Nadhim Zahawi, who has been sacked by Rishi Sunak after days of headlines over his tax affairs, could learn a lot from the example of one of his predecessors as chancellor.
Labour chancellor Hugh Dalton entered the House of Commons to deliver his autumn Budget on 10 November 1947. On his way in, he was accosted by a journalist who jocularly asked him what he was about to say. Equally jovially, Dalton confided a couple of sentences on the changes in taxation he would announce within minutes.
Before he finished his speech, the tidbits he had disclosed to the nosy hack were in the evening papers and the London stock market was reacting.
Dalton’s indiscretion – it was hardly an offence – cost him his front bench career. Within hours he had offered his resignation to prime minister Clement Attlee and the offer had been accepted.
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