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Liz Truss made big mistakes in implementation: they did not discuss their plans with key stakeholders and they they did not prioritise measures (why abolish the
by mytailorisrich 4y ago
Liz Truss made big mistakes in implementation: they did not discuss their plans with key stakeholders and they they did not prioritise measures (why abolish the 45p rate now?) but they did get that growth must be much higher priority, if not highest priority. Again, the level of debts is really weighing on things: without Covid debts Liz Truss's budget would have been well received.
And of course even many in her own party were out to kill her, which did not help.
- gghhzzgghhzz 4y agoDebt being an issue is mostly a self imposed limitation / political tactic. Parties were saying exactly the same thing about debt in 2010 when debt / GDP ratio was lower in order to win an election and implement austerity. Covid Debt in the UK was all QE anyway, so is effectively money we owe to ourselves. I do agree that Truss could have done all the things she wanted to do if she had just been smarter about presentation.
- mytailorisrich 4y agoGovernment spent massively during Covid through borrowing, that's not QE. Edit: Level of QE does not imply that the government did not take on massive debts as well. It's not one or the other.
- gghhzzgghhzz 4y agoThere's graph. QE went from 445bn before Covid to 895bn at end of 2020 https://www.bankofengland.co.uk/monetary-policy/quantitative-easing https://www.bankofengland.co.uk/monetary-policy/quantitative... EDIT: also https://neweconomics.org/2021/10/99-5-of-government-covid-debt-has-been-matched-by-so-called-bank-of-england-money-printing https://neweconomics.org/2021/10/99-5-of-government-covid-de...