Oliver Letwin has laid the foundation for a Conservative victory at the next general election. We do not mean the Conservatives will necessarily win that election: that will require the recovery of great tracts of the political landscape from the Labour party. But the Conservatives are now in a position to campaign on the basis of a robust and pragmatic financial programme which is in harmony with the instincts of the British people.
When politicians are asked what they intend to do with our money, the question is generally posed in the following form: are you going to raise public spending or cut taxes? To this conundrum, the shadow Chancellor answers ‘both’. This would be mere wishful thinking, ready to be exploded in the first hostile interview, if Mr Letwin had not worked out in sober and convincing detail what he means by it, but his long-awaited speech on Monday shows that he has.
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