The party has a rainy-day fund. Boris Johnson is likely to change tack on what to do with it
appointment as prime minister does not just mean a new approach to Europe. On July 24th he appointed Sajid Javid, formerly the home secretary, to replace Philip Hammond as chancellor. An emergency budget is said to be in the works. It seems likely that Mr Johnson’s tenure will confirm a crucial shift in Tory economic policy. A party that was obsessed with fiscal discipline is turning lax.
Mr Hammond, who succeeded Mr Osborne in 2016, loosened fiscal policy a little. Yet with Brexit hanging over the economy, he eschewed costly crowd-pleasers in favour of amassing what became known as his “Brexit war-chest”. This is the difference between the forecast structural deficit in 2020-21 and Mr Hammond’s self-imposed target for that year.
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