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Fyi, no serious economist - including Patrick Minford - would think that £30-£40 billion of tax cuts would mean UK interest rates have to rise to 7%... 🙄
#RishiSunak #LizTruss #LeadersDebate
#RishiSunak #LizTruss #LeadersDebate
Ps. here's what #Minford actually said... 👇
(Most economists agree that UK interest rates are unsustainably low. In my view, the neutral rate would now be much lower than past norms of 5-7%. But Minford did NOT say that #Truss's tax cuts would raise them to 7%.)
(Most economists agree that UK interest rates are unsustainably low. In my view, the neutral rate would now be much lower than past norms of 5-7%. But Minford did NOT say that #Truss's tax cuts would raise them to 7%.)
pps. and since then (in a piece for the Mail), #Minford has clarified that he thinks the neutral rate is now more like 2-4%... 🤓
In short, poor from Rishi Sunak.
In short, poor from Rishi Sunak.
