ALEX BRUMMER: The US and UK are headed in utterly different directions. Our prospects for economic growth look doomed... but Trumponomics could save America from inflation
Daily MailThe Bank of England and America's Federal Reserve both cut their interest rates yesterday by 0.25 per cent. The grim reality is that fiscal policy in the United States and Britain has never been more opposed, with Keir Starmer's government and Donald Trump's incoming administration heading in utterly different directions. Traders on the New York Stock Exchange wear MAGA hats the day after Trump's re-election But if The Donald's clear record is of making his countrymen richer, Starmer's doom-laden rhetoric and soaring tax rises have made many Britons feel considerably poorer since our election in July. Starmer and Reeves's doom-laden rhetoric and soaring tax rises have made many Britons feel considerably poorer There could not be a starker difference between Trump's approach and the top-down, statist ways of Starmer, Reeves and the defeated Democrats. Bond markets are also concerned that Trump's huge tax cuts could worsen the budget deficit he has inherited from Biden, potentially adding trillions of dollars to America's national debt.
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