Tax cuts are hardly unexpected when the country may soon be going to the polls. What is shocking is how little of the gloom they will relieve
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The economy is set to grow less rapidly. Inflation is expected to be higher. Yet Jeremy Hunt managed to offer big tax cuts to businesses and workers and do so without boosting borrowing.
If that sounds too good to be true then that’s because it is. The chancellor has pulled off a classic “live now, pay later” ploy in which pre-election tax cuts are paid for by implausibly tough public spending plans in future years.
