Ambition deficit

Some Budgets are historic, most are boring and a small number can be remembered as a disaster. After just a few months, Philip Hammond has managed a budget – his first – that can be placed in this last category. Economically, it made very little difference. Politically, it is shaping up to be a disaster.

His Budget was supposed to have been conducted under the pledge, issued no fewer than four times in the 2015 Conservative manifesto, that his party not raise taxes. ‘Instead, we will ease the burden of taxation,’ the Tories promised. It seems plausible enough, and the Conservatives were returned with an absolute majority. Whatever else one might have thought about David Cameron, he had shown he was a Prime Minister who kept his promises.

But Mr Hammond has a more elastic approach to promises, and seems to stretch words like an accountant seeking a tax loophole.  He wishes to splurge on infrastructure, and his instincts appear to favour larger rather than leaner government.