CAMBRIDGE, United Kingdom — Here is an easy prediction: the budget that United Kingdom Chancellor of the Exchequer Rachel Reeves is set to present on October 30 would please almost no one.
Yet the government's first major fiscal initiative should not be judged on these terms, nor should those crafting the policy be assessed according to their ability to meet all the demands that have been placed on them. If they did that, the most likely results would be disappointing growth and financial instability.
The government emerged from its summit with positive momentum, and financial markets appear to appreciate that a well-designed, pro-productivity budget will support longer-term growth, improved creditworthiness and stronger debt sustainability. That momentum was reinforced by better-than-expected inflation numbers for September.That said, the budget cannot possibly meet all reasonable demands — or even all those backed by intense political lobbying.
To Judge The New British Government's First Budget
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