Securing Sustained Economic Growth
The upcoming budget, to be presented by UK Chancellor Rachel Reeves on 26 November, is expected to address the country's economic challenges. According to Prem Sikka, an Emeritus Professor of Accounting, the budget must reduce inequalities and increase spending capacity to achieve sustained economic growth.
Labour came to power with a promise of ‘change’ and people expected increase in prosperity and happiness.
The current economic model, which emphasizes rising inequalities in income and wealth distribution, is considered flawed. The economy has shown minimal growth, with only a 0.1% increase in August, and is likely to remain sluggish.
- The budget will be presented against the background of a bleak inheritance from the 2010-2024 Conservative government.
- Labour's promise of 'change' has been hard to deliver, with limited increase in prosperity and happiness.
A new approach is necessary to secure sustained economic growth, one that prioritizes reducing inequalities and increasing spending capacity.
Author's summary: Chancellor Rachel Reeves' budget must address inequalities.
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