The UK Chancellor has delayed announcing a major economic stimulus package of tax cuts and spending pledges until the autumn – presumably in the hope that he will have a clearer picture by then of how quickly the UK economy will recover from the impact of coronavirus, and that, if the economy has recovered a little, taxpayers will be more willing to accept future tax rises. Short-term measures to encourage consumer spending now that the majority of shops are allowed to re-open – like a temporary reduction in VAT – could still be announced sooner.