I don't think he can put off the inevitable. Sometime in the next two years he will have to raise taxes but he won't want to leave it too late in the political cycle.
More Quotes from Jonathan Loynes:
January's UK retail sales figures confirm the evidence from the surveys that the pick-up in spending growth over Christmas was short-lived.Jonathan Loynes
The ECB may feel that the time is right to conclude that the risks to growth are now more equally balanced. Without a corresponding softening of the perceived upside risk to inflation, this would be seen as a strong signal that it is preparing to lift rates further.
Jonathan Loynes
To hit Mr Brown's forecast now, quarterly growth would have to average around 1.0 percent in the remaining three quarters which looks very unlikely.
Jonathan Loynes
Indeed, it may only have been a reluctance to surprise the markets that stopped the committee from cutting rates (last week).
Jonathan Loynes
Looking ahead, rising gas and electricity bills could keep inflation close to current levels for the next few months. But we expect further falls in core inflation and fading energy effects to push the headline rate well below target in the second half of the year.
Jonathan Loynes
Interest rates are very likely to remain on hold for a seventh consecutive month in March, it being the only month in which the MPC has never changed rates in either direction since taking control in 1997.
Jonathan Loynes
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