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UK Economy to Shrink in 2023, Risks 'Lost Decade' Without Action, Says CBI

  • #Finance
  • #Economic conditions & trends
  • #Labor
  • #United Kingdom
  • #Politics
story
DEC 2022
Image copyright: Getty Images [via BBC]
story last updated DEC 2022

The Spin

Right narrative

While last month’s announcement of £55B in spending cuts was necessary to stabilize the economy, it won’t encourage growth. The government must stimulate investment with substantial tax breaks for businesses that spend domestically, bring the UK closer to the EU by finalizing a proper deal over Northern Ireland, and address the shrinking workforce. Only achieving this clear criteria will boost growth and avoid a severe economic downturn.

Finance

Left narrative

The government’s latest round of tax raises and spending cuts are a massive assault on low- and middle-income families. The UK economy has already been severely damaged by 12 years of austerity, the destruction of public services, unrestrained corporate profiteering resulting in a 14.2% rate of inflation, and labor shortages caused by Brexit and related xenophobia. The UK needs a new direction away from the continued assault on consumer, worker, and environmental protections.

Leftfootforward

Metaculus Prediction


Political split

LEFT

RIGHT

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