Philip Hammond began his first Budget, in March, by playing down its importance — for his big ideas on fiscal policy, he suggested we would have to wait until the autumn. It was a wait which was very nearly extended to eternity as he narrowly avoided losing his job in a post–election reshuffle. We found out this week that it was a bluff: he doesn’t have many big ideas, just a selection of small ones. Which, under the circumstances, is something of a relief.
The Chancellor is getting better at telling Britain’s story, boasting about record employment and how the best-paid 1 per cent pay 27 per cent of all income tax. He didn’t say why (that tax rates for the best-paid were reduced), nor did he double down on more tax cuts that could have stimulated growth. The gloomy growth forecasts underline the case for radical pro-growth Conservative policies, but we settled for some small ones.
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