Britain’s new government may already be dead in the water. It has shredded its own reputation and poisoned the politics of growth
to usher in an era of economic growth. Instead the 25-minute statement that Kwasi Kwarteng, Britain’s new chancellor of the exchequer, gave on September 23rd kickstarted a crisis. By unveiling £45bn of unfunded tax cuts, alongside temporary measures to help with energy bills, Mr Kwartengin spectacular fashion.
against the dollar. Although sterling has since rebounded, markets still imply a 40% chance that it will reach parity with the dollar. Comparisons between Britain and emerging markets swirled; theslammed Mr Kwarteng’s plan. After the worst start to a new administration in memory, people are already asking how long the new prime minister, Liz Truss, may last.
Ms Truss and Mr Kwarteng are right to want to boost Britain’s anaemic rate of growth. Some taxes, such as stamp duty, are ripe for change. The financial-services industry needs to be championed, not ignored. The chancellor has signalled important supply-side reforms: he wants to speed up infrastructure projects and housebuilding; a more liberal immigration regime is mooted. If the government acted in these areas, it could make a real difference.
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