Optimism at the start of 2022 that, with the end of the pandemic, the UK was on the cusp of a period of robust and steady growth, was dashed by the Russian invasion of Ukraine in February. Although the headline average annual growth rate is 4%, it is highly misleading. The economy is in recession. …
Has the Chancellor tightened policy too much?
Framed as a budget to shrink debt and control inflation, Jeremy Hunt’s statement in the fifth fiscal event of this year essentially left most of the heavy lifting to 2025 and beyond. Of the measures announced, some three quarters were spending cuts, and just one quarter were tax increases. Of the £61.7 billion fiscal tightening …
Continue reading “Has the Chancellor tightened policy too much?”
‘Trussonomics’ brutally undone by reality
‘Trussonomics’ was destroyed on Monday 17 October New chancellor Jeremy Hunt in a statement to parliament on Monday 17 October, reversed all the major announcements in the mini budget made less than a month ago. It is a complete abandonment of all Liz Truss’s aims as Prime Minister and her chancellor Kwasi Kwarteng, and it …
Continue reading “‘Trussonomics’ brutally undone by reality”