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The danger of economics determinism:
looks like Rachel Reeves in a renewed (continuing) austerity strategy ('forced' on her by the bond markets) will require Govt. Depts to justify how their activities contribute to growth; those that cannot make a convincing case will be the key areas looking at severe (further) cuts.
In other words prepare yourself for the worst sort of economic determinism & instrumental thinking.... its going to by a myopic, socially damaging fiasco!
#RachelReeves
h/t FT
@ChrisMayLA6 and it scares me, they are no longer cuts, they are now amputation.
@ChrisMayLA6 the race to the bottom.
It is easy to fall foul of #goodhartslaw and get growth figures that have lost their meaning - the experience of the last decade and a half of the German Democratic Republic is salutary! Genuine growth would go up as a result of reducing unnecessary uncertainty - for instance increasing the quality and reliability of official statistics and improving the auditing of local government - and releasing the 'animal spirits' of entrepreneurs -which could mean a change of #chancellor !