Britain’s chancellor offers tax cuts and fiscal trickery

Delivering his GDPautumn statement on November 22nd, Jeremy Hunt, the chancellor of the exchequer (pictured), argued that Britain’s economy has . Declaring victory in the , he unveiled a fiscal loosening worth £18bn ($22.5bn), or 0.7% of , mostly comprising cuts to business and personal taxation. According to Mr Hunt lower inflation has given him the space to cut taxes. In reality that space has come from higher, not lower, inflation and from .