The British economy has been on a thrilling rollercoaster ride for the past 14 years. From record low interest rates to Brexit and the pandemic, it’s been anything but boring. Now, as Jeremy Hunt prepares for the upcoming budget, there’s a sense of deja vu. The economy is officially in recession, and the pressure is on to deliver pre-election tax cuts. However, the state of the economy is causing voter discontent, and the Conservatives are facing a tough battle in the upcoming election.
Former Labour prime minister Gordon Brown points out that the past decade and a half has been marked by austerity, slow growth, and chronic malaise in public finances. The result is a low-growth, low-productivity, low-wage economy, leading to higher levels of poverty and inequality. The Conservatives’ attempts to blame their difficulties on their legacy from Labour are no longer convincing, as living standards for workers are projected to be lower than they were 16 years ago.
Despite the challenges, Chancellor Rishi Sunak is scrambling to fund much-anticipated giveaways, with the hope of boosting the economy. However, economists argue that severe austerity measures imposed by George Osborne were a blunder, and voters may be skeptical of trusting the Conservatives to run the economy again. With the election looming, the state of the economy remains a key issue for voters.
For more details, you can read the full article from The Guardian.
2024-03-01 09:26:23
Article from www.theguardian.com
