The government takes the gamble of a risky fiscal strategy


The government opted for a riskier-than-expected fiscal strategy in the Summer Economic Statement, shrouded in cautious protests. Rhetoric can be an innocent prop of politics, an explanation of technique in the vernacular.

It can also pose as a surrogate when there is no policy to reveal, as currently with climate change, or when the policy contains risks to be minimized. There are multiple sources of risk with this latest aspiration to sustainable finances and the claim to prudence has already been contested by the independent chairman of the Tax Council.

Figures in the attached table show expected budget deficits in April, when the government released its stability program update, compared to figures released on Wednesday.

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