Perspective: Half a century ago, another conservative U.K. government took a similar approach — to disastrous effect.
But Britain has also been here before. In the early 1970s, Prime Minister Edward Heath’s conservative government pursued a similar set of economic policies in the hope of igniting growth. What followed was a dramatic contraction of the economy and a steep decline in the value of sterling, prompting a balance of payments crisis. The dire economic consequences of such a miscalculation suggest that Kwarteng’s mini-budget may also be destined for disaster.
.” He believed that tax cuts, deregulation and liberalization would create growth and renewed economic dynamism. Unveiled on March 21, 1972, in the House of Commons, Barber’s second budget was his most ambitious. Amid frequent cheers from his conservative colleagues, he announced a string of unfunded tax cuts and spending increases, including a £1 billion cut to income taxes and an increase in pension and social security payments.The result was a ballooning budget deficit.
in September 1973. Despite this optimism, things quickly took a turn for the worse, as inflation soared, reaching over 16 percent by 1974. Meanwhile, sterling came under extraordinary pressure, declining rapidly against the dollar in the 18 months after the budget.
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