A budget for the fairies

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The papers and the 'usual' commentators are in agreement that now is not the time to worry about debt. They're also agree that there will be a time to repay that debt. But why? Just 1.7p in every £1 borrowed since WW2 has been repaid. Why start doing so when there's no need?

Rishi Sunak's budget assumes that the UK is going to power out of the coronavirus crisis. It won't.

First, there is no guarantee that the crisis in question is over.

Second, the assumption he's made that business will borrow heavily to invest looks to be utterly unrealistic.

And, third, the chance that people will spend, spend, spend, to the point that they do not save at all looks to be remote: it took them seven years to really spend again after the 2008 crisis.

This budget is built on false foundations. It's as unrealistic as the average fairytale. Sunak's chances of looking glorious for long seem to me to be very slim indeed.