Hard going for the government
A tough morning for the government at the hands of Tyrie, Fallon and rest of the Treasury Select Committee. Sir Alan Budd apologised for his naivety, Robert Chote described the Budget as ‘regressive’ in the main and the banking levy has been criticised on the grounds that is de-stabilising banks’ capital bases, which will affect lending. The government would prefer silence on these issues but the damage was far from total. Budd was an interim figure and the spat that has developed around him is largely political – there is no question that Budd was ‘nobbled’. Robert Chote deserves his reputation but he is not infallible. And Treasury Chief Economic
