On Wednesday, Jeremy Hunt stood up in the House of Commons to give his first budget as Chancellor of the Exchequer. Following the events of last September’s mini-budget under the premiership of Liz Truss, there was little chance of any radicalism within his statement to MPs.
With the Prime Minister looking to show that the Conservatives are a safe pair of hands on the economy, most of the measures proposed not only assured the markets but reflected the more sober grown-up politics that has been at the core of the Sunak premiership. That is not to say that the budget did not bring forward new proposals that could have a significant effect on the state of the UK economy in the future.
While the headlines were about the improvements in childcare and changes to pension rules to bring more people back into the workplace, the measures with the potential to change the future of the UK economy were largely hidden in the small print. One of the positive highlights was the commitment to support growth in the sectors of the future. Whether this is another rehashed industrial strategy in all but name will be up to others to debate.
