Traditionally, the first budget following an election is used to increase taxes as the new government makes the most of its recently-gained political capital. However, the Conservative’s relatively weak position as a minority government, propped up by the Democratic Unionists and characterised by dissension, has forced the Chancellor to take a different approach. As such, the budget has shifted away from his recent austerity strategy and has sought to address concerns over inequality. Nevertheless, Mr Hammond has maintained that fiscal responsibility remains appropriate, with the government’s finances still under pressure as a result of weak economic forecasts..
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