Attacks on McDonnell a sign Tories know stance on borrowing is defunct | Larry Elliott

Obsession with debt reduction has been disastrous and arguments against a borrow-to-invest approach no longer pass muster Rarely has a chancellor had to publish economic forecasts as downbeat as those in last month’s budget, but so far the political fallout has been minimal. Philip Hammond has had a good couple of weeks. That is partly explained by the focus on other matters, such as the investigation into Damian Green and, of course, Brexit. An added bonus for Hammond is that the post-bud