The undoubted prestige of having an Irishman in a leading global role would be offset by potential short term political pain, not welcome at any time but especially in a potential election year.
Those who claim the Conservatives would benefit from a spell in opposition to ‘rest and detox’ are misguided. My first nine years in Parliament were spent in opposition, and it was a frustrating experience.
Following days of market turmoil and public statements of reassurance from the Chancellor and Governor of the Bank of England, the International Monetary Fund urged the Government to reverse its recent proposals for tax cuts.
The Prime Minister insisted in a sombre tone that the conquest of inflation is what will help mortgage holders.
It is important to note that real wage growth is a feature, not a bug, of Brexit and one Conservatives should be vocal about. Put simply, leaving the EU has begun to deliver on its promise to give greater economic power to the British worker.
In terms of fiscal policy, if the wider economic picture does not allow the debt to GDP ratio to fall, then the focus of the markets will be on the need to keep the public finances in shape.
The Cassandras of Washington D.C are pointing their fingers at Hunt and Bailey’s “tighter fiscal and monetary policies”. But they were no fans of Trussonomics, either.
The moral of this story is that these models provide interesting context – a little like horoscopes. But when it comes to decision-making, give me an economic historian in preference to a model any day.
The former Health Secretary adds that the PM needs to “stop slagging off institutions that are the bedrock of prosperity.”
The pandemic has destroyed the idea that macroeconomic problems can be solved by throwing more stimulus at things.
And it’s “way up there with the United States”, he tells GB News, “despite Brexit.”
Furthermore, the world will soon realise that Brexit is no disaster but rather a big positive which could harness growth.
The second of a ConHome series this week on the Prime Minister’s Reset Moment – and what should follow from it.
The sovereignty of Parliament, as the representative of the people, has been eroded, and power handed to an increasingly assertive bureaucracy.