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UK economy in recession as households cut spending
(www.theguardian.com)
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this post was submitted on 15 Feb 2024
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So out of the five pledges or promises or whatever he was calling them he's achieved exactly zero. That's good going for a Tory.
Why the hell he said they would bring down inflation I do not know. It's not like the government actually control the economy.
Sunak said he'd get inflation below a certain level because that's the level it was projected to be at if the government did nothing.
The Bank of England telling us that we should be okay with low wages as well. What a shit show.
The government don’t have total control over the economy but they do have a role to play in it
The only role this government is playing in the economy is chief fucking clown tbh 🤡
That's the role they're currently playing, but not the one they were tasked with.
I mean yeah couldn’t agree more
I mean, one part of the economy the government (or, parliament at least) has control of is the money supply, which is pretty much the sole driver of inflation. If he'd genuinely wanted to (not necessarily saying he should've) he could've.
If you literally mean the amount of money in circulation, then nah. In the UK that's within the Bank of England's purview, and they are independent of the government.
In terms of macroeconomic tools like quantitive easing and LIBOR rates, yes the big tools are outside the Chancellors control.
What Whitehall can do is increase the government’s supply of money to the economy as a whole by deficit spending to stimulate commerce. Build some overdue infrastructure, increase universal credit payouts, raises for teachers or firefighters, government backed low cost loans for developing industries/councils, etc are tools that are available