Budget 2020 is rightly being framed against the backdrop of Brexit. But the global economic mood music is increasingly depressed and there is little the government can do about it.
Brexit is forcing us to deal with multiple paradoxes at the same time. A phenomenon which can only harm us when it happens is actually helping us before it hits, as it calms our economy down.
The annual budget process is a recipe for overspending and myopic decision-making. However, for the first time in fifteen years, we can actually think about a world with a better set of budgetary institutions.
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