Despite Jeremy Hunt's reassurances after Kwasi Kwarteng's disastrous mini-budget there is no magic cure
"We are going to have to increase taxes and cut public spending to show that we are a country that can pay our way," he told Sky News' Sophy Ridge on Sunday programme.These are not words Conservative chancellors go into the job dreaming of uttering, but they are based on a diagnosis of the economy Mr Hunt shares with Rishi Sunak, not long out of the job himself and by some accounts still trying to do it from No 10.
It should be said that the size and scope of the black hole is itself a political choice rather than economic truism. Governments set the fiscal rules for themselves and can change them any time they like. If that is the economic reasoning behind Mr Hunt's relentlessly austere messaging since he took the job, how and if he achieves it is political.
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