Peter Hoskin

The dynamics of Tory economic policy

The dynamics of Tory economic policy
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Iain Martin's Telegraph column contains a noteworthy insight about the whos and whats of Tory economic policy:

"David Cameron's colleagues report that this year the Tory leader has effectively taken over the party's economic policy. The penny does appear to be dropping, gradually, that if the country is going to pay off any of the debt he decries as an obstacle to recovery, then spending will need to fall steeply."

Of course, you could say that Cameron should be in charge of Tory economic policy anyway, what with him being the party leader and the economy being the defining issue of current British politics.  But this still backs up reports that George Osborne's influence and authority has waned, especially in the wake of the Deripaska affair.  The question now is whether Cameronomics is all that different to Osbornomics.

As for Iain's other point - yes, the Tories have been ramping up their talk of spending cuts recently.  But they've still got some distance to go if, when in government, they're to fill the monstrous black hole revealed in Wednesday's Budget.

P.S. On Today this morning, Dave said that the 50p rate would "form its place in the queue of the taxes we want to get rid of."  Paul Waugh has the details.