Jeremy Hunt's fixation on the immediate term is dangerous for the UK ✍️ The change in direction at the Treasury has made many breathe sighs of relief – but this may be somewhat pre-emptive 🔵 wallaceme for ipaperviews
The change in direction at the Treasury has made many breathe sighs of relief – but this may be somewhat pre-emptiveChancellor Jeremy Hunt is due to give his Autumn Statement on Thursday
An excess of relief may be somewhat pre-emptive. The immediate crisis has been blunted, or even largely averted, as it had to be. That was the first goal ofBut clamping a bleed doesn’t guarantee comfort or safety even in the short term – the very opposite, in this case. Jeremy Hunt’s warning last weekend that taxes are going to go up for everyone is a first illustration of the costs of, and amount to a mere early taster of the issues coming down the track.
In promising “no rabbits” – by which they mean no surprise good news – they are trying to underscore that message to all and sundry, both to allay fears of a repeat of September in a panicky, recession-struck market, and to try to get the degree of bad news priced in in advance, to avoid any sudden moves that might accidentally turn into a rout.
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