Rachel Reeves' Budget: A Path to Sustained Economic Growth
Prem Sikka, an Emeritus Professor of Accounting at the University of Essex and the University of Sheffield, argues that the UK Chancellor Rachel Reeves' upcoming budget must address inequalities and increase spending capacity to secure sustained economic growth.
The Labour government, which came to power with a promise of 'change', is facing a challenging economic landscape, with the economy growing by only 0.1% in August. The government's pursuit of sustained economic growth is hindered by a flawed economic model that prioritizes rising inequalities in income and wealth distribution.
The budget will be presented against the background of a bleak inheritance from the 2010-2024 Conservative government.
- The economy is likely to remain sluggish
- Rising inequalities in income and wealth distribution are a key challenge
To achieve sustained economic growth, the budget must reduce inequalities and increase the spending capacity of the masses. This approach will help secure a more prosperous and happy future for the people.
Author's summary: Reduce inequalities to boost economic growth.
About the author
Prem Sikka is an Emeritus Professor of Accounting at the University of Essex and the University of Sheffield, a Labour member of the House of Lords, and Contributing Editor at Left Foot Forward.
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