Rishi Sunak’s unprecedented spending spree is welcome from a Tory Chancellor and he’s bet BIG on Britain
Rishi has bet big on Britain
RISHI Sunak’s spending tsunami is virtually unprecedented from a Tory Chancellor. And The Sun warmly welcomes it.
How so, after we backed all those years of austerity to heal the finances Labour wrecked? Here’s why:
This new Chancellor, of this very different Tory Government, is having to wage war on three fronts:
Coronavirus is a temporary but major threat. Our economy, firms and workers need a short-term bailout to survive it.
Brexit may entail another brief rocky patch which needs further stimulus.
And the Tories also have to fulfil on their long-term mission, Boris Johnson’s revolutionary aim to spread London’s opportunities out to the regions.
All that — “security today, prosperity tomorrow”, Mr Sunak called it — will cost hundreds of billions which, without raising taxes yet further, he must borrow.
But there has never been a better time, with interest rates rooted to the floor.
And we would trust a Tory Chancellor to do so more than any hard-left Labour regime hostile to capitalism itself.
Britain seems to agree. The re-elected Tories are at 50 per cent in polls — but most of their voters do want far more spent on our threadbare public services.
There were several standout ideas as Mr Sunak delivered his first Budget with remarkable poise and passion for a man less than a month into his job.
It’s vital for our nation’s health
The £12billion to mitigate the Covid-19 pandemic should be an immense relief to small firms and workers, especially the year-long rates holiday and newly relaxed sick pay rules.
And whatever the NHS needs it will get, the Chancellor said, starting with a £5billion emergency fund.
“It will be tough, but we will recover,” he added.
It was stark, but reassuring.
Then came tax cuts and freezes galore, music to the ears of working people.
A National Insurance threshold rise worth £100, the tampon tax axed, duties frozen on booze and fuel, a victory for The Sun.
The planned infrastructure spend is vast: £600billion over five years including £27billion on roads, new rail stations, £12billion on affordable social housing and £1billion to remove Grenfell-style cladding from all high-rises.
New roads and cheaper petrol won’t please eco campaigners, but there was also major investment in electric vehicle grants and charging, a plastic packaging tax and a big tree-planting programme.
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Labour might have had the wit to respond by saying Mr Sunak had simply stolen their clothes. Instead Corbyn droned idiotically on about austerity as his backbenchers prayed for the end.
We wonder what ground his successor can fight on, with the Tories launching the biggest spending spree in 30 years.
Yes, there is a risk it will end in tears. But few can argue it isn’t vital for Britain’s health — physically and economically.
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