The Prime Minister and Chancellor can tax and cut but only long-term plans to improve growth and productivity will get the country out of this mess
Jeremy Hunt outside Downing Street after being appointed Chancellor by Rishi Sunak
Those low rates financed new cars, furniture and clothes on credit. They boosted house prices and they fuelled start-ups that have been willing to subsidise delivery of takeaway food and beer to our doorsteps. They masked structural problems in our economy. Yet in two weeks’ time, when Jeremy Hunt and Mr Sunak raise taxes and cut public spending, their focus will be on over-correcting– in order to restore the confidence of global investors. Some of these painful decisions would have been made eventually, regardless. But not straight away and not all together, in a way certain to increase the blast radius.
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