Even if Britain beats OECD forecasts, it faces slow growth and high inflation
The IndependentBarely a day after the Bank of England’s former governor, Mark Carney, accused Liz Truss of turning UK plc into a basket case – in stark contrast to her attempts to create a ‘Singapore-on-Thames’ – the OECD joined the fray. But Carney had indulged in more than a little hyperbole in his jibe that “when Brexiteers tried to create Singapore on the Thames, the Truss government instead delivered Argentina on the Channel.” Yes, Britain has a problem with rising prices; but it pales in comparison to Argentina’s 124 per cent inflation rate, which has led to interest rates of up to 118 per cent. The problem was created by her proposed solution – unfunded tax cuts for the rich – which sent mortgage rates spiralling and added an idiot premium to Britain’s debt costs. Regardless of whether you favour tax cuts or extra funding for Britain’s creaking public services, you need growth to create the necessary fiscal headroom.
History of this topic
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