The UK government's new fiscal plan is as reckless as it is ideological. In the face of recession and surging prices, Prime Minister Liz Truss and her Conservative government have chosen to disregard fiscal responsibility in favor of outdated neoliberal theories, raising the risk of a full-blown economic crisis.
LONDON – The death and funeral of Queen Elizabeth II united the British people in grief, highlighting the bonds that hold the United Kingdom together: a shared sense of decency, purpose, and fairness.
But that was days ago. Since then, the UK has found itself on a new political landscape, with a new king and a new government unlike any in recent memory. The government of Conservative Prime Minister Liz Truss is neoliberal to its core. Its recently unveiled plan to fight inflation and stimulate economic growth through sweeping tax cuts and deregulations is a hodgepodge of Thatcher-era theories fashioned from a thousand free-market think tank pamphlets.
It is no wonder that the government’s fiscal plan caused the pound to drop to its lowest level ever against the US dollar this week. The plan is ideological and reckless. It may trigger a full-blown economic crisis, and its authors will ultimately pay a political price for their role in implementing it. But at least now we finally know what Truss stands for.
LONDON – The death and funeral of Queen Elizabeth II united the British people in grief, highlighting the bonds that hold the United Kingdom together: a shared sense of decency, purpose, and fairness.
But that was days ago. Since then, the UK has found itself on a new political landscape, with a new king and a new government unlike any in recent memory. The government of Conservative Prime Minister Liz Truss is neoliberal to its core. Its recently unveiled plan to fight inflation and stimulate economic growth through sweeping tax cuts and deregulations is a hodgepodge of Thatcher-era theories fashioned from a thousand free-market think tank pamphlets.
It is no wonder that the government’s fiscal plan caused the pound to drop to its lowest level ever against the US dollar this week. The plan is ideological and reckless. It may trigger a full-blown economic crisis, and its authors will ultimately pay a political price for their role in implementing it. But at least now we finally know what Truss stands for.