Rishi Sunak has about 18 months to inject some optimism into the electorate
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Rishi Sunak likes to be photographed buried in the figures, crunching data at his desk. This alumnus of Goldman Sachs prides himself on a hard-headed approach to money and the country’s economic tribulations. Only an “idiot”, he remarked during a visit to Lancashire last week, would cut taxes now, with the public finances so weak. This, he believes, must wait until the ship so nearly dashed on the rocks by Liz Truss has been steadied.
The prime minister is right to resist siren calls for major tax cuts in the spring. The Office for Budget Responsibility has just downgraded its forecast for medium-term growth in the economy and there is no scope for frivolous giveaways. But his and his chancellor’s adherence to fiscal rigour is