Theresa May’s cautious finance chief Philip Hammond signals that although our finances are in rude health – now is NOT the time for a spending spree
Caution to win
HANDED a set of bumper economic stats weeks before a Budget, we can think of a few chancellors who would immediately start planning their popularity-boosting giveaways.
Not Philip Hammond.
Theresa May’s cautious finance chief — nickname “Spreadsheet Phil” — has signalled that, although the nation’s finances are in rude health, now is not the time for a spending spree.
We couldn’t agree more.
Britain’s economy has defied the fearmongers since the referendum, but greater challenges lie ahead.
Hammond is right to start building up reserves to weather any coming Brexit storms. And spot on to say the country must “ensure we get back to living within our means”.
When the Treasury is still borrowing £1.25billion a week to service Labour’s legacy of debt, splashing the cash now would be foolish.
Instead, the Chancellor is targeting funds at areas most in need. That means more cash for social care, relief for those worst affected by the business rates rise and a freeze on fuel duty.
This is smart, careful spending that tackles our most pressing issues without exploding the deficit.
More importantly, it keeps Britain’s economy in a healthy state to face down anything Brussels throws at us in forthcoming Brexit negotiations.
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Our cup of 'T'
FOR too long technical training has been treated as education’s poorer cousin.
Tony Blair’s ambition to get half of young Brits into higher education meant vocational training was judged a second-class qualification.
Meanwhile, the pressure to go to university saw countless teens encouraged on to Mickey Mouse courses at third-rate colleges that left them totally unprepared for the workplace.
So Philip Hammond’s announcement of £500million for 15 new “T-levels” — A-levels but in technical subjects such as engineering, catering and construction — is to be welcomed.
As a report warns today, ending free movement from the EU won’t cut immigration if businesses have to go outside Europe to solve skills shortages.
T-levels could be just the job to fill the post-Brexit skills gap and reinvigorate technical education.
It's antisocial
PEOPLE who spend their lives glued to social media are more likely to feel like isolated loners, research shows.
Who would have guessed?
Instead of revelling in the fake virtual world of perfect relationships, faultless careers and immaculate selfies, most users end up feeling blue.
We have a simple solution:
Turn off Facebook and go for a walk.