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01 December 2017 / Peter Vaines
Issue: 7772 / Categories: Opinion , Tax
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An unsubstantial budget?

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Peter Vaines reflects on some good jokes but little else of substance in the Chancellor’s recent announcements

Having a full blown Budget in November is a bit of a shock to the system after a lifetime of Spring Budgets—but I am sure we will get used to it.

Nine years ago when the financial crisis was just upon us, I remember writing a piece in this journal about the impending Budget. My finely tuned antennae enabled me to predict that the situation was so serious that the Chancellor’s speech would only contain matters of real substance—because it was too important for sound bites and political point scoring which were not going to cut the mustard. We were going to need measures which would really work. Unfortunately not…I was so wrong it was embarrassing.

Plus ça change. The situation is still pretty serious (although maybe for different reasons) but poor Mr Hammond could not afford to do anything of substance. If he did, it would mean that people would have to pay something—and that would be the

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