That’s very interesting- I did not know that was the context of the phrase either.

In a £3 trillion economy it’s a rounding error yes. But then why all the fuss about the £3 billion child benefit cap? Or the relatively tiny expenditure on handling asylum expenditure.

Industry obva wud decline but not so drastically. Large parts of the UK are predicated on having an industrial base. A one nation approach would have recognised this even if not ‘absolutely economically efficient’. It’s better than having low paid jobs and political disaffection in the rust belt.

that’s one anecdote but in my experience the finance services sector generates a lot gdp in the same way gambling does. it’s mainly rent seeking and scalping. credit has been misdirected into property rather than business. On business, more could have been done earlier to invest in hi-tech industry

Lobbying for palestine to have a place would work better on so many levels.

Maybe, maybe not. But joining one of the three global single markets can only have benefits and empirically far superior to drifting along outside a major trading block.

We would have been better if we'd joined the Treaty of Rome but we are were we are.

The lead journalist at the BBC falsley accusing the Chancellor of deliberately miselading the public really ought to be a resigning matter (albeit he wasn't the only culprit).

Journalists involved in pushing this should consider the damage done to democracy & public trust in politicians.

Clearly Chris mason and others were given ‘lines to take’ on the stor.

Also LK clearly didn’t understand the substance of what she was told to say

Don't undersrtand your point. The downgrade did remove £16 billion from forecast tax receipts and the downgrade relates to the Tories' period in power.

Obviously they should have been aware that tax increases were needed and made the case, but he was entitled to be angry .

To be fair though every journalist on every channel is running this ridiculous made up pantomime story. it’s like a mass hysteria. Falsely claiming that reeves somehow lied only serves to delegitimise politics and is incredibly dangerous.

I do not understand the story at all. Reeves simply said that the productivity forecast had been downgraded and this makes it harder to reduce the deficit. Which is true. What am I missing here?

also the Rachel Reeves 'lied'' story is absolutely insane. She referenced the downgrade in OBR productivity forecasts which was already on public record. She wen on to mention a number of reasons for the need to raise taxes including investing in public services and increase fiscal headroom.

why? Every commentator has just been slamming her for not being bold enough. The bond market was rightly sceptical of the tiny headroom. forecasts can easily go south. highly unlikely that c.£5 billion of savings in 2029 will happen.non ring fenced departments still face austerity

Talking about the budget

Talking about the budget

Misleading to imply welfare spending increased when the total welfare spending is down from 2011 and is at historically normal levels.

A little ridiculous to bemoan lack of growth given the entire media omerta on brexit. Chancellors have ducked these decisions and done worse for 14 years but suddenly it’s obvious what needs to be done? If you believe in European levels of tax and spend (I do) then spell out the benefits of that.

Welfare bill is the same level it was under thatcher and has been declining since 2011. It is under control. Finding the commentary quite hypocritical given I don’t remember any Tory chancellors being asked this question

Yes totally agree. Aside from the terrible comms, lack of storytelling and absence of any tactical nous - I don't understand the hate.

This gets Britain closer to the social democratic European norm, and probably the most significant budget since at least 2010.