Sajid Javid said his main fiscal rules were that the Tories would run a balanced current account budget by the middle of the parliament and that borrowing for infrastructure purposes would not exceed 3% of GDP. The Tories also promised that government spending overall would fall as a share of GDP…

Boris is determined to spend like a sailor in port on shore leave, the Chancellor’s function on the other hand is to keep to the Treasury’s rules and protect taxpayers from free spending departments. The share of GDP spent by government has fallen consistently since Labour were ousted from government. Will that trajectory continue under Rishi Sunak? Will it get down to a level that is less burdensome and leave room for cuts in taxation – which is at a high for the modern era. That depends on whether or not Rishi turns out to be a fiscal hawk or just a parrot…