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Britain’s Failed Attempt at Monetary and Fiscal Exceptionalism

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  • Marsh David

    (OMFIF Ltd, London, UK)

Abstract

The autumn 2022 economic upheavals that brought down British Prime Minister Liz Truss’s government represented an ultimate extension of a high-risk exercise in British exceptionalism: the June 2016 referendum decision to leave the European Union. The ill-fated 23 September 2022 ‘mini budget’ introduced by Truss and Kwasi Kwarteng, her chancellor of the exchequer – like the referendum outcome six years earlier – was a landmark gesture of national independence. ‘The most ambitious and disastrous budget in modern British history’ illustrated how the intertwining forces of politics and economics set limits on ‘go it alone’ policies. The lessons reverberate beyond the UK’s borders.

Suggested Citation

  • Marsh David, 2023. "Britain’s Failed Attempt at Monetary and Fiscal Exceptionalism," The Economists' Voice, De Gruyter, vol. 20(1), pages 119-130, June.
    • Handle: RePEc:bpj:evoice:v:20:y:2023:i:1:p:119-130:n:13
    DOI: 10.1515/ev-2023-0021
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    More about this item

    Keywords

    fiscal policy; monetary policy; financial stability; crisis;
    All these keywords.

    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • H3 - Public Economics - - Fiscal Policies and Behavior of Economic Agents

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