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Re: New Prime Minister: Liz Truss
Interesting (imho) article about Trussonomics from the Spectator earlier this month (before Truss became PM).
https://12ft.io/proxy?q=https://www....eginners-guide
Quote:
Speaking to Truss’s most trusted economists, it’s clear that their perspective on the deficit has shifted substantially over the past decade. The free-market narrative after the financial crash was that cheap borrowing – and Gordon Brown’s spending splurge – had ruined the public finances and that austerity had not gone nearly far enough to get them in order. Now these same economists seem remarkably relaxed about climbing deficits and higher public debt. What’s changed?
‘When the facts change, your opinions change,’ Jessop tells me. ‘Ten years ago, I would have been much more conventional in my thinking that you need to get the budget deficit down as quickly as possible. But it’s clear that isn’t working. You need a more flexible approach focused on what really matters: the long-term sustainability of the public finances.’
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