US tariffs will squeeze the UK economy. Could the government buy itself some breathing space?

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“Iron-clad” and “non-negotiable” is how UK prime minister Keir Starmer recently described the country’s fiscal rules. The government has been coming under pressure to relax the rules and cut itself some financial slack. But according to the PM, these self-imposed restrictions are vital for maintaining UK economic stability.

What Starmer is referring to is notably the “stability” rule, which says that the UK will balance day-to-day public spending with tax receipts...