Rishi Sunak, a devotee of Nigel Lawson, believes in a smaller state, curbing borrowing, lower taxes and combating inflation.
Yet again, he delivered a major fiscal announcement where he did the opposite.
Today’s £15bn spending splurge expanded the role of the state with the advent of one-off financial transfers, could stoke inflation, add to borrowing, and contains a multibillion-pound tax rise.
One day he will be able to give the budget he wants; though maybe not while Boris Johnson is prime minister.
Today’s targeted, progressive package left the opposition Labour Party and think tanks that worry about the low paid cheering.
Almost inevitably, it divided Tory MPs. Most were happy it delivered palliative care for voters facing unprecedented squeeze – Mr Sunak did get gratitude for reaching into his pocketbook once more.
But some immediately worried it amounts to “socialism” while others fear Mr Sunak is at risk of permanently higher spending…
