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Welcome to the Spectators post-budget briefing. You just heard, obviously, the guests on our panel tonight.

And we're going to be going through what was in Labour's first budget,

in over 14 years, looking into probably the things that have been trickling out

in the time between now and the budget

about Fortnight, and then also looking at the other big event, which has been the victory of Donald

Trump and what that means, both in the US and over here in the UK.

We're going to start by having panel questions between us and then roll out to audience questions for the second half.

So please do get your questions ready as we'll try to take in as many as possible.

Michael, can you give us your opening thoughts on that really big budget and perhaps if there

is anything you could find to be cheerful about?

Spangles.

Chopper bikes. three TV channels, black and white television licenses being cheaper than colour.

If you could remember all of those, you can remember the 1970s.

And if you can remember the 1970s, you can understand this budget. We were all lulled

into a sense between, certainly 1997 and 2007, probably between 1997 and 2010, into a belief

that Labour had changed. New Labour, Blair's labour, was genuinely pro-business.

As Peter Mandelson said, they were relaxed, extremely relaxed, about people getting filthy rich,

provided they paid their taxes.

And Labour at that time was also keen to ensure that additional expenditure in the public sector

was accompanied by a rigorous programme of reform, contestability, holding people at the front line of the public sector to account.

...