Don’t trust Trussonomics

There’s nothing anti-growth about sound money and strong public finances

‘‘GORDON BROWN ECONOMICS” was one of the more memorable phrases to emerge from the recent Conservative leadership contest. Liz Truss used it to criticise Rishi Sunak’s support for strong public finances. At one point, Truss widened the attack and claimed that Gordon Brown economics had led to “a slow-growth economy”. So much has gone wrong here that it is difficult to know where to begin. First, the interesting and unexpected feature of Gordon Brown’s economics as chancellor of the exchequer was that it continued policy trends in the preceding Conservative years. With one important exception, Gordon Brown’s economics wasn’t really his at all. At some point in the mid-1990s New Labour’s leaders realised that Old Labour — public ownership and government intervention — was history. They also saw that they…

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The Critic (Digital) - 1 Issue, November 2022

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