On the whole, a qualified positive

To be sure, there was some good stuff in the budget, and I probably feel more positive about it than I expected to. The additional 1 percent cut in corporation tax, above and beyond what had already been announced, was perhaps the high point, although it will be the 1p cut in fuel duty (replacing a planned 5p rise) that draws the most favourable headlines. The rise in the personal allowance, meanwhile, is something the Adam Smith Institute has advocated for a (very) long time.

Still, there were, as always, downsides. The goal to make UK corporation tax the most competitive in the G7 is a laudable one, and the Chancellor should be saluted for it. But as welcome as the corporation tax cuts are, they are only one part of the picture. Britain’s personal taxes, both on income and (particularly) capital gains, are extremely unattractive by international standards. Without more movement than the Chancellor felt able to offer on these taxes, the pro-growth impact of a low corporation tax rate will be muted.