It may well take some time for the dust to settle on Kwasi Kwarteng’s first Budget (yes, ‘Budget’: if it looks like a duck, walks like a duck and quacks like a duck, then it’s fair to call it a duck).
The initial reaction from most economic commentators and in the financial markets has been a loud boo! There are some things I would have done differently. But the overall strategy is sound and sentiment should recover as the economic benefits become clearer.
There are two aspects I particularly liked. One is the emphasis on breaking the ‘doom loop’ of weak economic growth and rising taxes, both with tax cuts and – at least as importantly – structural reforms on the supply-side.
The second is the willingness to take decisions that are unpopular but still right for the economy, such as scrapping the cap on bankers bonuses and abolishing the…
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Utopia, you are standing in it! 
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