Rishi Sunak, then and now. Who was right?

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As a newly elected MP Rishi Sunak spoke in the budget debate of 2015, saying:

That to me suggests a simple conclusion: in normal times, public spending should not exceed 37% of GDP.

And he added:

Whether one is a Thatcherite or a Trotskyite, the rules of budgeting are the same: one cannot sustainably spend more than one earns. I commend the Chancellor for acting on that principle and ensuring that Britain’s finances will once again be back in the black.

Yesterday he said:

...we’re going to change the whole mindset of Government.

To make sure economic decision-making reflects the economic geography of the country…

As a result the Red Book said:

Government spending is now set to be 40.7% of GDP in 2024-25.

And as the OBR noted, borrowing is going to rise under Sunak:

So was Sunak wrong in 2015?

Has he seen the light?

And will his new fiscal rules reflect that fact that borrowing is now to be embraced?

I wish t would. But I rather strongly suspect that this man still thinks the country is like a household, and that we will all pay the price for that.

Hat tip: David Lowry