At his Autumn Statement Britain’s new chancellor Jeremey Hunt declared that ‘stability’ was alongside growth and public services one of his three central aims. But given that he was effectively delivering the fourth Budget of the year whilst acting as the country’s fourth chancellor since July stability was also going to be a big ask. In reality the Budget marked one of the largest fiscal U-turns in modern British economic history. On 23 September Hunt’s predecessor Kwasi Kwarteng outlined a programme of tax cuts worth around £45bn annually. On 17 November just eight weeks later Hunt set out a package of tax rises and spending cuts worth an annual £55bn by the end of the five-year forecast period.
The policy shift was accompanied by an equally change in rhetorical tone. Gone was the sunny talk of a new plan for...
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