The questions Britain’s drowning prime minister has raised about the need for driving growth should not be thrown out with her inept answers.
Incredibly, British Prime Minister Liz Truss may now last only until the Conservative Party unites on a single candidate it can anoint into Number 10 without another destructive leadership contest. The new centrist Chancellor of the Exchequer Jeremy Hunt, Britain’s fourth in four months, has axed two-thirds of Ms Truss’ controversial tax cuts four weeks after they were announced.
The extraordinary collapse of Ms Truss’ tax-cutting plan reveals lessons for those who supported the lower-government, lower-taxing and more-deregulated pro-growth agendas of Margaret Thatcher and Ronald Reagan, Hawke-Keating and Howard-Costello, and even Tony Blair and Bill Clinton. Into this, Ms Truss delivered her tax cut plan without the scrutiny by the UK Independent Office of Budget Responsibility over its fiscal sustainability. Its threatened demand stimulus clashed with the Bank of England’s efforts to contain Britain’s inflation breakout by sharply lifting interest rates and buying back government bonds.
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