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dbr:Trussonomics
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Trussonomics
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Trussonomics (a portmanteau of "Truss" and "economics") are the neoliberal economic policies advocated by the former British prime minister Liz Truss and the Free Enterprise Group, a group of Thatcherite-leaning Conservative Party MPs founded by Truss in mid-2011. The policies are based upon the principle of reducing the overall tax burden, as part of a model intended to create a high-growth, free-market economy.
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dbr:Britannia_Unchained dbr:Economic_impact_of_the_2022_Russian_invasion_of_Ukraine
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dbo:abstract
Trussonomics (a portmanteau of "Truss" and "economics") are the neoliberal economic policies advocated by the former British prime minister Liz Truss and the Free Enterprise Group, a group of Thatcherite-leaning Conservative Party MPs founded by Truss in mid-2011. The policies are based upon the principle of reducing the overall tax burden, as part of a model intended to create a high-growth, free-market economy. The policies of Trussonomics involve extensive tax cuts in addition to reducing government regulation and repealing employment laws in order to attract businesses, encourage entrepreneurship, and grow the economy. Proponents of Trussonomics argue that lower taxes would pay for themselves by encouraging economic growth, a theory known as supply-side economics. The tax cuts proposed in the Truss–Kwarteng mini-budget were therefore to be funded by borrowing. The proponents' expectations were that, kick-started by a temporary scheme of lending, tax revenue would eventually increase due to growth in the economy, relieving the need for amassing debt from the tax-cutting measures. Trussonomics was influenced by the economic policies of Ronald Reagan, known as Reaganomics, and of Nigel Lawson, the second Chancellor of the Exchequer under Margaret Thatcher. These policies were implemented during the premiership of Liz Truss through the September 2022 United Kingdom mini-budget introduced by the Chancellor of the Exchequer Kwasi Kwarteng, which aimed to counter a downturn in the economy of the United Kingdom and the cost of living crisis caused by factors including the COVID-19 pandemic and the Russian invasion of Ukraine earlier that year. The markets reacted badly to the plan, with sterling and government bonds dropping significantly in response to a large increase in government borrowing. The Labour Party, led by Keir Starmer, the International Monetary Fund and US president Joe Biden were among those who criticised the plan, Biden saying "I wasn't the only one who thought it was a mistake". Although Liz Truss did try to push through her agenda in full, however her and Kwarteng ended up repealing many policies. On Friday, 14 September 2022, Truss dismissed Kwarteng after 38 days in office, replacing him with Jeremy Hunt. This led Faisal Islam of the BBC to write that Trussonomics was "effectively dead". Truss's policies were hailed by proponents of supply-side economics, who blamed the financial markets for its failure in practice. Other voices have criticised the ideas from the outset, as well as subsequently.
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