'A budget that harms everyone except the rich.'

For fellow Brits, or those just interested: here is a deep dive into the economic consequences of the Conservative tax cuts from Oxford economist Simon Wren-Lewis. The TLDR is that the new budget won't produce a growth boom and therefore won't offset either the inflation (cost of living) crisis or the devaluation of the pound. Wren-Lewis also predicts that this will inevitably lead to further cuts in our already teetering public services.

This is grim reading. I want this to be wrong but I know that it's not:

https://mainlymacro.blogspot.com/2022/09/a-budget-that-harms-everyone-except.html

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Northwest · M

Here's a shorter piece from Tuesday's Washington Post

https://www.washingtonpost.com/opinions/2022/09/26/britain-economic-crisis-early-lesson/

Burnley123 · 41-45, M

@Northwest Thanks for sharing. I'll read it now.

Northwest · M

@Burnley123 The British currency is in freefall. But I guess Truss is doing something about it, or at least something to reassure the world that dropping the top tax rate, will tame inflation. Either that or asking to borrow a magic wand from JK Rowling.

Burnley123 · 41-45, M

@Northwest Rowling