Philip Hammond's budget may just be too good to be true

IFS among those warning the chancellor he could come to regret his 'gamble'

Napoleon once said it was better for generals to be lucky than good, and by that score, Theresa May picked well when she chose Philip Hammond as her chancellor.

As the Institute for Fiscal Studies made clear in its post-budget analysis, Hammond just got very lucky indeed. In the run-up to the budget, Britain's leading tax and spending experts said the chancellor had been put in a real bind by the prime minister and would only be able to fund extra investment in the NHS by raising taxes, borrowing more or taking the axe to spending elsewhere.

Related: IFS says Hammond's budget is gambling with public finances