‘There is no money’ could be Hunt’s own note to next chancellor | Larry Elliott

Britain has a sense of deja vu as the chancellor puts the finishing touches to next week’s budget

The past 14 years have been a white-knuckle ride for the British economy. Record low interest rates, money creation from the Bank of England on an industrial scale, Brexit, millions of workers furloughed during the pandemic, the biggest fall in output in at least a century – all that, and a record number of people inactive through long-term ill health. Boring it hasn’t been.

At the end of it all, there is a sense of deja vu as Jeremy Hunt puts the finishing touches to next week’s budget. When Liam Byrne departed the Treasury in 2010 he left a note – meant as a joke – for his successor as chief secretary, which said: “I’m afraid there is no money.” After almost a decade and a half of economic underperformance, Byrne’s words have come back to haunt the Tories.

Economists say George Osborne blundered when he imposed severe austerity measures on a still-fragile economy