Tax rises would bring debts under control. The Bank of England would bring inflation back down again. The government would steadily win back the confidence of the financial markets, repair relations with the EU, remove some of the obstacles to growth and, once all that was in place, try and cut a minor tax or two. When he became Prime Minister, Rishi Sunak promised a very orthodox, centrist economic programme, and one that would have the full backing of the IMF, the financial markets and just about every respectable commentator. There is just one problem, however, and it is not exactly a minor one. It is failing, and failing badly. In truth, Rishinomics is in tatters.
Today’s inflation data was genuinely shocking. At a time when price rises are coming under control across the rest of the developed world, when the energy spike has dropped out of the index, and when global food prices are actually falling, the City expected the rate at which prices are going up to start falling significantly.
Get Britain's best politics newsletters
Register to get The Spectator's insight and opinion straight to your inbox. You can then read two free articles each week.
Already a subscriber? Log in
Comments
Join the debate for just $5 for 3 months
Be part of the conversation with other Spectator readers by getting your first three months for $5.
UNLOCK ACCESS Just $5 for 3 monthsAlready a subscriber? Log in