Rachel Reeves' Budget: A Path to Sustained Economic Growth
Prem Sikka, an Emeritus Professor of Accounting at the University of Essex and the University of Sheffield, emphasizes the need for Rachel Reeves' budget to reduce inequalities and increase spending capacity of the masses.
The UK Chancellor will present her second budget on 26 November, amidst a bleak economic inheritance from the 2010-2024 Conservative government. Labour's promise of 'change' has yet to deliver increased prosperity and happiness, with the economy growing by just 0.1% in August.
The government is chasing the holy grail of sustained economic growth by following a flawed economic model.
- Rising inequalities in the distribution of income and wealth are a key concern.
- The current economic model is flawed and needs to be revised.
Author's summary: Reeves' budget must address inequalities to secure economic growth.
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