UK is declared ‘broke and broken,’ but what’s gone wrong?
Nearly one month after it was elected to run the world’s sixth-largest economy in a landslide victory in early July, the new UK Labour government led by Keir Starmer declared the nation was “broke and broken.” UK Finance Minister Rachel Reeves has announced a slew of spending cuts after detailing how the new government has inherited a projected overspend of 22 billion pounds from previous Conservative governments. And all this is taking place as violent riots grip the country in the wake of a stabbing tragedy. Is the UK truly broke and broken? What has led the UK – the empire on which “the sun never sets” – to the verge of national bankruptcy? And what can be done to drag the nation out of its many crises?
Guests in this edition of Dialogue are Marc Ostwald, chief economist and global strategist at ADM Investor Services International; Nina Skero, chief executive of the Centre for Economics and Business Research; and John Ross, senior fellow at the Chongyang Institute for Financial Studies at Renmin University of China.
Credit to : CGTN