The economic recession in the UK is a fact, after growth contracted by 0.2%. whatWhat does this mean for the country and what will be the reaction of the state under the new mandate of Rishi Sunak?
Economic recession in the UK
The UK comes off the change of prime minister for the second time in just three months. Boris Johnson’s successor was short-lived in power, because his economic plan did not receive the support of any sector of politics or finance in the country.
Liz Truss, elected Prime Minister, had a crazy economic plan that received a resounding rejection. Truss’s plan was to lower taxes for companies and, at the same time, provide subsidies for citizens to pay their energy bills..
As energy prices continue to rise, Truss’ plans had to be thwarted and Rishi Sunak was chosen as successor. The conservative, of Hindu origin, has elevated a plan totally to that of Liz Truss. The plan consists of a tax increase and a cut in public spending.
However, the Rishi Sunak administration’s austerity plan must be accompanied by ideas on how to invest and generate more money for the country. The economic recession, in principle, originated from the lack of diversification of income.
The UK economy has become hyper-specialised in finance and has stopped investing in infrastructure, software and manufacturing machines. whatThe Rishi Sunak administration will have a plan to generate more economic growth for the country? What will be the future of your new mandate after this recession?
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