The British Tories’ Desperation Budget

United Kingdom Chancellor Jeremy Hunt on Wednesday unveiled a new budget, and what do you know. He and Prime Minister Rishi Sunak have finally realized they need faster economic growth. But it’s probably far too little and way too late.

This week’s Autumn Statement marks the last opportunity Messrs. Sunak and Hunt are likely to have to impress voters before an election expected next year. The Tories are down by double digits in the polls against the Labour Party in large part because voters are sour on the economy. Inflation peaked at 11.1% in October 2022 and only recently fell below 5%. Wage growth is far from catching up to the new price level, and growth remains soft.