The Cassandras of Washington D.C are pointing their fingers at Hunt and Bailey’s “tighter fiscal and monetary policies”. But they were no fans of Trussonomics, either.
There is next to no support among its ranks in the Commons for more immigration, liberalising planning law and improving access to European markets.
It quashes the housing market, reduces labour mobility and inescapably reduces the number of transactions. This is not contested: the Treasury accepts the point in its modelling.
Over this period, the UK’s economic growth was level with the US’s and exceeded the other five members of the G7. In other words, on international comparisons, we did well.
If we are to grow as a nation and pay for public services we need to encourage entrepreneurs and support businesses – not make life harder for them and kick them in the teeth.
A lower tax burden will be impossible without less supply of government. And for there to be less supply, there must first be less demand.
As a former Brexit Secretary, I know that we can use our Brexit freedoms to achieve incredible things. Changes to EU regulations in our five growth industries will mean that we can deliver the very best for our great country,
The tax-cutters have tested their established strategies to destruction. When they got their woman into Downing Street, it took just 45 days for their agenda to crash-and-burn.
And that energy bill support scheme, so disliked by some prominent Truss backers? Ninety per cent of the panel back it.
The Government should be more worried about the balance of payments deficit than about the government deficit. We cannot rely on the goodwill of foreigners. We need to start to close the gap and reduce our demands on foreign currency markets.
This Chancellor’s statement was Trussonomics at its purest. If it pays off, it will be the biggest vindication of economic liberalism since Thatcher at her pomp. But that is a big if.
Kwarteng announces the biggest raft of tax cuts since the Barber Boom, as well as committing the Government to handling the energy crisis.
In one of the most remarkable statements from a Chancellor in living memory, Kwarteng pledged to reduce the top rate of income tax – amongst many other measures.
A spirited defence of cutting taxes is a welcome change from a Conservative Prime Minister.
We need to give more time and resource to those bringing up children. Such parents need a much better package from the state to look after a baby in the first year of its life.