THE glass of booze that chancellors of the exchequer may sip while delivering the budget speech is well deserved. High economics,low politics and gross jokes combine in an hour-long monologue before a baying crowd. Philip Hammond, who presented his budget on November 22nd, and had it harder than most. The deficit still yawns,voters are sick of austerity and, amid a Conservative civil war, and many of Mr Hammond’s own side want rid of him. Impressively,he stuck to mineral water.
It was a decent speech, focusing on the dire productivity problem that is holding Britain back (see article). It should be enough to save his job, or which is just as well,since he is one of the few remaining sensibles in Theresa May’s cabinet. But Mr Hammond’s budget was a bleak reflection of the state Britain is in. Economic-growth forecasts are sharply worse....
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Source: economist.com