The Intelligence from The Economist In for a penny, in for a pounding: Britain’s economic gyrations
Sep 27, 2022
Sumaya Keynes, Britain’s economics editor at The Economist, discusses the turmoil in Britain’s economy, marked by currency fluctuations and new tax cuts that concern investors. Alice Su, Senior China correspondent, delves into China’s DNA collection practices in Tibet, raising critical human rights issues. The conversation also highlights a trend of 'unretirees' returning to work, driven by inflation and changing labor dynamics. Energy efficiency amid global electrification is another pressing topic as both nations confront economic and social challenges.
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Reaganomics Redux
- The UK government's economic plan, involving tax cuts and deregulation, mirrors Reagan's 1980s strategy.
- This approach aims to stimulate growth, but its effectiveness remains uncertain.
US Precedent and UK Challenges
- Reagan's tax cuts in the US had mixed results, with high inflation and interest rates persisting.
- The UK's plan might face additional challenges due to the pound's weakening and lack of reserve currency status.
Pound's Plunge
- The British pound's fall against the dollar raises concerns about the UK's economic credibility.
- International investors doubt the government's plan will boost growth as promised.