The Chancellor emphasised that she will not break the self-imposed borrowing rules which state that all day-to-day public spending must eventually be covered by tax receipts.
But if she is ruling out more borrowing, and if spending cuts would be politically impossible to deliver, that leaves only tax rises as a way to cover any shortfall in the public finances.
The Chancellor said: “In the months ahead, we will face further tests, with the choices to come made all the harder by harsh global headwinds and the long-term damage done to our economy, which is becoming ever clearer.”
And the “long-term damage”, according to the Chancellor, is very definitely the fault of the Conservatives’ 14 years in power. She is planning to pin the blame for all of the tax pain on the legacy of the Tories – an argument which many voters may find hard to swallow, well over a year after Labour took over.
Taxpayers and businesses remain in the dark. The Chancellor has given a few vague hints – most recently, that some sort of “mansion tax” may be on the cards – but there is in general little opportunity for people to plan their finances ahead of the Budget.
For those looking on from outside the conference hall, the message is simultaneously clear and muddled – your taxes will go up again, but you cannot know how.
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