Spare a thought for Rishi Sunak. When he became the UK’s chancellor of the exchequer in Feb. 2020, he was known to be a deficit hawk, keen to make sure that his government borrowed and spent with abundant caution.Then the pandemic hit—an emergency so extreme that Sunak found himself having to do the opposite. Through last year, the government rolled out hundreds of billions of pounds in stimulus spending—offering loans to businesses, paying chunks of the wages of furloughed employees, funding the National Health Service. The Office of Budget Responsibility reckoned that the government would need to borrow nearly £400 billion ($554 billion) in this financial year—the highest such sum seen in
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