RE: Labour Incompetence8 Nov 2024 10:45
'The REALITY of a British economy characterised by MANY YEARS OF LOW GROWTH and sagging productivity, deepening structural problems, HIGH DEBT and heavy deficits, CRUMBLING public services and INADEQUATE public investment. It is an awful combination that produces that unreconcilable mix of massive demands on budgetary resources and neither the headroom nor the operational flexibility to come anywhere near meeting them.'
In such a situation, it should come as NO SURPRISE that, depending on which news media you read and listen to, there are loud complaints that the budget will destroy jobs, lower wages, increase mortgage payments, steal hard-earned inheritances, boost inflation and destabilise financial markets.
'THE BUDGET MAKES ROOM FOR HIGHER INVESTMENT, THE DESPERATE LACK OF WHICH HAS UNDERMINED GROWTH AND FUTURE PROSPERITY. For decades, the UK has lagged behind all the other G7 economies, not just in maintaining its existing engines of productivity and growth, but also in enabling future ones. A FURTHER FALL WAS ON THE CARDS, had it not been for the chancellorβs decision to devote more than a third of the extra spending to public investment and accompany this with institutional mechanisms that support efficiency, cost-effectiveness and impact.'