This is damning for a party that once positioned itself on its fiscal abilities.
Quote:
The IFS reckons the “credibility cost” of the mini-Budget was about £10bn in extra debt payments each year. With that money we could fund significant tax cuts. We could build more than a hundred new hospitals.
It’s a LOT of money - but it’s now going on higher debt interest bills.
The “credibility cost” will also dent econ growth. Because millions of households will have higher mortgage costs & hence less to spend, it means lower GDP in future.
Citi reckons roughly 0.1-0.2 percentage points off GDP. Quite literally the opposite of “growth, growth, growth”
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Ed Conway, Sky News.
https://twitter.com/EdConwaySky/stat...91163619319809