Reynolds says the Labour Party would not borrow for “day-to-day spending” and they will make decisions once they have seen the OBR forecasts.
I cannot think of a time when market confidence was plummeting in both the Chancellor or the Governor of the Bank of England at the same time. If neither is up to the job, both should go.
The Chancellor was responding to Laura Kuenssberg’s question of “What is the limit on borrowing, how much is too much?”
This Chancellor’s statement was Trussonomics at its purest. If it pays off, it will be the biggest vindication of economic liberalism since Thatcher at her pomp. But that is a big if.
Even with growth, shrinking state spending as a share of GDP will require serious reforms and cuts to government programmes.
The burden has grown alarmingly. Even mediaeval serfs only had to work around a third of their time on behalf of their feudal overlords.