Experts Reaction on Autumn Budget 2021

The unveiling of the autumn budget took place on 27th October 2021, as the nation wrestled with recovery at the tail end of COVID pandemic, mounting crisis in the cost of living, and supply shortages.
Here’s what experts have to say about it:

Ernestine Gheyoh Ndzi, Senior Lecturer in Law, York St John University

“Rishi Sunak has lifted the pay freeze that was imposed on public sector workers a year ago. At the time he had argued he could not justify an across-the board increase when many private sector workers had seen their pay and hours cut in the crisis. Now he has reiterated that the pay freeze helped in ensuring that the gap between average public and private-sector wages did not widen further during the pandemic.”

He also stated that the chancellor has somehow failed to mention the increase public sector workers will receive in precise numbers, or make allowance for independent pay-review bodies to make any further recommendations. Summing up everything, according to Ernestine Gheyoh Nazi, Sunak has not guranteed any pay rise.

Further he mentions that the Government has failed to ban the sectors that were most affected by the pandemic including hospitality, arts, and recreation, and construction which all tend to recruit workers on zero-hour contracts. Later, he also puts the argument that the companies firing and rehiring workers has been widespread during the pandemic, with a lost one in ten workers told to reapply for their jobs on worse terms and conditions.

These were a few excerpts from Professor Ernestine about the autumn budget 2021.

Michael Jocobs, Professor of Political Economy, University of Sheffield

“A conspicuous lack of anything to fill the gaps in the net zero plans”.

“‘What chancellors don’t say is always as interesting as what they do. This budget was a case in point, and the biggest absence of all was surely climate change. In an otherwise comprehensive survey of current economic conditions, the largest challenge of all – the one that should be driving huge swathes of both public and private investment – barely got a mention.

Yes, the chancellor referred (almost in passing) to COP26, and to green technology innovation. But of the government’s overall net zero strategy, which was announced a few days earlier, there was nothing.”

He further continues to give two reasons for the same. In pointing to the first reason, he mentions that the climate spending announced in the net zero strategy isn’t enough. He somehow feels that the strategy fails to devote anything like the sums required to make them happen. He also mentioned that he would have appreciated the chancellor explaining more how and why he expects that to happen, and performing to add some green spending to his extensive set of announcements.

These were a few insights into Professor Michael’s opinion on Autumn Budget 2021.

FinConcile is a team of accredited and seasoned specialists who specialise in accounting, tax, payroll, and compliance. Our team consists of CAs, lawyers, Company Secretaries, and other finance specialists who help accounting firms achieve long-term growth cost-effectively and accurately. Our outsourcing services website enlists all the services with which we help you bring functionality into your business premises.