BBC News appears to be getting excuses in early on behalf of hapless, heartless Chancellor Phillip Hammond, by breaching impartiality and indulging in ‘expectation management’ on behalf of the government.

This morning, Assistant Political Editor Norman Smith gave a round-up of Hammond’s budget circumstances. The political summary – that many senior Tories would be happy for Hammond to fail – was reasonably uncontentious. However, in his financial summary Smith simply treated the Tories’ political narrative as fact:

“There is no money’. ‘Fact’, supposedly. But this ignores not only monetary theory but recent historical precedent – on more than one occasion over the last ten years or so, the government has simply created money out of thin air via ‘quantitative easing’.

There can be debate about whether it’s wise at a given moment to create money – but to say there is none is simply false, so a flat statement

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