In one sense at least, Gordon Brown is still a lucky chancellor. Not only has the war been a useful scapegoat for deteriorating economic conditions, but its ending was also perfectly timed. For Saddam Hussein's regime to crumble at precisely the moment Mr Brown had chosen to deliver his seventh budget suggests that fortune has not entirely deserted the chancellor. Which is just as well. Mr Brown's future now depends on his luck holding. This is not to criticise him for allowing borrowing to rise in the short term. The public finances are fairly healthy, so, for now, that is the safest option. And there is nothing eyebrow-raising about his deficits, assuming that his sums work out. But his apparent confidence in the buoyancy of future tax revenues is striking. He refuses to consider the possibility that there could be painful choices ahead.
展开▼
