That scope was earned by being prepared to run budget surpluses and run down public debt when revenues were strong, and by raising interest rates to contain inflation when the economy overheated. The scope to ease policies is now being used. On the fiscal side, the “automatic stabilisers” will reduce the budget surplus as the economy weakens, cushioning the economy in the process.
That is what they are designed to do. There has also been a front loaded, discretionary easing that is starting to arrive in recipients’ bank accounts this week.