Philip Hammond put a brave face on the state of the UK's public finances in this week's Autumn Statement. He came out with all the right buzz phrases (Northern Powerhouse, fiscal discipline, new industrial strategy, productivity). And he offered a few bits and bobs to the various groups he wants to like him a tiny change to the taper for those working and getting Universal Credit, an almost pointless investment bond for pensioners, and a small rise in the minimum wage. But look at it in the round and there is a clear and not very good message for MoneyWeek readers.
Brexit or no Brexit, the UK's public spending is going to continue to be utterly out of control. Our debt relative to our GDP is going to stay at peacetime highs. That means that most of us, one way or another, are going to end up paying a lot more tax. This statement offered a few hints as to how.
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