Douglas McWilliams, deputy chairman of the Centre for Economics and Business Research said that the government has adopted Keynesian policies – that is, borrowing to counter downturns.

 

The risks to this latest UK budget are threefold, he said. “First, the markets may take fright that a Conservative government has no serious plans to cut borrowing dramatically.

 

Second, any faltering in world growth would destabilise the sums completely.

 

Third, if Brexit turns out to be more complicated than planned, there is no further scope to cushion its effects,” he said.

 

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