The Guardian view on Labour and Tories: radical economics now the norm | Editorial
Whoever wins the election is likely to make sure that their heretical gamble will be vindicated
Is this election turning out to be a Lutheran moment for the Church of Economics? If one listens to the high priests of the dismal science it might seem so. The Institute for Fiscal Studies says neither the Conservatives nor Labour have produced a “credible prospectus” for balancing the nation’s books in this election. The Resolution Foundation says both parties will break their tax and spending rules announced less than a month ago.
Economic sects rely on the faith of the people for their legitimacy. The priesthood are concerned about the radicalism of the two main parties. Boris Johnson wants Brexit over with, whatever the economic cost. Jeremy Corbyn wants to reset the economy along tax-and-spend lines. National debt will rise, warn the experts.Continue reading...