Budget 2021 is showing us what happens when the state uses the annual budget to stand behind the economy. Budget 2021 also shows the true genius of the annual budget. Derided for decades by public financial management professors, its discretion diluted by medium term expenditure plans, fiscal rules, and medium term fiscal frameworks, its significance blunted by the existence of multilateral tax and spend initiatives like the moves on corporation taxes, carbon budgets, and the massive EU budget, the annual budget was seen as a bit of a relic, and not the good kind. The annual budget builds in crude…

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