Story 2 isn’t unfamiliar. Story 1 can work so long as it is closely identified with the policies of the last 8 years. The object must be to have voters constantly referring back to the frame of a sabotaged economy. Whenever they hear of Brexit, social housing, NHS crises, defense cuts, child care, homelessness, police numbers & crime, their frustrations should return to the system responsible.
Fortunately, the profligacy myth is well past its sale by date. It doesn’t seem credible if the economy stagnates as is expected, and the Tories force themselves to raise spending (for the benefit of the few), which is what Philip Hammond now intones.
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