So today Jeremy Hunt manfully tried to undo the wanton damage that Kwasi Kwarteng had unleashed on the economy and British fiscal credibility. I snuck a quick look at the £ to $ exchange rate before starting this blog and was not surprised to see that having a grown up in charge of the economy, who talks to the economists employed by the government has lead to an improvement in the situation. Jeremy Hunt has done the most sensible thing possible, reversed more or less the whole lot and tried to sound like a sensible politician. If you'd have asked me three years ago, I'd have not been a fan of Mr Hunt at all, but TBH what has followed since has made him seem almost acceptible. His big problem is that he has a massive great hole in his finances. It is one thing to undo the reckless damage of Kwarteng, but fixing the hole is another matter completely. He needs to raise far more money than can be done by tweaking this, that and the other allowance.
If I was in his shoes, there are a few things, none of which will be popular with his core base, but which will raise cash and will not damage the economy.
1. Increase the number of council tax bands. In Barnet, someone living in a £100 million mansion only pays twice aas much Council tax as somoene living in a property assessed as £88,000. I don't think anyone can argue that someone in a mansion can't afford a lot more.
These are the bands in Barnet