might have hoped: the sterling has righted itself, the gilt markets are battered but seaworthy.
The gist of their strategy seemed to be a hope that the economy would grow the tax take, and that the market would lend the money at its customarily generous rates. But there are also reasons to worry, particularly about whether British politics and society have the stomach for it. The government must find spending cuts – but this will be politically difficult, as the big-spending departments like health, education and defence are the hardest to slash.. The most expensive part of the welfare budget is at the pensions end, which is untouchable for a Tory party reliant on the grey vote.When the Tories last tried to shrink the state, in the early 2010s, it was public investment that took the brunt – and that’s the public outlay that more reliably delivers tangible growth.
Kwarteng’s job in the coming months is to conjure convincing supply-side reforms that have a realistic prospect of political acceptance, let alone economic success.
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