Terry Barker Profile picture
Oct 14, 2022 7 tweets 3 min read Read on X
The unwinding of @budget2020 continues. The situation demands the whole package to go, not just bits here & there. The creeping U-turn just encourages MPs & others to demand more. And it is unlikely that the markets will respond well to the uncertainty created by slow change.
Will the reversal of the Corporation Tax reduction effect growth? This question is difficult to answer because it involves comparing anticipation in 3 periods, before @budget2022, up until now, & after the reversion.
However, what stands out is the volatility of policymaking, which damages govt credibility & is likely to lower expectations for investment and lower economic growth.
The original ⬆️ in Corporation Tax was unlikely to have much effect on growth: 1. The rise merely brings the UK into line with other OECD economies. 2. Evidence on the relationship between the tax & growth is mixed. 3. Any growth that might result will not be green growth.
#TheGrowthPlan, which is yet to be disclosed in detail, is holed below the water already. The govt incompetence has damaged investor confidence, weakened likely investment growth, & therefore reduced economic growth. #PostTruthEconomics
Natural tranquility in Scotland Image
The Whitehall farce continues. While I was away in Scotland, the #TheGrowthPlan & #budget2022 continue to be shredded by expectations of market turmoil tomorrow. Hunt as a new Chancellor, but also the shadow PM? One item after another scrapped from the budget. New fiscal rules?

• • •

Missing some Tweet in this thread? You can try to force a refresh

Keep Current with Terry Barker

Terry Barker Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!


Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @terry_barker21

Apr 23, 2023
Exactly this. Past and current Cabinet Ministers appear seriously ignorant about the United Kingdom’s constitutional governance, & the role of civil servants in relation to the executive. The politicisation of the service is relatively recent, and has already gone too far.
The outrageous disrespecting & attempted or actual replacing of Permanent Secretaries by sycophants during the #Brexit years was unconstitutional & corrosive of good government. Our government has become populist & authoritarian. Standards of public service have been set aside.
Almost anything ministers have wanted to do has been allowed by the #Brexit so-called “elite” to the point where civil servants have been abused by bullying, relocation, lies, & intimidation. This whole episode of government is deeply shameful.
Read 4 tweets
Apr 23, 2023
Incredibly, the 2022 stress tests for the UK banks also did not include testing for substantial hikes in interest rates. The list of failures, policy mistakes, & uncovered crimes, of UK governments & their bankers, grows by the day. #TimeForAChange
Instead of this reckoning, we should be focused on #NetZero now, the #CostOfLivingCrisis and the coronation. We must move on from the rotten Tory system to survive. #GeneralElectionNow
The gutter press supporting the Tory right are on a mission to distract the people so that they overlook the destruction of the country’s infrastructure, society, and economy by the last 5 destructive if not actually corrupt Tory governments.
Read 4 tweets
Apr 23, 2023
English water ways are an international disgrace. So-called plans for improvement are announced by Tory governments, but they tend to remain plans, not actions. The pollution continues unabated.
Then at the next election, after yet another failure, the Tories promise to do better. And the whole disgraceful, #PostTruthSociety vicious circle of #PublicRelations , half truths & lies is repeated again, while the #Finacialization of the water industry goes on, unabated.
There’s money to be made by the water companies pouring their sewage into our rivers and onto our beaches. So, being greedy, they do it to add to their Directors’s bonuses & shareholders’ dividends.
Read 8 tweets
Apr 22, 2023
Lol! I think that Raab is the real scary one, but he/she? is no longer lined up to face the cameras as a Minister. And the Prime Minister is also awol, stunned by his own indecisiveness. Raab holds intemperate views about the #CivilServants of the UK conspiring against him.
#DominicRaab is very cross. Tossed out on his ear by a cabal of conspiring servants, who dared to speak up against his ungentlemanly behaviour. Or correctly, tossed out by himself in response to outrageous allegations, now confirmed as bullying, about his Ministerial misconduct.
Our UK unwritten constitution has a lot to say about the role of civil servants in relation to the executive and the legislative roles of government. In brief they are independent impartial, knowledgeable, competent, tested, & trusted to do a good job.
Read 13 tweets
Apr 15, 2023
Thanks for useful summary of how “heterodox” economics is defined. The name is problematic, since it appears to be “non-orthodox”, yet “orthodox” economics is left undefined. Is it “mainstream”? I prefer “new” versus “old” economics, which are not defined by their age but …
.. in relation to the Keynesian revolution of the 1930s. Keynesian economics was characterised after WW2 as “new” in relation to the “old”, neoclassical, Marshallian, economics that preceded it. The counter-revolution of the Samuelson neoclassical school eventually prevailed.
However, #NeoclassicalEconomics has, essentially met its demise in the ongoing collapse of free-market capitalism (or neoliberalism), inaugurated by the #GFC, which exposed that “the banks were too big to fail”. Bankruptcy is an essential feature of capitalism.
Read 7 tweets
Apr 14, 2023
#ClimateActionNow implies that we should all act now to do what we can, bring reasonable about it. We can check what fossil fuel we could stop burning, or at least reduce burning. And reduce its use.
The best way of reducing GHG emissions is by changing personal behavior by changing our routines. Switch from a car to a e-bike, walk to the shops, review all the uses of electricity at home and switch off unnecessary uses.
Read 5 tweets

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Don't want to be a Premium member but still want to support us?

Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal

Or Donate anonymously using crypto!


0xfe58350B80634f60Fa6Dc149a72b4DFbc17D341E copy


3ATGMxNzCUFzxpMCHL5sWSt4DVtS8UqXpi copy

Thank you for your support!

Follow Us!