An Austerity Brexit budget can’t be ruled out after all

Posted on

Most people thought George Osborne's talk of an emergency Brexit budget was a mistake in June. It alienated voters and fuelled talk of Project Fear. Today though the Guardian has this headline:

Philip Hammond could face £80bn black hole following Brexit vote

The estimate is from the Resolution Foundation and is certainly within the parameters of possibility. And given that Hammond says he remains committed to balanced budgets and the austerity he wrongly thinks will deliver that then Osborne's plans may well be being dusted down right now.  You can imagine Osborne smirking about that. No one else will be.