The second half of the year saw a great deal of political turmoil, spanning three prime ministers and an even greater number of chancellors.
“Markets reacted badly to the first Autumn Statement (the "mini" Budget’) but the second one, under an almost entirely new cabinet, landed more smoothly,” he said.
“Commentators have different ways of looking at the measures announced in the more recent Autumn Statement.
“Some see them as progressive and targeted; raising taxes for the wealthy and focusing support on the least well off in society. Some see them as tactical – for example, tinkering with capital gains tax rather than reforming the way it works – and the ‘hard decisions’ largely deferred for a future government to worry about.”
He said there certainly “weren’t many reasons to celebrate”.
“For many young people today, they’ve yet to see what prosperous times look like.”
sonia.rach@ft.com
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