Economics
Working From Home Is a Risk for U.K. Public Finances, Watchdog Group Says
- Officials from budget watchdog say tax revenue may decline
- Property market is already adjusting to less office work
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Britain’s public finances could take a hit from the a permanent shift toward working from home, the government’s independent budget watchdog said.
“Our feeling is that it will be somewhat less government-revenue rich than office working,” said Andy King, a member of the Office for Budget Responsibility, said at a Parliament hearing in London on Wednesday. “If you think about spending less on commuting, cafes and restaurants and spending more on heating homes or buying fans during the summer, or spending more on your supermarket shop -- all of those things reduce the amount of government revenue per pound of activity.”