New UK Prime Minister Liz Truss in September last year sanctioned a mini-budget funded by borrowing that included energy-price guarantees and large surprise tax cuts for companies and individuals, especially for the highest paid.
Investors were aghast that macroeconomic policy was at cross-purposes – fiscal stimulus would stir the inflation of 10 per cent the Bank of England was seeking to smother.
Already a subscriber? Log in
Get 10 issues
for $10
Subscribe to The Spectator Australia today for the next 10 magazine issues, plus full online access, for just $10.
- Delivery of the weekly magazine
- Unlimited access to spectator.com.au and app
- Spectator podcasts and newsletters
- Full access to spectator.co.uk
Or
Unlock this article
You might disagree with half of it, but you’ll enjoy reading all of it. Try your first month for free, then just $2 a week for the remainder of your first year.
Comments
Don't miss out
Join the conversation with other Spectator Australia readers. Subscribe to leave a comment.
SUBSCRIBEAlready a subscriber? Log in