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 economic challenges inherited from the previous Conservative government. As Prem Sikka, Emeritus Professor of Accounting at the University of Essex and the University of Sheffield, notes, 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 emphasizes rising inequalities in the distribution of income and wealth as a means to rebuild the economy, has been criticized for its ineffectiveness. With the economy growing by only 0.1% in August and expected to remain sluggish, it is clear that a new approach is needed. As a Labour member of the House of Lords and Contributing Editor at Left Foot Forward, Prem Sikka argues that the budget must prioritize reducing inequalities and increasing spending capacity to achieve sustained economic growth.
- Reduce inequalities in income and wealth distribution
- Increase spending capacity of the masses
- Shift away from the current flawed economic model
Author's summary: Reduce inequalities to secure economic growth.
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