The article critiques the UK government's 'rebuild' campaign, suggesting it clings to outdated policies reminiscent of past leaders like Gordon Brown and George Osborne. It argues that current economic circumstances, shaped by the decline of globalisation and a shift towards economic nationalism, require new imaginative solutions. The author highlights the slow growth of departmental budgets and critiques the Bank of England’s aggressive quantitative tightening as examples of an overreliance on outdated frameworks, ultimately calling for a new economic settlement to navigate the shifting landscape.
Labour wears what was fashionable in 1997 and 2010: Gordon Brown's technocratic reverence for central bank independence and George Osborne's devotion to fiscal rectitude.
Starmer and his chancellor Rachel Reeves remain stuck in a paradigm whose time has passed.
Despite promises of transformation, departmental budgets will grow more slowly than under the last parliament. This isn't mere prudence; it's the codification of a false scarcity.
The most telling example? The silent havoc wrought by quantitative tightening (QT). While other G7 central banks tread cautiously, the Bank of England has embarked on the most aggressive QT programme in the developed world.
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