Tax-cut U-turns won’t be enough to balance the books, so the new chancellor will look at cutting public service budgets. But there is an alternative
Jeremy Hunt is unlikely to give his name to a new economic model or ground-breaking method of boosting growth. Trussonomics is dead and all the new chancellor can do in the midst of the current crisis, and given the constraints he has immediately placed upon himself, is replace it with an orthodox mix of public spending cuts and tax rises to win favour with the financial markets.
In his first interview as chancellor, Hunt was sombre about the task facing him.
