A big Tory majority. So where are the Conservative policies?

What is the point of a Conservative majority? The answer might once have been to implement Conservative policies. But now it’s not so clear. Budgets are normally the way to judge a government, but we didn’t have one last year. On 11 March, we will learn how Sajid Javid intends to govern the public finances and just how far the Tory government is able to take advantage of the unprecedented political opportunity. It will become clear whether the government sees this moment as a time for boldness, or caution.

Leaving the European Union is a radical act, but its effect is mainly political. It will remove a constraint, but will not — in and of itself — make much of a difference. Whether Britain dives or thrives will depend on the decisions made in Downing Street. The Chancellor told us to expect up to £100 billion of new infrastructure spending over the next few years, financed by low rates.