Rishi Sunak’s career looks in good shape but our economy doesn’t

Editorial: Our chancellor may have splashed the cash, but he should be worried about the public finances if – perhaps when – a second wave of Covid-19 infections arrives

Sunak has shown a sure touch during this crisis (PA)

Rishi Sunak doesn’t seem the type to have sleepless nights. The chancellor has risen without trace, as they say, to become a perfectly credible, if not temptingly attractive alternative to Boris Johnson. Telegenic and coherent, he can “do human”, and though a man of great personal wealth, he seems to be able to grasp the difficulties facing his less well-off fellow citizens. So he has, in career terms at least, a good deal to be cheerful about. After all, everyone loves a chancellor who splashed the cash.

Yet Mr Sunak should be worried about the resilience of the economy and the public finances if – perhaps when – a second wave of Covid-19 infections arrives, and the nation is forced into a second full lockdown. Even with relatively favourable conditions and low interest rates there must be some limit to Britain’s ability to mortgage its future. That, though, is speculative: for now, Mr Sunak has little choice but to be as cheerful as one can be in the circumstances, generous and expansive. He and the country cannot afford an even deeper recession.