Securing Sustained Economic Growth
Prem Sikka, an Emeritus Professor of Accounting, argues that the upcoming budget by UK Chancellor Rachel Reeves must address inequalities and increase spending capacity to achieve sustained economic growth.
The Labour government inherited a bleak economic situation from the previous Conservative government, with a promise to deliver "change" and increase prosperity and happiness. However, the economy has only grown by 0.1% in August and is expected to remain sluggish.
The government is chasing the holy grail of sustained economic growth by following a flawed economic model.
- Rising inequalities in income and wealth distribution are a key issue to be addressed.
- The current economic model is flawed and needs to be revised to achieve sustained growth.
Author's summary: Chancellor Rachel Reeves' budget must reduce inequalities.
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