Hammond’s House of Horrors

What is the point of Philip Hammond? Most chancellors have an agenda, but it’s hard to discern any purpose or direction from the current one. Gordon Brown’s project was to oversee the largest expansion of government spending in peacetime history — which he achieved, albeit with ruinous results. George Osborne spoke about trying to wind this programme back. The results were decidedly mixed, but at least he had an idea about what he sought to achieve. Mr Hammond, by contrast, has spent his time in the brace position preparing for Brexit.

When he delivers his Budget on Monday, he might have to admit that the country does not seem to be quite so worried. Companies have been hiring at a rate never seen before. Youth unemployment is at an all-time low. Salaries are (finally) rising faster than inflation. The Office for Budget Responsibility, which has been almost as gloomy as Mr Hammond in its outlook, will have to admit that it has yet again got it wrong and that the public finances are in healthier shape than it has assumed.