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“While we will always put America’s interests first, we will get on with all other nations that want to get on with us. We’ll have great relationships, we will seek common ground not hostility, partnership not conflict”.

So Donald Trump during the small hours of Wednesday morning, as part of his acceptance speech. These emollient words, and the praise he heaped on Hillary Clinton after months of campaign-trail bile, changed the mood on global markets.

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George Osborne promised a “budget for business” and that was largely what he delivered. There was a lot in the Chancellor’s fifth budget to please the business community and, on first reading, few specific measures to cause alarm.

Osborne deserves credit for limiting himself to a fiscally neutral package, despite a strong uptick in growth. Even though the Office for Budget Responsibility raised its 2014 growth forecast to 2.7pc, up from 1.4pc at the time of last year’s budget, the Chancellor’s measures amounted to a tiny £0.5bn giveaway in 2014/15, and a small fiscal squeeze over the next 5 years as a whole.
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