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19 July 2022 The MPC Won't be Distracted by Tax Cut Proposals for Now

Samuel Tombs (UK Economist)15th Jul 2022 15:57U.K., Daily Monitor

The tax cut plans of Tory leadership contenders should be treated with a pinch of salt, given past experience.

Tax cuts won't lift GDP, if they are financed partially by spending reductions; the latter have a higher multiplier.

We doubt that even Ms. Truss would take away the BoE's independence.

Bank of England BoE commodity prices credit current inflation debt-to-GDP ratio election energy fiscal policy fuel general election government income tax thresholds inflation expectations interest rates May motor fuel mpc mps November policy public sector public sector pay qe September surveys tax cut tax cuts tax thresholds unemployment vat

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