There's a danger in what happened in the past three weeks since the mini-budget. That is that in the coming years, Chancellors of whatever stripe run scared of the bond markets, thinking they'll tolerate nothing other than 'balancing the books.'
— Andy Verity (@andyverity) October 15, 2022
Talk of 'unfunded' tax cuts is at best a form of shorthand. At worst, though, it perpetuates a myth, namely that the there is a 'fund'; or that the money has to 'come from' somewhere.
— Andy Verity (@andyverity) October 15, 2022
ThIt may suit governments intent on either shrinking the state (the right of the Conservative party) or demonstrating their 'fiscal discipline' (the right of the Labour party) to talk about the public finances as if they were like a household's. But they simply are not.
— Andy Verity (@andyverity) October 15, 2022
...there's more to this thread, but the "Eeek! We're out of money" still hasn't been laughed out of office.
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