An astonishing period in UK politics culminated on Friday 23rd with a dramatic series of budgetary announcements made by the new Chancellor, Kwasi Kwarteng, in a what was billed as a ‘fiscal event’ but was, in reality, more consequential than most annual budgets of the last 30 years.
The new administration, led by Liz Truss, set out its stall as a pro-business, pro-growth, pro-aspiration government in what felt like a clear break from the social democrat consensus that has dominated British politics for the last two decades. Everyone will have their own views as to the politics of this, but a combination of tax reductions, pro-investment incentives and protection from energy price increases should be welcome to a business sector that has struggled to get the recognition from government for its role in driving the economy and will further strengthen the UK’s already strong position as a destination for inward investment from the USA and elsewhere around the world.