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BBCNEWS World Business Report July 7, 2024

so they really are looking for some political and economic stability. well, for now, markets are calm. but investors say any mis step in appointing a new leader could see the uk plunged back into financial crisis a place in uk political history as the shortest serving prime minster ever. she lasted just 44 days in office before announcing her resignation yesterday. but she s also contributed another record to the english language. the shortest lived economic catchphrase. we started using the term trussonomics just six weeks ago. a plan for a low tax, low regulation, high growth britain by liberated by brexit. with the phrase and its policies now on the scrapheap, our business editor simonjack takes a look back at the rapid rise and fall of trussonomics. can we afford these tax cuts, chancellor? the road to liz truss demise arguably started here the not so mini budget that she and her chancellor announced with great fanfare. and i commend it to the house. ....

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BBCNEWS World Business Report June 4, 2024 04:32:00

Just six weeks ago. a plan for a low tax, low regulation, high growth britain by liberated by brexit. with the phrase and its policies now on the scrapheap, our business editor simonjack takes a look back at the rapid rise and fall of trussonomics. can we afford these tax cuts, chancellor? the road to liz truss demise arguably started here the not so mini budget that she and her chancellor announced with great fanfare. and i commend it to the house. trussonomics massive tax cuts, lighter regulation equals higher growth. but there was a problem there was no explanation of how £45 billion in tax cuts would be paid for, and no analysis from the budget watchdog as to whether the sums added up. but the chancellor was defiant, and promised more giveaways over that weekend. there s more to come. we ve only been here 19 days. i want to see, over the next year, people retain more of their income. the financial markets ....

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BBCNEWS World Business Report June 4, 2024 04:37:00

You think trussonomics could have ever worked? you think trussonomics could have ever worked? over time, potentially. have ever worked? over time, potentially, yes. have ever worked? over time, potentially, yes. and, - have ever worked? over time, potentially, yes. and, you - potentially, yes. and, you know, i don t think anybody would disagree with the longer term policy of a reduction in income tax, a reduction in corporation tax, and if we look at the rise, potential rise in corporation tax to 25%, obviously that compares relatively unfavourably for companies. looking at the states, where the recent increase is only to 15%. longer term, i think tax cuts could have worked. the implementation of what we call trussonomics, i think one would give that a very poor score indeed. and that was reflected i think in very clear reaction in the markets, very majorjump in volatility, significant pressure on the gilt market, significant pressure also on sterling and let s not forget the uk e ....

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BBCNEWS World Business Report June 4, 2024 04:35:00

And the wider economy. simon jack, bbc news. the bbc s economics editor faisal islam has been looking at this, too. he says that although trussonomics will be remembered as an economic experiment that failed catastrophically, elements of it could have worked if the timing hadn t been so bad. it was typified by this book that they booklet that they wrote britannia unchained . now, it certainly was an experiment, and it certainly didn t work i think it s fair to say. but i think they could have got a lot of these policies through in retrospect, had they been a bit calmer, a bit slower, had they acknowledged as they did that global conditions were rough. that s probably a reason to be a bit more cautious than a bit more radical. but i think the big thing here, and where there might be lasting damage, is that britain is a country that is dependent on the kindness of strangers. we have what s known as twin deficits, both in terms of our borrowing and in terms of our trading posit ....

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