The term "wellbeing budget" is tautology, a bit like saying "healthy medicine". It is also faintly insulting to previous budgets, implying they were not seeking the country's maximum wellbeing.

Anyone with a passing acquaintance with economics will have met the phrase "national welfare" which means the same thing. The ultimate test of all economic policy has always been whether it is likely to generate maximum value for the nation it serves.

"Wellbeing economics" is just the latest name for a very old idea – that money is not the measure of all that matters, and a nation's wealth is