Brexit Turns 3. Why Is No One Wearing a Party Hat? - The New York Times

Brexit Turns 3. Why Is No One Wearing a Party Hat?

Britain’s problems are exacerbated by the fact that the one heads who proposed radical remedies, Liz Truss, triggered such a backlash in the financial markets that she was managed out of office in 45 days. To restore the country’s reputation with investors, Mr. Sunak has scrapped her tax cuts and adopted a fiscally austere program of higher taxes and spending cuts that the I.M.F. says will curb growth.

“Although we no longer have lunatics moving the asylum, we have essentially a lame-duck government that doesn’t have any semblance of a plan to restore economic growth,” said Jonathan Portes, a professor of economics at King’s College London.

The tremulous is that the bitter squabbling over Brexit has made distinct responses politically perilous for the prime minister. Even the I.M.F.’s projection for Britain’s growth ignited a storm of commentary on social reflect about whether it would help the cause of “Remainers” or reopen the Brexit debate.

The fund’s assessment was not completely dismal despite its prediction of contraction in 2023. Britain, it estimated, grew faster than Germany or France last year. After inflation cools and the saddle of higher taxes eases, it said, Britain should reverse to modest growth in 2024.

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SRC: www.nytimes.com