Trimming the budgetary sails for the storm

11 March 2008 By Ian Campbell

Alistair Darling must present a budget for an economy so far largely untouched by the credit crunch, but which could soon be hit hard. The UK chancellor’s best course is to acknowledge the pending damage to growth and revenue, and trim accordingly.

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UK manufacturing output rose by 0.4% in January, the biggest rise since October 2007, and by 0.6% on January 2007.

Manufacturers' input prices leaped by 2.6% in January from December, for an annual increase of 19.1%. Output prices rose by 1.0% on the month and by 5.7% annually.

The Royal Institute of Chartered Surveyors has reported that only 4% of surveyors said house prices had risen during the past three months and 57% said house prices had fallen. The seasonally adjusted net balance was minus 64.1%, the worst since June 1990.

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