How do you find the money to pay for a £20bn NHS funding pledge? Usually such discussions – and eventual calculations – would be made before the money was announced. However, Theresa May decided to ditch the rulebook this week when she unveiled her government’s funding package to boost health spending by an average of 3.4 per cent over the next five years. Far from a fully costed pledge, May referred to a rarely-sighted Brexit dividend, potential borrowing and future tax rises. The uncertainty has led to criticism from Jeremy Corbyn’s Labour – not usually known for fiscal restraint.
But happily it seems the Treasury now has a plan – or at least a plan to come up with a plan. Coffee House understands that this week, around 20 fiscally-minded Conservative MPs were summoned to the Treasury for a game of policy X Factor. Anchored by Treasury minister Mel Stride, each MP present was asked to deliver a one-minute pitch on a unique tax revenue-raising measure for the Budget.
Not everyone got the memo.
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