Truss and Kwarteng's vision has failed, but the offerings from Labour and Sunak are wanting 🔵 The only way round this is a radical rethink of the UK tax system ✍️ jdportes for ipaperviews
This is intellectually satisfying for those of us who opposed both unthinking austerity at a time when more public spending and investment was required, and mindless tax-cutting when inflation and interest rates are rising. But the failure of both approaches does not constitute a viable alternative strategy.
If, as seems likely, the Government reverts to some version of the Rishi Sunak approach – tax rises combined with “”, as inflation squeezes the value of budgets that are set in cash terms – that is likely to calm financial markets. But it won’t stop interest rates from rising, living standards from falling, and will lead to a further degradation of public services; nor is there any reason to believe it will be more successful in delivering sustainable growth.
More spending is needed, to begin to repair the hollowing out of key public services, especially adult and children’s social services and the justice system, and to reverse the rapid growth in poverty and destitution. This is both an economic and a social imperative.
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