Enough magical thinking – we need to be honest about the economy

Britain’s politicians need to have a frank conversation about taxes, Europe, immigration and public services, writes James Moore

Keir Starmer has proved more than happy to take potshots at Rishi Sunak about the high level of tax – without getting real himself (PA)

Tax cuts are back. Just when you thought it was safe to go back into the (economic) waters. Although really, with inflation running hot and the Bank of England pumping up rates, did anyone really imagine those waters were safe?

Rishi Sunak has reportedly pushed for 2p off the basic rate of income tax. This would be an inflationary move. Fiscal policy really ought to align with monetary policy (interest rates). This means you shouldn’t be talking about an attempted tax-cutting sugar rush when prices are going through the roof and interest rates are going the same way.

Did Sunak learn nothing from Liz Truss? More importantly, can we really afford tax cuts at a time when Britain’s public services are collapsing?