To listen to cabinet ministers over the last few months, voters would be forgiven for concluding that the UK economy was plumbing the depths of a great recession and inflation was at double digits. Yet, are things really so bad?
The political calculus for the Prime Minister is obvious. Over-egg the bareness of the economic inheritance and in doing so solidify in the public mind the idea that it is all the Tory’s fault. That way, Labour might hope to escape much of the blame and in time reap the benefit of recovery. This is a tried and tested political strategy to which a new government is entitled to explore. But it comes with risks.
