Standup chancellor shuns sit-down with Tyrie

Despite his rib-tickling performance on Wednesday, Philip Hammond will sadly not be appearing in front of the Commons committees this week

Tradition has it that, the week after the budget, the Treasury select committee gives the chancellor of the exchequer a good grilling about his sums.

Not this time. Having already broken convention by abolishing future spring budgets and then using his final one to deliver a few gags (“they don’t call it the last Labour government for nothing”), Philip Hammond will be spared from explaining himself to Andrew Tyrie and co this week.

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Trump is set to win the battle on interest rates, but US economy will pay the price

Donald Trump pushed the Federal Reserve to raise rates, but the policy could backfire on president’s economic plan

Donald Trump spent much of his campaign for the White House attacking the Federal Reserve chief Janet Yellen. Shouting at the camera in the first presidential debate, he even went as far as to accuse the head of the central bank of “being political”, spurring her to deny she was anything but impartial.

Trump’s anger was a lightning rod for American savers, who like savers across the developed world, have suffered eight years of ultra-low interest rates. A rate rise this week will be taken as another sign by commentators that the Fed is slowly capitulating to the new president’s tub-thumping campaign.

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