This panel looks at the UK's current economic crisis, fiscal policies, and the way out.

The UK Chancellor of the Exchequer’s ‘mini budget’ on 23 September launched a Growth Plan for the United Kingdom involving tax cuts and support for energy bills. Its purpose was to raise trend growth and liberalise the economy via an increase in borrowing. Instead, it led to a financial crisis with a sharp decline in the value of the pound, significant rises in UK government gilt yields, a risk of pension fund insolvency and the need for intervention by the Bank of England. The Chancellor was removed and, subsequently most of the tax policy proposals were reversed by his successor. The impacts of the crisis will feed through into household and business budgets during the coming year. There have been both economic and political consequences, including the departure of another prime minister.

This event will look at what happened and why. How could an advanced democracy, with sophisticated expertise and deep historical knowledge, deliver such a remarkable policy failure? What are the lessons for future policy makers around the world?

Speakers:
🔴Professor Sir Charles Bean, Professor of Economics at LSE
🔴Professor Alexander Evans, Professor in Practice at the LSE School of Public Policy
🔴Stephanie Flanders, Senior Executive Editor for Economics at Bloomberg; 🔴Gene Frieda, Senior Visiting Fellow at the LSE School of Public Policy.

Chair:
🔴Professor Tony Travers is Associate Dean of the LSE School of Public Policy

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