The shock-absorber is a looser fiscal policy. Although the budget deficit is higher than one would like, the good news is that it is falling sharply.
Despite being stuffed with bills, the Government’s agenda looked confused, with not enough effort made to address the cost-of-living crisis and stagflation.
But unless the Party offers them a genuine shot at prosperity, it risks sliding into decline.
Treating our debt like that incurred during the Second World War is impossible without growth rates comparable to those of the post-war decades.
The Chancellor deserves credit for predicting inflation early on. Unfortunately, that is equivalent to being the first on the Titanic to spot the iceberg.
In this much-needed review, there needs to be a reassessment of its governance, transparency and accountability.
The Government needs to trust the people more and resort to rule-making less. This Queen’s speech should set that tone.
His Spring Statement was a missed opportunity despite some welcome measures – and further measures may be unveiled during the months ahead.
Wrong-headed Treasury thinking will leave people paying unnecessarily high as the cost-of-living crisis strikes.
My instinct last week was that he tried too hard to please the Tory press. Nothing’s that’s happened since has suggested otherwise.
The Chancellor should not feel constrained by the OBR’s forecasts into limiting the actions he can take.
Pandemic and war, like two horsemen of the Apocalypse, leave the Chancellor scrabbling for a response.
Higher interest rates may slow the world economy later this year and early next. Recession is even possible for the UK.
His Mais lecture revealed more about what he’d be like as Chancellor during the normal times that once again are denied us.
Building up economic resilience will be necessary for a successful response to Brexit, Covid recovery and the transition to Net Zero.