Carphone Warehouse; Juliana Francis, senior ombudsman – banking and credit at the Financial Ombudsman Service; and Martin Parr, compliance manager at BMW Park Lane. l CCRInteractive will be held on Tuesday 3 October, again at the prestigious Guoman Tower Hotel in central London. To be part of the day, please contact Gary Lucas at
gary@ccrmagazine.co.uk or 07785 268404. To find out more about attending, please
contact Alison Lucas on 01702 341948 or at
alison@ccrmagazine.co.uk.
Application packs prove popular
Credit and collections professionals have been quick to claim the first application packs for this year’s Credit Excellence Awards, but there is still plenty of time to begin your application. Stephen Kiely, editor of CCRMagazine,
said: “In such an outstanding industry, it is always enjoyable to see that so many professionals and businesses are setting out on their journeys to shine. “The awards are completely free to enter
and independently judged, so we always look forward to welcoming entries from across the industry. “The message is clear: it really could be you who goes home with the trophy, so if
6
www.CCRMagazine.co.uk
Credit Excellence Awards2017
you have any questions about the awards, please do get in touch.” l To claim your Credit Excellence Awards Application Pack, or to find out more, please e-mail
stephen@ccrmagazine.co.uk or call 07766 416693.
June 2017
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