Jeremy Hunt's economic policies in United Kingdom draw attention
Loss of growth in the British economy has shaved 1,400 pounds off household annual incomes. British think tank Resolution Foundation published a report titled 'How and why the UK economy should be made more dynamic' and stated that it will be "virtually impossible" to deliver tax cuts until the UK economy improves.
United Kingdom (UK) finance minister Chancellor Jeremy Hunt has said it will be "virtually impossible" to deliver tax cuts until the UK economy improves. The larger the national debt gets, the more interest the government has to pay and rising interest rates have made this cost higher.
It has been reported that the annual cost of the loss of growth in the British economy in the last 15 years is approximately 1,400 pounds per household.
British think tank Resolution Foundation published a report titled "How and why the UK economy should be made more dynamic".
In the report, it was noted that in the 15-year period since the 2008 global economic crisis, the country's economy has shrunk by 4 percent compared to its pre-crisis size.
Greg Thwaites, Director of Research at the Resolution Foundation,
"The British economy has spent the last 15 years struggling from one major crisis to another. Our economy is suffering from the great British slowdown. The loss of growth in the economy over the last 15 years has caused household incomes to decline by 1,400 pounds per year," said.
"Policymakers should start embracing and promoting economic change, from tax and welfare reforms to competition policy." the think tank's report said.
Source: Anadolu Agency
