Investors may face painful adjustment to era of ‘spend but don’t tax’

The writer is a financial journalist and author of ‘Surviving the Daily Grind: Bartleby’s Guide to Work’

It is now clearer than ever that we have entered a new era of financial and economic policy. In this new period, governments are far less willing to incur the unpopularity of raising taxes or cutting spending to keep their budgets in check.

There could be no better symbol of this change than the sight of a British prime…