Editorial: ​Unlike Stormont which expects continual handouts, at least Westminster confronts its economic woes

The idea that the Conservatives disguised these problems effectively, or that Labour discovered the challenges ahead only after it came to power, was not convincing.

The Institute of Fiscal Studies accused both parties of a ‘conspiracy of silence’ about potential tax rises while the election campaign was still ongoing. Many of the relevant figures were published regularly and economists were quick to highlight sums that seemed not to add up.

The UK, despite all the complaints about underfunded services, actually engaged in something of a public spending splurge over recent years. The Covid lockdowns, and the decision to stop the economy but maintain people’s lifestyles, were the most obvious expenses, but pressures from immigration and inflation also took their toll.

There are strong arguments, just as there were when George Osborne announced spending cuts, that Britain needs to address its unbalanced public finances. The worry is that Sir Keir intends to do this mainly by raising taxes.

An abiding problem for the UK’s budget, as we look to address these issues, is that our economy is still stagnant, thanks to longstanding struggles with low productivity and a lack of innovation. In Northern Ireland, of course, these maladies are even worse.

At a national level, while the political blame game remains ever present, ministers cannot simply ignore fiscal problems.

At Stormont, in contrast, the tendency is just to blame Westminster and claim that the answer is to give us evermore money.