The size of Hunt’s net giveaway on Wednesday is likely to be a maximum of £10bn, which is small beer in the context of a £2.5tn-a-year economy . In 1987, for example, Nigel Lawson cut taxes because growth was strong, inflation was low, people were seeing their living standards rise, and the public finances were in good shape . The deep recession of the early 1980s seemed a long way in the past, although the scars persist to this day .
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