The chancellor’s budget may have a small effect on UK interest rates. But US tax cuts and tariffs could have international repercussions

Having been fairly critical of my (almost) friend Rachel Reeves’s approach to her first budget, I wish to put in a word of praise for certain aspects of it before, er, continuing to be critical.

The emphasis on devoting more resources to the NHS is long overdue. The new health secretary, Wes Streeting, does no good for the morale of doctors, nurses and patients when he goes on about the NHS being “broken”. In common with friends and family, I have recently had recourse to medical help, and we have been much impressed by what we have witnessed – not least by the good work of staff from overseas.