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Rishi Sunak knows a budget spending spree must be paid for
on clawing back losses
“At the end of last year, the chancellor of the exchequer asked the Treasury to help him with a bit of history,” says Daniel Finkelstein in The Times. “Over the past 30 years, had his predecessors generally been tax raisers or tax cutters?” The calculation isn’t as simple as it seems”, he says, but the finding was that “raising taxes is un-Conservative and something Tories only do when departing from true doctrine”. But Sunak is no ordinary Tory chancellor as the pandemic means “we are clearly going to need to do something to start closing the gap between tax and spending”. “One of the core principles” of Conservative government in the past decade “has been that this country has to pay its bills”, Finkelstein adds. “And while people don’t like paying bills, they understand this principle and agree with it.”

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