A damning new report by the Centre of Policy Studies warns the UK is facing a \u201clooming crisis\u201d without spending cuts. The high-spend, high-tax stooges in the Treasury might want to listen\u2026<\/p>\n
The report, backed by Shadow Chancellor Mel Stride, lays out that GDP per capita growth has stalled, while productivity growth has collapsed to just one-third of pre-2008 rates. By the end of this decade, the tax burden is on track to a hit post-war high of 37.5% of GDP and public debt will breach 100% of GDP. Meanwhile, leading economists are warning of an IMF bailout\u2026<\/p>\n
Mel Stride said:<\/p>\n
\u201cUrgent action is needed to fix our public finances and restore confidence in the UK economy. But the current government\u2019s answer to that has been higher spending and higher borrowing. That is unsustainable, crowds out the private sector and pushes up inflation.\u201d<\/p>\n
The paper argues for drastic spending cuts along with supply-side reform, including a cut to corporation tax and \u201cremoving high marginal tax rates across the income spectrum.\u201d High tax and spend does not growth make\u2026<\/p>\n
Read the report in full below:<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"A damning new report by the Centre of Policy Studies warns the UK is facing a \u201clooming crisis\u201d…\n","protected":false},"author":2,"featured_media":159021,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[150,28,101],"class_list":["post-159020","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-budget","tag-business","tag-economy"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/159020","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=159020"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/159020\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/159021"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=159020"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=159020"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=159020"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}