Rishi Sunak’s sacred duty is to understand macroeconomics, but right now he’s clueless on the issue

Posted on

Rishi Sunak's speech to the virtual Conservative Party conference was dire. To Describe it as vacuous and policy free would be too kind. Its economic incompetence can be best summarised in these three sentences:

And we will protect the public finances. Over the medium term getting our borrowing and debt back under control.

We have a sacred responsibility to future generations to leave the public finances strong, and through careful management of our economy, this Conservative government will always balance the books.

If instead we argue there is no limit on what we can spend, that we can simply borrow our way out of any hole, what is the point in us?

I would suggest that Rishi Sunak's sacred duty is to understand macroeconomics. I would also suggest that right now he's clueless on the issue. We are all going to pay an enormous price for that.

These were my comments on Twitter, best read from the bottom up: