Securing Sustained Economic Growth
The upcoming budget, to be presented by UK Chancellor Rachel Reeves on 26 November, is expected to address the country's economic challenges.
Labour came to power with a promise of ‘change’ and people expected increase in prosperity and happiness.However, the economy has only grown by 0.1% in August and is likely to remain sluggish.
Prem Sikka, an Emeritus Professor of Accounting, suggests that the current economic model is flawed, as it relies on rising inequalities in income and wealth distribution to rebuild the economy.
- Rising inequalities are not the key to rebuilding the economy
- The budget must reduce inequalities and increase spending capacity of the masses
Author's summary: Chancellor Rachel Reeves' budget must address inequalities.