The end of the balanced budget ideal?

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Almost unnoticed George Osborne abandoned the balanced budget by 2020 plan yesterday.

Theresa May made it clear she had no hope of delivering it.

As it happens I have always made clear he could never have achieved it anyway.

But that is not the point: the point is that because of a policy launched by the Conservative party and vigorously pursued by factions of it the supposed balanced budget bedrock of Tory belief has been jettisoned.

Remember, this issue was considered so important that it was legislated last year and as a result only the Office for Budget Responsibility could supposedly suggest occasion when it need not be met. That went in a moment.

Admittedly George Osborne said that he was still committed to the ideal.

I suspect the Treasury is too.

But is Theresa May? Osborne will not be her Chancellor. And will anyone now take this goal on? I do wonder.

Might we just be seeing a new economics? I could hope. Although I am not optimistic. We may just be seeing the groundwork for even more austerity laid. This issue will need very careful monitoring.