Foreward

Adrian Pabst

National Institute UK Economic Outlook, 2023, issue 12, 3-4

Abstract: A year after the 'mini-budget' took the United Kingdom to the brink of a financial crash, some stability has returned to the national economy. Unlike last September, there is no immediate fear about the short– to medium-term sustainability of the public finances leading to a sudden stop as debt and deficit levels are coming down. Both government and the opposition are committed to the fiscal framework for 'sound money' and for now they have broadly similar spending plans. Yet the new consensus has restored the old orthodoxy, leaving in place not just low-wage precarity and high-welfare dependency but also the prevailing approach to fiscal policy. We are told that 'there is no alternative' to debt and deficit targets, which are arbitrary and have been moved by all chancellors and successive governments.

Date: 2023
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Journal Article: Foreward (2024)
Journal Article: Foreward (2024)
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Persistent link: https://EconPapers.repec.org/RePEc:nsr:niesra:i:12:y:2023:p:3-4

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