Britain urgently needs a version of Abenomics, involving monetary policy, fiscal policy and structural reform
After years of sitting on its hands, the Bank of England will swing back into action next month with measures to nurse the economy through the post-Brexit period. Interest rates will be cut from their already historic low of 0.5%. The Bank is considering pumping more electronic money into the economy and could ease credit conditions.
The Treasury is also gearing up to provide stimulus measures. Now that George Osborne’s plan to balance the budget by the end of parliament has been ditched, there is scope for Philip Hammond to be more creative in his autumn statement later this year. He has already dropped the broadest of hints that he will seize this opportunity….
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