The PM applauded the Conservative Party for having "tackled the debt and the deficit" left by the last Labour government.
Mr Hammond would be right to be pleased with his first proper outing. There wasn't much showboating, and there weren't as many gimmicks as we had become used to under Mr Osborne (pasty tax anyone?), he was playing it safe this Spring. The autumn might dampen his spirits though.
There is rising disenchantment with the status quo. People sense that the economy serves the few not the many. Alongside
The recent budget again shone the spotlight on the UK's precarious economic position. Despite years of austerity, public spending cuts, Quantitative Easing and some limited stimulating activity such as taking the lowest paid out of tax, the country is still in grave danger of falling back into recession. But we're not alone. The global economic outlook is poor. And western countries have hardly recovered from the last great recession.
We are told, time and time again, that the government should spend taxpayer money wisely, efficiently, and sustainably. Often these pronouncements are followed by promises to use taxpayer money well by cutting government spending and making efficiency improvements. There is an assumption behind these statements that is utterly inaccurate and dishonest, however. Namely, that there is such a thing as "taxpayer money."
Figures released today by the Office for National Statistics showed George Osborne can only borrow £7bn in February and March
Thankfully I am warm and dry as I write this, but there are thousands of people in Northern England, Scotland and Wales that
Jeremy Corbyn has refused to commit to a policy of balancing the UK’s books over the economic cycle, Labour sources have
A permanent budget deficit would not be inflationary because the economy is not operating at full capacity. Even if it were operating at full capacity, a (smaller) deficit would still be required to maintain that state of affairs.
When Labour MPs voted against the Budget this week our opposition was based on rejection of specific policies, when it is the fundamentals of the economy and terms of political debate we must challenge.