Rachel Reeves' Budget: A Path to Sustained Economic Growth
The upcoming budget, to be presented by UK Chancellor Rachel Reeves on 26 November, is expected to address the bleak economic inheritance from the previous Conservative government.
Prem Sikka, Emeritus Professor of Accounting at the University of Essex and the University of Sheffield, notes that the key to securing sustained economic growth lies in reducing inequalities and increasing the spending capacity of the masses.
The government is chasing the holy grail of sustained economic growth by following a flawed economic model.
The current economic model, which prioritizes rising inequalities in income and wealth distribution, has failed to deliver prosperity and happiness. With the economy growing by just 0.1% in August, a new approach is needed.
- Reduce inequalities in income and wealth distribution
- Increase spending capacity of the masses
Author's summary: Reeves' budget must address inequalities to secure economic growth.
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