Philip Hammond tried to strike an upbeat note today, declaring “austerity is over”. Cossetted inside Westminster for the afternoon, he hid away from the storm clouds gathering over our economy.
Brexit is making the situation worse.
In truth, austerity cannot be brought to an end without difficult decisions involving an increase in taxation. Excluding the Government’s promises on the NHS, maintaining real spending on public services will require an additional £19bn in extra tax and borrowing. And Brexit itself is making the situation worse.
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