Even as he pretended to be tough, Jeremy Hunt left the dirty work of controlling borrowing to the next government. This postponed the pain—but it is bad for Britain
government defined itself by the prudence of its economic management and its willingness to do the right thing, despite the political cost. In September its giddy predecessor, led by Liz Truss, sidelined Britain’s economic institutions and unveiled vast unfunded tax cuts, causing a bond-market crash. Theto succeed Ms Truss meant the grown-ups were back in charge.
Mr Hunt needed to announce a fiscal contraction to regain credibility in the markets. He also needed to fill the gaping hole in Britain’s budget. The economy is probably already in recession. It is being clobbered by high energy prices, a result of Russia’s invasion of Ukraine. The Bank of England is raising interest rates to slow the economy further in order to control inflation. And the long-term fiscal outlook is bleak.
Mr Hunt should also have made an immediate start on consolidation by putting pension spending on a sustainable path, reforming the taxation of property and raising income tax. Instead, he left the dirty work of controlling borrowing to the next government.
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