Recession is the product of long-running economic issue
19 February 2024
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Julian Jessop featured in The Express
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Julian Jessop quoted in Scottish Financial Review
IEA Economics Fellow Julian Jessop has been quoted in Scottish Financial Review responding to news that the UK entered recession in 2023.
Julian said:
“The key driver of the slump into recession is the increase in interest rates. It is important that the Chancellor avoids doing anything that might reignite inflation and encourage the Bank to keep rates higher for longer. But there is room for some well-targeted tax cuts that would both support demand and boost the productive potential of the economy.
“Nonetheless, the UK’s problems clearly run deep, and a few tweaks to interest rates and tax rates won’t fix them. The longer-term story is that the economy is facing two decades of stagnation. There is an urgent need for the government to pursue pro-growth policies across the board.”
Read the full article here.
Julian’s comments were also featured in The Scotsman, Yahoo!, and This Is Money.
Julian said:
“The key driver of the slump into recession is the increase in interest rates. It is important that the Chancellor avoids doing anything that might reignite inflation and encourage the Bank to keep rates higher for longer. But there is room for some well-targeted tax cuts that would both support demand and boost the productive potential of the economy.
“Nonetheless, the UK’s problems clearly run deep, and a few tweaks to interest rates and tax rates won’t fix them. The longer-term story is that the economy is facing two decades of stagnation. There is an urgent need for the government to pursue pro-growth policies across the board.”
Read the full article here.
Julian’s comments were also featured in The Scotsman, Yahoo!, and This Is Money.
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