I don't sadly have the time to got through a line by line take down of the errors in the fiscal and monetary policy currently being suggested to get over Covid.
What I can say is that it is not capitalist, there is no role for a private sector led recovery. Instead we continue down a higher borrowing, higher taxing and higher spending Government route. Let's not pretend apart from some very minor bouts of abstinence for a few years every few decades or so, this has been the trajectory of the UK since the Napoleonic wars.
However, the risks of it are worse now that the finances are in such poor shape. We are but a bout of inflation away from a bond crisis. Worse, the money the Government is spending is in now way investment. Take defence spending, I am not sure who we are defending ourselves from currently and neither is the Government. We are buying lots of ships when there is no danger of invasion or credible threat to our trade lines. So why now? Why not in five years when we have righted the fiscal hole?
Spending on the NHS, endless though it is and awful though the machine has proved in the pandemic, is also never investment, just more jam today. There will be no return on the money.
Extra benefits and automatic stabilisers I get, but the real impact the Chancellor should have had is to insist all Leisure and Retail remains open after December 2nd, with enforcement of Social Distancing strongly prioritised over closing businesses. Again, this is a statist response in its entirety.
Finally, worst of all, it plays into the hands of Labour for the future, it frames the whole debate as how much can we spend and on what freebies. The Tories last were in that position in the early 2000's and promptly spent a decade out of power. You can't outspend Labour's imagination.
Somehow Rishi is getting a write-up as a good Chancellor, search me as to why.