Justified hostility to his spring statement revealed the extent of Sunak’s miscalculation
. The rise in forecast inflation to 7.2% and falling back only slowly thereafter, interacting with his pre-announced policy of freezing income-tax allowances and a stronger economic recovery than expected, means that borrowing will be an astounding £72bn lower over the next four years than he thought only last October. The forecast budget deficit in four years will be the lowest for 25 years.
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