"I'm really clear, the chancellor told the CBI less than a year ago, I'm not coming back with more borrowing or more taxes. Can I shock you ? We did wipe the slate clean, she continued less than 12 months ago. [We] put public finances and public services on a firm footing, and as a result we won't have to do a budget like this ever again. Again: can I shock you ?"
"Vibes-wise, it was like knowing you were going to be very incompetently mugged in three weeks' time, but having to listen to a speech from the mugger about the context of it all. Or maybe a speech from an asteroid trying to get out in front of what people are going to say about it when it craters the West Midlands."
The chancellor previously promised no new borrowing or taxes and claimed public finances were secure after wiping the slate clean. A subsequent Downing Street appearance acknowledged worsening global and domestic economic conditions, including collapsing consumer, business and investor confidence. The delivery came across as wooden and defensive, provoking comparisons to being warned before an inevitable financial hit. Earlier policy choices, such as raising employers' national insurance, were seen as undermining optimism. The government framed itself as warning of future problems while facing criticism for broken commitments and poor delivery.
Read at www.theguardian.com
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