If Britain’s departure from the European Union ends in economic stagnation, the cause won’t be whatever trade deal London negotiates with Brussels. The cause will be Britain’s reluctance to grasp the opportunity to reform its domestic economy, including policy punts like the budget unveiled Wednesday. Chancellor Philip Hammond faced conflicting pressures ahead of his budget speech. Fiscal hawks in his Conservative Party insisted that he keep the fiscal deficit under control, precluding a major round of tax-cutting or the...

Source: Wall Street Journal November 22, 2017 23:03 UTC