At the moment the Government takes the blame as the ultimate boss, whilst lacking many of the powers to put things right owing to the doctrine of independence.
The bottom line is that inflation squeezes citizens’ spending, with inflation running at a higher rate than pay increases, resulting from inflation pressures.
It might please nurses, but provokes new pay demands from teachers, doctors and soldiers. Nor would a hypothecated ‘NHS Tax’ make the issue go away.
It’s later than Osborne planned, but good news nonetheless. Now Hammond must hold the course, and resist siren calls to start splashing the cash.
The Conservative MP and former soldier says he’s determined to learn from the “painful lessons” of the past.
To reduce investment in infrastructure or R&D is to take away from the future – just as surely as running up unsustainable debt does.