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Pendulum on UK's relationship with the EU has begun to swing. The Jacobins are on the retreat. The idea we will have a relationship like Switzerland is a good start if entirely fanciful. But every climb down has to start somewhere.
@nickmacpherson Welcome to Mastadon Nick!
@t0nyyates Better to arrive than to travel. Look forward to injecting some orthodoxy into economic debates.
@nickmacpherson Have we hard the Macpherson take on the new budget yet?
@t0nyyates Mr Hunt has stabilised the gilt market for which we should be grateful, while supporting demand. Tax increases fair by recent standards. Spending changes largely pain deferred unless you're a public sector worker where the real wage cuts look bigger even than in 1931 which could put delivery at risk. Growth agenda could have been stronger, eg on skills. But as 4th year of a parliament hoves into view pretty "courageous", reminiscent of Clarke and Darling. #soundmoney
The shortfall is not just the “growth agenda” but is also the complete inadequacy of the revamp of the energy price guarantee-cum-support system. That remains far too untargeted and expensive, compromising both fiscal sustainability and immediate delivery—public sector wage—priorities.