Plan B

Plan B
 

IT HAD been trailed for months, but in a speech on October 3rd Philip Hammond confirmed that he would no longer seek to eliminate Britain’s budget deficit by 2020. Instead, the chancellor said, fiscal policy would reflect “the new circumstances we face”. With the prospect of an economic slowdown caused by the Brexit vote, he said there was a case for “careful, targeted public investment in high-value infrastructure”, in order to boost demand.
This is music to the ears of economists, who have long argued that when productivity growth is low and interest rates are on the floor—both true in... read more

 
6 October 2016 in Politics, Views: 61
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