Rishi Sunak’s second Budget was a masterclass in marketing and spin, as might be expected from a chancellor whose parliamentary speeches are accompanied by slick marketing videos.
Future increases in corporation tax mean reduced deficit forecasts, while a range of left-wing friendly measures such as a new national investment bank and a green mandate for the Bank of England amount to gesture more than substance. This combination forced Labour to respond with mixed messages.
Under the surface, the reality is big corporate cash giveaways alongside continued cuts to public services. In this sense, the Budget cements the cronyism of the government’s pandemic response. Even as austerity is replaced by a new kind of corporate Keynesianism, the Budget failed to reflect the catastrophe of the pandemic: there is nothing for health and nothing for our broken social care system – only more cuts.
