With both parties competing over spending, the strategic calculus for the election alters: whether or not spending is a good thing matters less than where the money is spent, who it will benefit, and whether the parties can be trusted to keep their promises. Serious questions await the Conservatives on how sustainable their spending can be without raising taxes on the wealthy, or with the economic dislocation of a hard Brexit. It’s difficult, too, for them to resurrect 2010’s attack lines on the economy when austerity has vanished from the policy lexicon; Harold Macmillan warned his party in 1959 not to talk of Labour ‘spending sprees’ – for people who have lived through a straitened decade, spending may sound rather appealing. The last true disciple of Coalition-era doctrine turns out to be Vince Cable, grumbling about a ‘raid on Santa’s grotto’.