Second time.
The market is plainly unimpressed with the UK government's plan to borrow in order to finance itself. I was wrong to think it might swallow the package if all but the high end tax rates were left in place because UK debt ratios are relatively low.
The choice now, some say, is between tax cuts along with spending cuts, or leaving things as they are, although maybe with temporary fuel subsidies.
I favour the latter. The market seemed willing to swallow at least that much of a debt. And the subsidies will help with consumption issues generally.
I believe the so-called pro-growth strategy (tax reductions with or without spending cuts) won't produce the growth the chancellor thinks it will. Instead, I expect it will at best produce a small increase in GDP in the long run, but may do immediate demand side damage and will leave large deficits, as previous experience suggests.
I think probably the best available strategy right now is to sit tight and wait for the Ukraine war to end.
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