Trussonomics: Who were the biggest budget busters?

In the latest blow to the so-called Trusonomics, Chancellor Jeremy Hunt has announced that he will reverse almost all of the tax measures in his predecessor’s mini-budget.

In less than four weeks, it damaged the UK’s image around the world, caused frenzied carnage in the financial markets and left the prime minister clutching his arm.

While many warned that the budget was doomed from the start, there were plenty of cheerleaders who greeted it with breathless enthusiasm in late September. Here’s a reminder of the biggest winners of Liz Truss and her former Chancellor Kwasi Kwarteng’s economic project.

‘Finally! A real Tory budget’ – Daily Mail

‘At last! A true Tory budget’ – the Daily Mail

The Mail expressed its enthusiasm for Kwarteng’s mini-budget in two front pages. To see also : Varsity All Star releases safety statement ahead of cheer competition season. On the morning of the September 23 announcement, the first headline proclaimed “biggest tax cuts in 30 years!” – which the paper predicted would be “turbo-charged growth” rather than preceding a crash in sterling.

The next day the Mail’s front page said: “Finally! A real Tory budget.

City editor Alex Brummer wrote: “The boldness and audacity of Kwasi Kwarteng’s debut budget is seismic” and wrongly predicted it would result in “a boost in confidence and a surge in consumption and investment”.

“The best budget I’ve ever heard a British chancellor deliver” – Allister Heath, editor, Sunday Telegraph

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‘The best budget I have ever heard a British chancellor deliver’ – Allister Heath, editor, Sunday Telegraph

Heath declared Kwarteng’s ill-fated mini-budget the biggest of his life “by a wide margin. See the article : The Amazing Race 34 spoilers: Route details and order of elimination.”

“The tax cuts were so big and bold, the language so extraordinary, that sometimes I had to pinch myself while listening to Kwasi Kwarteng to make sure I wasn’t dreaming or transported to a distant land. actually believed in the economics of Milton Friedman and FA Hayek.

Heath predicted the end of “the last 20 years of neo-Brown consensus, obsession with egalitarian redistribution, technocratic centrism, divisions on the altar of fake class warfare, spreadsheet-wielding socialists”, declaring “a. new big bang in the city” and “dozens of new Canary Wharfs on steroids”, followed by money and jobs flow from the Eurozone.

“Trussonomics is already killing the demons of stagflation” – Economist Patrick Minford

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‘Trussonomics is already slaying the demons of stagflation’ – economist Patrick Minford

Minford, a former economic adviser to Margaret Thatcher whom Truss praised as the inspiration for the package, wrote in defense of Truss and Kwarteng’s economic plan, arguing that it had already led to stable inflation, moderate interest rates and higher growth. Read also : FORWARD – The contagious spirit of Izzy Moore lights up Bridge City High.

He said the criminals’ “lust has not been a pretty sight” and said the main problem was that Truss and Kwarteng “could have beaten the drum harder to protect their budget”.

He said “Truss must, like [Margaret Thatcher], be a ‘lady who doesn’t care’ with her economic project” and has stood by that claim, telling the Express that civil servants are “trying to undermine government policy”.

Economist Gerard Lyons: “Mini-budget boosts growth and benefits everyone”

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‘Mini-budget WILL boost growth and everyone will benefit’ – economist Gerard Lyons

Although he has taken a more cautious tone in recent weeks – suggesting in the Financial Times that Kwarteng should have been more forthcoming about the details of his economic plan – tLyons was initially a key encourager of what he described as Truss’s “pro-growth economic strategy”. .

He wrote in the Daily Express on September 25: “While all governments want more economic growth, few are taking the necessary steps to achieve it. The harness is different.

Like Minford, he suggested the only problem was the “misplaced criticism [that Kwarteng and Truss] are playing with the public finances” from commentators, the International Monetary Fund and the markets, insisting the mini-budget would “take off”. growth’ and ‘benefits for all’.

“It’s not a reduced budget, it’s an increased budget” – Mark Littlewood, Institute of Economic Affairs

‘This isn’t a trickle-down budget, it’s a boost-up budget’ – Mark Littlewood, the Institute of Economic Affairs

Littlewood, director-general of the IEA’s free market think tank, said he was looking forward to the “maxi” budget following the mini-budget.

“It’s refreshing to hear the chancellor talking passionately about the importance of growth and supply-side reforms, rather than rattling off a string of national spending commitments and higher taxes,” he said on the day of the statement last month. “Only by reducing taxes collected by the state across the entire income spectrum and reducing the regulatory burden can we create better conditions for growth.”

Not so, it seems. Instead, the government is turning the ferret back at full speed.

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