Is this the end of borrow and spend?

Since the spring statement last week, Rishi Sunak has been dealing with complaints from all sides: the right have been arguing he should have been bolder with tax cuts, the left insists more support is needed to help people with the rising costs. 

With the Office for Budget Responsibility projecting the biggest fall in living standards since records began, rumours of U-turns and further announcements started bubbling over the weekend. The media, the opposition, and even some Tory MPs have been asking Treasury representatives over and over again: is that all?

In a keynote address hosted by the Institute of Economic Affairs this morning, chief secretary to the Treasury Simon Clarke answered that question in no uncertain terms: yes, for now, that is all. He didn’t go so far as to rule out more support in future Budgets – it’s expected Sunak will reassess his energy subsidies in the autumn when Ofgem next readjusts the energy price cap – but for now, the era of unfunded spending is coming to an end.