Sidestepping 50p tax trap is the sensible move. New chancellor will have more than enough to be getting on with.
An ‘age of austerity’ is the cliché to which journalists have taken recourse in the aftermath of Wednesday’s budget. The Guardian’s Martin Kettle reminds readers that it will almost certainly be Conservatives who must steward the economy through the difficult years from 2010 (many of Alistair Darling’s proposals are to be implemented during the next parliament). Nick Robinson describes the forthcoming difficulties in similar terms and doggedly presses the Chancellor to admit that, evasive language not withstanding, he will be cutting public expenditure. Darling’s prognosis of an economy overburdened with debt has scarcely surprised the vast majority of observers. And many commentators believe that the government is being much too optimistic in its appraisal of Britain’s ability to cope with mounting indebtedness whilst also embarking upon a financial recovery. If the IMF comprises a substantial impartial authority on national economies (and the Prime Minister has given every ind...