How much is enough?
Yesterday’s borrowing figures were much better than expected and mean that the Chancellor will have to borrow some £30 billion less than expected.
The money is the result of lower than expected energy prices, higher self assessment tax returns and an accounting error. But for the Chancellor it is not all good news.
He was already under intense pressure, from the right of the party to cut taxes in the Budget. Now they will claim he has billions to throw at voters, sorry tax payers. But does he really?
If he gives away £30 billion because of this windfall he has to borrow it, it is not cash he has in the bank, it is just £30 billion of extra borrowing that he could use.
Since his stated aim is to bring borrowing down he should bank the winnings, and he also has huge calls for more money from defence, the NHS, police and pretty much everyone else.
But this is the Tory party, borrowing to give wealthy people more is ingrained in its DNA. It is more a matter of timing, the Tory party will demand tax cuts before the election whatever the figures say and they will get them.
Economics, trade and Brexit, not necessarily in that order but the dog always comes first.