Jeremy Hunt’s budget is more about short-term politics than the economy
Jeremy Hunt’s first budget day as chancellor was in many ways more about politics than economics. Historically, the Conservative party’s electoral success has been based on a reputation for economic competence. October 2022’s infamous Liz Truss/Kwasi Kwarteng “fiscal event” seriously damaged this brand and caused considerable short-term economic damage. The Conservatives have been consistently behind Labour in the polls since. Labour is now more trusted to manage the economy and oversee economic growth. The challenges faced by Hunt in his attempt to present a “budget for growth” reflect months, if not years, of poorly focused, short-term politics. He had to balance the need for post-Brexit growth, reassure the markets after the October crisis and win back the electoral coalition thatContinue Reading