Britain is the only G7 economy whose GDP is still below its pre-pandemic 2019 level, and the economy is heading into recession. With current Tory policies, Britain’s GDP is not forecast to regain its pre-pandemic level until late 2024.
Where British finance ministers used to announce their future plans for tax and spending in an annual budget, this year has been a real roller coaster ride:
Mid-November saw Jeremy Hunt’s autumn economic statement/budget aimed at stabilising the Tory government chaos by lowering government borrowing by £62-billion or 2.1% of GDP in 2027-28 and causing Britain’s national debt-to-GDP ratio to fall at the end of the forecasting horizon.“Austerity” originally described Britain’s economic policy in the years straight after World War 2.
The Tory government has met none of its borrowing or debt targets since taking office 12 years ago. Miserably slow economic growth is the reason.
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