The Institute for Fiscal Studies says the Budget delivered by the Chancellor, John Healey, has pushed back plans to reduce borrowing and rests on public service spending plans that may be hard to deliver.
"This Budget has a raft of fiddly measures but very little that will move the dial on growth."
That is the verdict of Helen Miller, the IFS director, in the think tank's first reaction to the statement, reported by Bdaily.
Miller welcomed the commitment to cutting borrowing but warned about how it will be achieved. "The Chancellor's commitment to fiscal consolidation is welcome. But it is delivery that really matters," she said.
"The planned consolidation has an Achilles' heel in the form of very tight plans for public service spending," she added. Miller said growth in public service spending "is set to slow sharply after this year".
The IFS said plans for the later forecast years should be treated with scepticism, leaving the government facing difficult choices on public services. Its full analysis is due at 10:30 on Thursday.