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Philip Hammond’s Little Red Book 

The Budget pushed the language of economics left—but tax cuts on housing suggest that the real priorities haven’t changed all that much

By Tom Clark  

Photo: Joe Giddens/PA Wire/PA Images

Back in 2008, George Osborne reframed the whole way we discuss economics with a series of stern soundbites. As Lehman Brothers toppled, he buried the previous cuddly Cameronian Conservatism that had pledged to match New Labour spending totals, and instead pronounced that “the cupboard is bare” as he vowed to put “sound money” first. It took some chutzpah to blame a banking crisis on “big government,” but that’s what he did. And it worked. The stage for the long years of austerity was set.

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