It is too early to define Trusseconomics, but Friday’s miniBudget from Kwasi Kwarteng gave a good insight.
The aim is a pro-growth economic strategy. While all governments want higher growth, few take the actions needed to achieve this. Liz Truss is different.
The aim is to raise our economic growth rate to 2.5 per cent. It’s ambitious but achievable. It means the economy doubles in size every 29 years. We could afford better public services, while cutting taxes.
Currently, the economy doubles in size every 60 years. We already know the problems this brings.
A decade ago, weak growth led Treasury orthodox thinking to urge austerity to get the public finances in shape. In recent years it led Rishi Sunak to hike taxes. Both approaches were wrong.
This failed thinking has been turned on its head by our new PM.
Rather than accept we are destined to be a low-growth, high-tax country, the idea is to become a high growth one. Trouble is, it takes time and with the election just two years away she needs quick results.
The situation she inherited is not good. Despite a healthy jobs market, consumer confidence is low, inflation high and the economy slowing.
Ms Truss has taken firm action by fixing energy prices and reversing the tax increases her leadership rival Mr Sunak had planned.
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