UK chancellor’s tightening of fiscal policy will lead to weaker growth and a deeper recession
An economic Suez. For once, comparisons with the humiliation suffered by Sir Anthony Eden’s government in 1956 are appropriate because within 72 hours of becoming chancellor, Jeremy Hunt has abandoned not just most of Kwasi Kwarteng’s planned tax cuts but the government’s entire growth strategy.
Put simply, after less than six weeks in office Liz Truss has been forced into a complete capitulation to the forces of orthodoxy – the International Monetary Fund, the Treasury and the financial markets.
