Rishi Sunak’s face was a “complete picture of shock” when Boris Johnson offered him the job of Chancellor in February last year, according to the Treasury’s glitzy video trailer for Wednesday’s Budget. The Chancellor is a polite and articulate man, but even he might have reached for something a little more Anglo-Saxon than “oh gosh”. The enigma is that even as the UK’s debt burden swells , the cost of servicing it has tumbled to an all-time low. […] “On balance the combination of that is still going to leave the public finances in a better state than if we remain in a position where the economy is in recession and inflation is too low,” he said. […] In reality, the UK’s debt dynamics look stacked in his favour for some time to come.
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