No-one can accuse the Chancellor of the Exchequer of failing to throw everything at rescuing the campaign to keep the UK in the EU. His latest contribution is to threaten an emergency budget within weeks of a Brexit vote, in which he says he would increase taxes and cut spending.
This is silly in a number of respects. Even if one accepts that there would be a hit to GDP if the UK opts to leave, producing a decline in government revenues, the picture will not be clear for some time. Jacking up taxes immediately to make a point, or using it as a threat now, is ludicrous. Any government would do what governments tend to do faced with such a problem: wait and see and adjust policy accordingly, in due course.
