This is Iain Martin’s weekly newsletter, exclusively for Reaction subscribers.

Ask a business or political journalist in Britain to name their least favourite day of the year and there is a good chance many will say “Budget Day”, which falls this Wednesday. Once the Chancellor of the Exchequer sits down, having delivered his speech at lunchtime in the House of Commons, many millions of words will be written by us hacks in the hours that follow. Endless graphics will be created to go with the news and analysis. The collective output is highly impressive in terms of speed and scale.