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Tuesday, June 26, 2012 

Relaunch. U-turn. Repeat.

Another day, another u-turn. Anyone would have thought that the last week or so of fresh policy initiatives, even if not necessarily ones the Tories will be able to implement as part of the coalition, were part of another, if unannounced relaunch strategy. Back to O-Levels in the classroom, back to the workhouse for the poor, and now yet another postponed rise in fuel duty. We can thankfully rest assured that the £500m cost of delaying the 3p rise will be covered by "higher than expected departmental savings", or as you and I know them, cuts. Coming on the same day as higher than expected borrowing figures, and as Mervyn King warns that the economic outlook is getting worse, implausible as that sounds, one suspect there's even more bad news coming our way shortly.

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