View all newsletters
Sign up to our newsletters

Support 110 years of independent journalism.

  1. Business
  2. Economics
29 October 2018

Jeremy Corbyn says nothing new – but Hammond’s Labour-lite offer means he doesn’t have to

The most significant response to a rival’s economic prospectus came not from the leader of the opposition, but the Chancellor.

By Patrick Maguire

The leader of the opposition’s job of responding to the Budget has been described as one of the hardest in British politics – in no small part down to the fact that they do not have the chance to see the Chancellor’s red book before they get to their feet.

Jeremy Corbyn, however, had a much easier task this afternoon. Regardless of the small print of Philip Hammond’s plans, it was a foregone conclusion that they would fail to match both Theresa May’s promise to end austerity and Labour’s own proposals on the economy.

So despite the fact that Corbyn is no natural Commons performer, his response more or less delivered itself, and its flavour was as predictable as that of a Budget which saw the Chancellor encroach gingerly onto his turf.

His main message was a predictable, simple and familiar one: “Austerity is not over.” He went on to describe Hammond’s announcements as “half measures and quick fixes”, which made for an effective rejoinder to a statement which saw the Chancellor offer struggling schools money for “little extras”, and pledged only half of the £2bn in new money demanded by his backbenchers to ease the Universal Credit crisis. On the whole, the response was nothing that anyone who has seen Corbyn do Prime Minister’s Questions anytime over the past year hadn’t seen before.

Arguably, however, his wasn’t the most significant response to a rival’s economic prospectus today – that distinction goes to Hammond and the Tories. The Chancellor’s statement was front-loaded with announcements of a distinctly Corbynite-lite hue: a new, if not particularly substantial tax on tech firms, increasing spending, ending PFI. So while Corbyn did not say anything new, the very certainty that he wouldn’t to a large extent shaped Hammond’s offer – and will ensure that Labour keeps winning the battle of ideas.

Select and enter your email address Your weekly guide to the best writing on ideas, politics, books and culture every Saturday. The best way to sign up for The Saturday Read is via saturdayread.substack.com The New Statesman's quick and essential guide to the news and politics of the day. The best way to sign up for Morning Call is via morningcall.substack.com Our Thursday ideas newsletter, delving into philosophy, criticism, and intellectual history. The best way to sign up for The Salvo is via thesalvo.substack.com Stay up to date with NS events, subscription offers & updates. Weekly analysis of the shift to a new economy from the New Statesman's Spotlight on Policy team. The best way to sign up for The Green Transition is via spotlightonpolicy.substack.com
  • Administration / Office
  • Arts and Culture
  • Board Member
  • Business / Corporate Services
  • Client / Customer Services
  • Communications
  • Construction, Works, Engineering
  • Education, Curriculum and Teaching
  • Environment, Conservation and NRM
  • Facility / Grounds Management and Maintenance
  • Finance Management
  • Health - Medical and Nursing Management
  • HR, Training and Organisational Development
  • Information and Communications Technology
  • Information Services, Statistics, Records, Archives
  • Infrastructure Management - Transport, Utilities
  • Legal Officers and Practitioners
  • Librarians and Library Management
  • Management
  • Marketing
  • OH&S, Risk Management
  • Operations Management
  • Planning, Policy, Strategy
  • Printing, Design, Publishing, Web
  • Projects, Programs and Advisors
  • Property, Assets and Fleet Management
  • Public Relations and Media
  • Purchasing and Procurement
  • Quality Management
  • Science and Technical Research and Development
  • Security and Law Enforcement
  • Service Delivery
  • Sport and Recreation
  • Travel, Accommodation, Tourism
  • Wellbeing, Community / Social Services
Visit our privacy Policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
THANK YOU

Content from our partners
Can Britain quit smoking for good? - with Philip Morris International
What is the UK’s vision for its tech sector?
Inside the UK's enduring love for chocolate

Select and enter your email address Your weekly guide to the best writing on ideas, politics, books and culture every Saturday. The best way to sign up for The Saturday Read is via saturdayread.substack.com The New Statesman's quick and essential guide to the news and politics of the day. The best way to sign up for Morning Call is via morningcall.substack.com Our Thursday ideas newsletter, delving into philosophy, criticism, and intellectual history. The best way to sign up for The Salvo is via thesalvo.substack.com Stay up to date with NS events, subscription offers & updates. Weekly analysis of the shift to a new economy from the New Statesman's Spotlight on Policy team. The best way to sign up for The Green Transition is via spotlightonpolicy.substack.com
  • Administration / Office
  • Arts and Culture
  • Board Member
  • Business / Corporate Services
  • Client / Customer Services
  • Communications
  • Construction, Works, Engineering
  • Education, Curriculum and Teaching
  • Environment, Conservation and NRM
  • Facility / Grounds Management and Maintenance
  • Finance Management
  • Health - Medical and Nursing Management
  • HR, Training and Organisational Development
  • Information and Communications Technology
  • Information Services, Statistics, Records, Archives
  • Infrastructure Management - Transport, Utilities
  • Legal Officers and Practitioners
  • Librarians and Library Management
  • Management
  • Marketing
  • OH&S, Risk Management
  • Operations Management
  • Planning, Policy, Strategy
  • Printing, Design, Publishing, Web
  • Projects, Programs and Advisors
  • Property, Assets and Fleet Management
  • Public Relations and Media
  • Purchasing and Procurement
  • Quality Management
  • Science and Technical Research and Development
  • Security and Law Enforcement
  • Service Delivery
  • Sport and Recreation
  • Travel, Accommodation, Tourism
  • Wellbeing, Community / Social Services
Visit our privacy Policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
THANK YOU