"The UK economy is still in a precarious state." His claim was that although tax receipts and retail sales are rising and inflation is falling, the UK economy remains fragile. It is why the UK tax base is so narrow that windfalls matter at all. The UK economy is precarious. Until that changes, we will keep mistaking accounting rules for economic reality and so condemn ourselves to decline.

Source: The Guardian February 23, 2026 11:30 UTC