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HONEYSETT-WATTS: Events, dear boy, events – Budget 2020 Opinion

THE unpredictability of politics was perhaps best described by Harold Macmillan as the sudden appearance of “Events, dear boy, events”. Although nobody – including his biographer – has been able to trace back to when he said that!

As the first quarter of 2020 has shown, the UK government has had to respond to ‘events’ rather than push on with other priorities. 

First came the storms (Brendan, Ciara, Dennis and Jorge) that caused travel disruption, flooding and damage to infrastructure. Next were sustained attacks on the Home Secretary – from the Left, disgruntled civil servants and some in the media, including that ghastly cartoon in The Guardian. But nothing, nothing could quite trump Coronavirus and its dominance in the national conversation. At work, you will hear colleagues singing the national anthem or happy birthday (twice) or counting to 20 – while washing their hands. At home, some family members are ‘self-isolating’ having stock-piled enough paracetamol, pasta and toilet roll to last them a lifetime.

Pesky things, these events. So far, the prime minister and his team have weathered them all. What’s next, I hear you ask? Only one of the biggest events in the parliamentary calendar and the first for more than a year.

Several weeks ago, Rishi Sunak had no idea he would be replacing Sajid Javid as the country’s second BME Chancellor and delivering a Budget this Wednesday. Nor could he have envisaged ‘Black Monday’, which saw some of the biggest daily stock market drops since the 2008 global financial crisis and trading in US shares briefly suspended.

Thankfully, his closeness to Number 10 – he was Boris Johnson’s stand-in for one of the TV debates – as well as his time in financial services (Goldman Sachs and The Children’s Investment Fund Management) and more recently as Chief Secretary to the Treasury means he has both the support from the top and the experience to deliver the goods against economic uncertainty. The question is how radical can and does the Chancellor want to be in reshaping the UK’s economy?

My suspicion is he does but he can’t do everything this time; with the more dramatic measures postponed until either the Spending Review or Autumn Statement. Speaking on The Today Programme about the Budget, George Osborne said the government needs to “vaccinate the economy”. He is probably right.

Just look at what has been pre-briefed: 2020 will be the last year that women are taxed on sanitary products plus there is double funding for flood defences, employment tax breaks for veterans and £8 million for football pitches. All of these make sense to me and I’m certain will be welcomed by those affected, but they are hardly earth-shattering. I hope – and anticipate – there will be much more on the levelling-up agenda, as expectations of this government – from all quarters, but especially blue-collar workers – are very high; more so, as it’s been the longest gap between budgets since the 19th century.

It is customary for the Chairman of Ways & Means to chair the debate on the Chancellor’s Budget. I look forward to being in the chamber to see Dame Eleanor Laing – the first woman to hold that post – on this historic event, during Women’s History Month.

Adam Honeysett-Watts is Director of Conservatives in Communications and works in the financial technology sector

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