The budget was last week. Did you notice? As squibs go, this one was pretty damp. We’ll be debating the detail in the finance bill next week but the real story is one of indifference and missed opportunity.
Since the 2008 crash, governments across the western world have seen their revenues unable to meet spending. In the US and most European countries the response was to use the power and funds of government to stimulate the economy. More public spending led to more jobs, more earnings and more taxes. Not here. For eight long years the Tories have applied the opposite approach: use the reduced income as an excuse to slash public spending. This is austerity. And no matter what Hammond and May might like us to believe, it’s still here.