While Hammond looks for a magic money tree, Labour has found one | Larry Elliott

If the chancellor is to fund higher spending without increasing borrowing, he will need revenue – step forward, Prof Avinash PersaudFor Spreadsheet Phil, the numbers look bad. Growth is weakening. Higher inflation means debt interest payments are rising. The recent election showed a nation heartily sick of austerity. There are pressures for higher public-sector pay.The one big initiative announced by Philip Hammond in his year or so as chancellor was to move the annual budget from the spri