How to Judge the New British Government’s First Budget
If UK Chancellor of the Exchequer Rachel Reeves tried to meet all the political demands that have been placed on her, her budget would likely result in disappointing growth and financial instability. Instead, the new government's first budget should be judged according to four longer-term criteria.
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CAMBRIDGE – Here is an easy prediction: The budget that UK Chancellor of the Exchequer Rachel Reeves presents on October 30 will please almost no one. Yet the government’s first major fiscal initiative should not be judged on these terms, nor should those crafting the policy be assessed according to their ability to meet all the demands that have been placed on them. If they did that, the most likely results would be disappointing growth and financial instability.