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John Redwood warns that the prime minister's daily announcements of desirable initiatives, without available funding, could end poorly.
He argues that the leader will ultimately face a difficult choice: raise taxes significantly, which could harm the economy, or contend with escalating debt expenses as interest rates continue to rise.
Redwood has previously questioned high government project spending, highlighting the £600,000 salary for the head of HS2 and £77 million paid to consultants last year. He recently noted that the U.K.’s 30-year government borrowing costs reached 5.79%, surpassing both Germany at 3.66% and the U.S. at 5.17%. These concerns align with his ongoing focus on fiscal discipline.