Gamble on growth won’t work unless supply-side reforms are a success

By Simon Rawlinson2022-09-28T06:00:00

Truss and Kwarteng’s plan is radical but the focus on fixing the supply side has been overshadowed. The details should not be ignored

Liz Truss and Kwasi Kwarteng expected their mini-Budget to have a big impact. However, they surely did not anticipate the chaos in currency markets and the rocketing cost of debt in the aftermath of the announcement last Friday.

There will be plenty of time to ponder whether the trigger for the market meltdown was the size of the unfunded giveaway or the lack of an independent assessment from the Office for Budget Responsibility (OBR). What is clear is that, for a second time in a year, the practical details of Conservative tax and spend plans have been over-shadowed by wider economic events.

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