Britain’s Big Swing Back to Austerity Isn’t Market-Friendly

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Investors balked at former British Prime Minister Liz Truss’s economic plan, but as jonsindreu explains, the new plan isn’t much better WSJWhatsNow

since the aftermath of the 2008 crisis. Some fund managers fear the pendulum has swung too far the other way.

Forecasts rarely turn out to be true, however, and can vary wildly depending on small changes in assumptions. A few weeks ago, many economists were sizing the hole at £40 billion. The bulk of it depends on how far the Bank of England raises interest rates to ward off inflation. Nonfinancial issues like net migration also heavily influence tax receipts.

To be sure, he has pushed back the deadline for debt-to-GDP to fall by two years, to March 2028, and scheduled the harshest fiscal measures for after 2024, when the recession should be over. Some of his decisions, such as clawing back energy firms’ windfall profits, make sense.reverses a 2021 decision

 

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jonsindreu Only Britain's economic policy too short-shight ?“The media's the most powerful entity on earth. They have the power to make the innocent guilty and to make the guilty innocent, and that's power. Because they control the minds of the masses.” ― Malcolm X

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