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Julian Jessop quoted in Bloomberg
Julian Jessop, IEA Economics Fellow, has been quoted in Bloomberg discussing the competing tax pledges defining the Tory leadership race.
In the article, Julian debunks the common criticisms of tax cuts, endorsed by Truss’ campaign. It reads:
“Jessop agreed that lower taxes would have limited impact on prices. In June, the BOE estimated that a net £10 billion fiscal package to help households with living costs would add 0.3% to GDP growth and just 0.1 percentage point to inflation.
Those calculations suggest the inflationary impact of a £30 billion package would be small, particularly set against the current 9.4% inflation rate, Jessop said. Any increase could be countered by interest-rate rises, he added.”
Read the full article here.
In the article, Julian debunks the common criticisms of tax cuts, endorsed by Truss’ campaign. It reads:
“Jessop agreed that lower taxes would have limited impact on prices. In June, the BOE estimated that a net £10 billion fiscal package to help households with living costs would add 0.3% to GDP growth and just 0.1 percentage point to inflation.
Those calculations suggest the inflationary impact of a £30 billion package would be small, particularly set against the current 9.4% inflation rate, Jessop said. Any increase could be countered by interest-rate rises, he added.”
Read the full article here.
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