If you believe that there is a £55 billion ‘black hole’ in the public finances, and if you believe this has to be filled with tax increases and spending cuts in order to reassure the markets, then Jeremy Hunt’s Autumn Statement was a reasonably fair way to go about it. But there are some mighty big ‘if’s in there.
Let’s begin with the positives. First, most of the tax increases and spending cuts do not bite until the later years of the forecast horizon. Spending is actually being increased this year and next, meaning that fiscal policy is providing a little more support to the economy now when it needs it the most.
What’s more, if the economy does better than expected, or other events intervene (including the next General Election), there is still time for the tougher measures to be diluted.
Second, there is more help for the most…
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Utopia, you are standing in it! 
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