A 'pretty grim picture'

Good morning,

The dust is settling on a Budget that aimed to “do no harm”, but one which has laid out just shy of 100 different individual measures. Among them were a wide smattering of tax hikes and cost of living focused retail offerings. It was, in the words of our opinion editor Alys, a “picky bits” Budget.

The accompanying forecasts from Office for Budget Responsibility (OBR) paint a “pretty grim picture” - and that’s a quote from their own economist, Professor David Miles". The fiscal watchdog has warned Britain is trapped in a decade of stagnant living standards.

Plus: Our sports business columnist Ed Warner says that Padel does not yet deserve a spot at the Olympics.

So, here’s everything you need to know this morning. We’ll be back in your inbox at noon with Midday Markets.

Matt

If there were treats in John Healey’s pre-Halloween Budget they were hidden in a gloopy soup of tricks. Forget the talk about a low-key, ‘do no harm’ fiscal event; the Chancellor has delivered a mess of new interventions, subsidies, tax rises, quangos and complications against a backdrop of truly terrifying economic forecasts, writes City AM Editor-in-Chief Christian May.

Healey told broadcasters on Thursday morning that the government was “ready to take some pretty tough decisions” to rein in spending although he echoed his predecessors in claiming the “best economic policy” was to find an end to wars in the Middle East and Ukraine.

The FTSE 100 closed level on Wednesday after trailing for most of the morning. A late slump in housebuilder shares prevented any significant gains, as details of the Your First Home scheme left much to be desired.

Andy Burnham propelled himself to Downing Street by pledging a revival of Britain’s struggling high streets. Felix Armstrong asks: has John Healey delivered it?

John Healey has delivered his first Budget, and the Chancellor promised (repeatedly) to give voters "breathing space". But, is any of that true?

City AM's Christian May and Alys Denby discuss with Helen Thomas, CEO of Blonde Money, and they get the government view from Labour MP Callum Anderson. 

The fiscal watchdog paints a bleak picture of the health of the British economy and the public finances over the rest of this Parliament – one in which the UK is in a steady state of decline, funding a level of public spending that looks increasingly unsustainable.

Padel may be increasingly ubiquitous but Olympics organisers are wise not to embrace every fashionable sport, says Ed Warner.

John Healey avoided several icebergs but there are nasty storms on the horizon, says William Nixon.

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