First published on ProgressOnline
Tomorrow is the autumn statement. It is the first economic intervention by the new chancellor since Britain’s decision to leave the European Union. But this is not the statement of a new government. This is the sixth year of this Tory government. What is unclear is if it is George Osborne’s apprentice or outrider that will be delivering the statement in the House of Commons at 12.30pm. There is little now that Philip Hammond can blame on the last Labour government. What he inherits is from Osborne, not Gordon Brown or Alistair Darling.
The sad reality is Britain goes into Brexit in a less than perfect state. The shock still to come to the economy means the fiscal framework will not be met pre, during nor post Article 50 being concluded. Britain’s ability to weather the storm to come is not what it should be. It might not all be of the Tories making, but they have hardly left us in the best place to go it alone. (more…)