The UK Treasury has imposed its super-cautious view on the Chancellor, but caution holds its own dangers
Philip Hammond has succumbed to the fatal caution of the Treasury. A rare chance has been wasted. Britain must now face the full storm of the Brexit downturn next year and the year after without any precautionary buffer worth the name. A hard landing is all but guaranteed. If the Chancellor had wished to launch a barrage of investment on the country’s rickety infrastructure and do something to lift productivity from the bottom ranks of the OECD league, there could scarcely have been a better global climate. All the stars are aligned.