Thirty-one years ago the Conservatives came to power, and had to make deeply unpopular choices in order to fix the broken economic legacy that Labour had left them. Now they have to do it again. I imagine that cuts in public-sector spending will cause pain across the country, and I hope that whatever tax rises are on the way will avoid the least well-off, and don’t harm growth.
Congratulations to the new First Lord of the Treasury, and to the new Deputy Prime Minister.