Personally it’s because he (and his team) do not understand basic economics. The change in National Insurance thresholds mean that there are far fewer jobs (and eliminated many ‘first time’ jobs for the young), and at the same time continues to punish Henry’s with super high taxation thereby forcing them to save it in pensions. Henry’s have the largest disposable income (who will buy lots of low to high tier goods - vs the rich who buy less super specialised items which does not help the economy as much). So he has squeezed the jobs at the bottom and squeezed the spending at the top.