Take your pick.
I was watching the briefing online by the IFS yesterday morning when the news came through that the Chancellor had decided to make a u-turn worthy of the Swenney. Bringing forward the OBR report on the country’s finances and the statement on how he means to fill the gap they will doubtless find.
The IFS’s figures will be all over the news this morning, so just let me say they are frighteningly bad, and the idiots in the cabinet face a real problem.
Can they possibly cut spending by enough without breaking society? Or more to the point, for this lot, can they convince the markets that they can cut spending enough without crashing the economy. Two sides of the same coin really.
The movement of bond prices yesterday is totally terrifying in this respect. It suggests that the markets cannot see how the government can square the circle, dislike and distrust them and are betting against them and the UK.
This is doom loop territory, the Bank of England cannot hold this together for ever.
Either the ideologues go or the economy goes.
Take your pick.
Economics, trade and Brexit, not necessarily in that order but the dog always comes first.