Anybody looking at the monthly figures for the public finances would have to conclude that Philip Hammond has been a rather lucky chancellor. While George Osborne took all the political flak for austerity – even getting booed when he presented some medals at the 2012 Olympics – he also contrived to miss most of his borrowing targets. He thus had something like the worst of all worlds.
Hammond in contrast has been able to deliver good borrowing figures without trying too hard. Many of his tax raising efforts have fallen foul either of manifesto commitments or the tough parliamentary arithmetic. He is the Brexit chancellor presiding over a slowing economy and forced to dip into the coffers to prepare for Britain’s exit from the European Union. He has also been required to prepare the ground for ‘the end of austerity’ most notably in the case of the...
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Anybody looking at the monthly figures for the public finances would have to conclude that Philip Hammond has been a rather lucky chancellor. While George Osborne took all the political flak for austerity – even getting booed when he presented some medals at the 2012 Olympics – he also contrived to miss most of his borrowing targets. He thus had something like the worst of all worlds.
Hammond in contrast has been able to deliver good borrowing figures without trying too hard. Many of his tax raising efforts have fallen foul either of manifesto commitments or the tough parliamentary arithmetic. He is the Brexit chancellor presiding over a slowing economy and forced to dip into the coffers to prepare for Britain’s exit from the European Union. He has also been required to prepare the ground for ‘the end of austerity’ most notably in the case of the...
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