4p- the price of principle
So Rishi Sunak’s sinking campaign is to be re-vitalised by the promise of 4 pence off the basic rate of income tax over the next 7 years, paid for by economic growth.
The former Chancellor knows there is no money for this now and he must know that this massively expensive promise cannot be paid for out of growth, there is too little. He also knows it doesn’t help the poorest, they don’t pay tax and the government needs every penny it can find for the NHS, social care, defence and education; amongst many others.
At least he has held onto enough dignity to not promise it now, Liz Truss on the other hand is promising tax cuts in 7 days not 7 years.
It seems both know the money is not there but if making reckless promises based on IOUs is necessary for them to win the top job, they are willing to do just that.
In any other time such promises would have killed their chances of a place in the cabinet, let alone of becoming its leader.
But this is what lying successfully does to political parties. It becomes hardwired into the system. Telling the truth is for losers, the people overwhelmingly believe that all politicians are untrustworthy, so take advantage of that. Treat your membership like idiots, they will love it so long as you confirm their prejudices and reinforce their ignorance.
The only solace is vaulting ambition never ends well.
Economics, trade and Brexit, not necessarily in that order but the dog always comes first.