This is an excellent MUST READ article from the FT. Check it out!
It is pleasing to see that finally the views that John Gelmini and I have been arguing on this blog, over the last two years, are gaining wider acceptance.
George Osborne has done enormous harm to the UK’s economy and probably more widely to UK society when full damage is counted.
It has become increasing obvious that growth on the back of a domestic property bubble will lead to a high risk bubble and growth will not be sustainable.
Because of the damage done by excessive austerity in the UK, fiscal policy must now urgently be used to very aggressively stimulate investment and exports.
Let me turn this to an open question:
How should the UK Government use fiscal policy most effectively to stimulate investment and exports?
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