The definition of insanity, it is said, is doing the same thing over and over again while expecting a different result. Or perhaps repeating failed policies is just the definition of politics in the UK. Tax rises, we know from experience, always raise less than expected, sometimes raise nothing at all, and sometimes reduce revenue – while tax cuts cost less than forecast. Expenditure increases are never enough to pay for what is promised and only whet the appetite for further increases. Expenditure cuts only postpone spending and are followed by a catch-up.
The economists at the Treasury and the
