Senior Economist @hmtreasury. Previously @cabinetofficeuk @Strath_FAI, Chief Economist's Team @EU_Commission, Slovak Central Bank & Finance Ministry. Own views.
London, England
Joined December 2017
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It's been an honour and privilege to have led the design and advice on the centrepiece of yesterday's Autumn Budget - an energy bills package that is forecast to save on average £150 per household and cut inflation next year.
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Frantisek Brocek retweeted
At the Budget, I said I would cut the cost of living.
I said we would cut energy bills.
Today, we are.
bbc.co.uk/news/articles/cx2l…
Readers added context they thought people might want to know
This reduction is largely a rebalancing of costs rather than a net saving, as the government is shifting policy expenses away from energy bills and into general taxation.
gov.uk/government/new….
Frantisek Brocek retweeted
Today's interest rate cut is the sixth since the election, the fastest pace of cuts in 17 years and good news for families with mortgages and businesses with loans.
There's more to do on the cost of living, that's why we're cutting £150 off energy bills and freezing rail fares.
Frantisek Brocek retweeted
The Monetary Policy Committee voted by a majority of 5-4 to cut interest rates to 3.75%.
Find out more: bankofengland.co.uk/monetary…
Frantisek Brocek retweeted
Today’s Budget cuts energy bills for millions, with families saving around £150 and millions of lower-income households receiving other targeted discounts.
ALT Text: Energy scheme to save households around £150 a year - strong foundations - secure future. Imagery: A person holding a smart monitor. The UK Government crown is visible as is Budget 2025 branding.
Great to see my work in @hmtreasury implemented. The first ever fiscal framework for Northern Ireland with a new funding formula for all devolved public services. gov.uk/government/news/deal-…
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Frantisek Brocek retweeted
I met with leaders from Northern Ireland today and congratulated them on their new positions in Northern Ireland’s Executive and Assembly, which are up and running again.
The United States will continue to believe in a vibrant Northern Ireland that includes a brighter future and lasting peace.
ALT President Biden meets with leaders from Northern Ireland.
Frantisek Brocek retweeted
A note on scale.
Northern Ireland is roughly one 40th size of UK. So can think of £3.3bn for NI as around £130bn in UK terms.
I know some of it is backdated, some for subsequent years, and some looks like reallocation. But this is a substantial settlement.
Sunak in Belfast: £3.3 billion package for Northern Ireland ‘a generous and fair settlement’ irishnews.com/news/northern-…
Frantisek Brocek retweeted
The figure for the funding deal for @niexecutive now being highlighted is £3.3 billion.
But the new 'funding floor' is, in the long-term, potentially worth BILLIONS PER YEAR. Read my🧵on this from last December.
🚨Some thoughts on the funding offer made by @hmtreasury & @NIOgov to help restore power sharing at the @niassembly.
A lot of the focus has been on the £2.5 billion headline figure, but more important is the new 'funding floor' - worth BILLIONS A YEAR in the longer-term! [1/5]
A privilege to have led the most significant reform to the system for funding public services in NI since the 1970s in @hmtreasury. A new funding formula worth billions in the long-run and a Fiscal Framework enhancing the sustainability of public finances.
bbc.com/news/uk-northern-ire…
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Some great questions & considerations for the future of tax policy posed by @ChrisGiles_ on.ft.com/45NOltw via @FT
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Who said the Fiscal Framework was boring? linkedin.com/feed/update/urn…
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Brilliant analysis as always from @fiscalphillips
Here is the key chart from my @theIFS comment on #GERS.
Scotland's notional deficit in 2022-23 was equivalent to £3,485 per person compared to £1,955 for UK as a whole.
That gap of £1.500 per person is set to widen to £2,500 over next 5 years based on current forecasts.
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Frantisek Brocek retweeted
Dry and complex, but today’s deal on the way the block grant is calculated matters a lot for Holyrood, public services and welfare payments
bbc.co.uk/news/uk-scotland-6…
An important new agreement has been reached on the Scottish Government's Fiscal Framework. For more details see: gov.uk/government/news/deal-…
NEW DEAL for Scotland🤝🏴
A jointly agreed framework provides Scottish Government with greater certainty and flexibility to invest in public services, underpinned by the shared strength of the UK treasury. gov.uk/government/news/deal-…
ALT Red background graphic with white text that reads "A new deal for Scotland. The UK and Scottish governments have agreed a renewed Fiscal Framework for Scotland."
ALT Red background graphic with white text that reads "Barnett formula maintained. Scottish Government will continue to receive £8 billion more each year than if it received the same level of UK Government per-person funding elsewhere in the UK."
ALT Red background graphic with white text that reads "Tax revenue top-up. Scottish Government will receive every penny of devolved taxes, and UK Government will continue to top-up devolved tax revenues, worth £1.4 billion last year."
ALT Red background graphic with white text that reads "More borrowing powers. Scottish Government capital borrowing powers will rise in line with inflation and the resource borrowing annual limit will double from £300 million to £600 million."
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Some great new analysis from @hmtreasury @HMRCgovuk colleagues on the effect of the furlough scheme. gov.uk/government/publicatio…
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Some great analysis out today also from @C_Lombardelli and the team at @OECDeconomy looking at how support by govt's compares internationally. UK amongst the more generous schemes across OECD countries. Big benefits for Scotland, Wales, and NI too: gov.uk/government/publicatio…
The @OECD Energy Support Measures Tracker is now available.
The Tracker provides comprehensive data on #FiscalPolicy responses to the #energycrisis cataloguing measures implemented from Feb 2021 to May 2023 in 41 countries.
Check out the tracker here:
oe.cd/energy-tracker
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Frantisek Brocek retweeted
NEW ANALYSIS: Scottish households are projected to receive around £7 billion of spending to help with energy bills in 2022/3 and 2023/4.
The average household in Scotland will receive £1,850 - the equivalent of a 7% increase in income.
#DeliveringForScotland
THREAD: ENERGY BILL HELP FOR POOREST HOUSEHOLDS FROM UKG WORTH TWO MONTHS’ SALARY
Today @luhc we published my analysis on the impact of UK Gov measures to support households in S, W, & NI with the cost of living @UKGovScotland @UKGovWales @NIOgov gov.uk/government/publicatio…
Yearly disposable incomes of the poorest tenth of households in Scotland, Wales, and Northern Ireland were propped up by the measures by over 20%. That’s the equivalent of UKG providing the poorest households in the UK nations 2 extra months of net pay.
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