A recipe for decline
Sam Bidwell has a useful Critic piece on the budget.
A recipe for decline
This budget will do nothing to lift Britain from its doldrums
It was a mild day in late March when a Labour Chancellor last stood up in the House of Commons to deliver a budget speech.
With Labour struggling in the polls, Alistair Darling took to the despatch box with characteristic determination, unveiling a series of piecemeal measures which would do little to help Labour at May’s general election. Few now remember such riveting measures as Labour’s one-off bank payroll tax on bankers’ bonuses, or their small hikes to alcohol and tobacco duties — and who can blame them?
But it’s the budget’s subtitle which tells the most interesting story — Securing the recovery. The truth is, the recovery never came — fourteen years and five Prime Ministers later, Britain’s economy is still in the same slump that Darling was battling so fruitlessly. Wage growth has continued to flatline and economic growth has remained sluggish, while spending has continued to increase.
The whole piece is well worth reading, not because it addresses specific budget measures, but because of the measures which aren’t there and because hardly anyone will have expected anything better. We already know what this government has to offer, the experiment has been run, the results are in.
Growing our economy will mean liberalising planning regulations, particularly for transport and energy infrastructure, but doing so will mean offending vested interests. So will ending unsustainable government handouts, or weaning our economy off its addiction to mass migration — but again, both of these things will be necessary for making our economy fit for the future.
Until we have a Government willing to endure this short-term political damage for long-term economic upside, we will continue to stagnate. Things will continue to get just a little bit worse, every year, in every way, for everybody.
But at least the budget was delivered by a woman, eh?
Source: https://akhaart.blogspot.com/2024/10/a-recipe-for-decline.html
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