Budgets in Britain follow a well-established ritual. On the morning of the big day, the chancellor of the exchequer parades for the photographers outside 11 Downing Street holding aloft the red box containing his speech. After they address the Commons and share the bits of the budget that haven’t already been leaked to the press, the spin machines of the two main parties take over: one lot saying the budget is the best in living memory, the other saying it is a complete dud.
Both sides, though, want to know what the Institute for Fiscal Studies thinks, and the process isn’t really over until it has delivered its verdict at a briefing the following day. The thinktank is sparing in its praise and liberal with its criticism, which is delivered in the spirit of sorrow more than anger.
