I have to agree with the FT's editorial this morning that says:
Theresa May’s government has made a bad mistake. Philip Hammond, chancellor, has dropped an increase in national insurance contributions for the self-employed, as proposed in the Spring Budget. This is a case of short-term expediency trumping long-term sensible policy.
They're right. And they're also right to ask:
If the Conservative party cannot stomach a modest taxation change such as this, how will it cope with the other policy challenges of the coming years? Demographic facts mean that on health, housing and education, spending demands are only going to increase. There is little fat left to cut.
To add to the list of crises we face, the inability of the government to govern is one of perhaps the greatest concern.