Cost of living crisis could drag economy into recession


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Victoria Hewson writes for City AM

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Matthew Lesh comments in City AM

Tax and Fiscal Policy

Julian Jessop quoted in The Independent

The cost of living crisis threatens to drag the UK economy into a recession, economists have warned, suggesting it is a greater threat to the economy than higher interest payments for the public debt.

IEA Economics Fellow Julian Jessop was quoted in The Independent urging the Chancellor Rishi Sunak to reverse the planned National Insurance Contributions rise at the Spring Statement.

Julian argued: “If you don’t cut taxes and increase benefits you increase the risk of a recession later this year. That will cause far more harm to the economy and the public finances.”

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