The best ways to fix Britain’s budget

Jeremy Hunt, Britain’s chancellor, will unveil the most austere tax-and-spending measures since 2010. The tightening could be worth nearly £55bn per year ($62bn, 2.5% of )—or about a billion pounds for each day since Liz Truss’s disastrous government lost the confidence of financial markets by promising huge unfunded tax cuts. To regain credibility, Britain must now ensure that its debt-to- ratio starts falling within five years.Where the axe falls matters. Britain is fragile. After recent rises in energy prices, real wages are barely higher than they were in 2007. For years the economy’s has been dismal, a problem made worse by Brexit, which is chipping away at . In the other 7 economies, public and private investment is forecast to add up to 22-26% of in 2022; in Britain the figure is just 17%.