Hunt’s budget shows Britain is doing less badly – that’s not the same as doing well

Jeremy Hunt leaves 10 Downing Street to present his spring budget to parliament. Photograph: Dan Kitwood/Getty

In 2020 it was the global pandemic. In 2022 it was Russia’s invasion of Ukraine. This year’s budget took place amid fears of a fresh global banking meltdown.

Jeremy Hunt only made a glancing reference to the collapse of Silicon Valley Bank but as he was speaking, share prices in London were crashing amid fears that Credit Suisse could be the next domino to fall. The risks of a repeat of the global financial crisis of 2008 underscores the importance of not reading overmuch into the slightly rosier forecasts for the UK outlined by the chancellor.