Tough decisions will have to be made. But even so, one of its first decisions - to scrap Child Trust Funds (CTFs) - is staggeringly short-sighted.
The idea behind CTFs was simple and radical: to enable the next generation to embark on their adult lives with the security of a financial asset that others take for granted. It was an attempt to narrow the startling wealth inequalities that have characterised this era.
Since CTFs were launched in 2002, they have encouraged parental saving at a time when saving has been in decline (three-quarters of parents have opened one); and through Government contributions, poorer children have been able to look forward to a pot of money to help them when they turn 18. Now this policy is to be killed in its infancy.
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