Though American, I watch the UK, and all global markets actively for my role in FX. However, while the Truss/Kwarteng plans have not been well received, given the hand they were dealt, more than a decade of insanely easy monetary policy with zero interest rates and QE, as well as the structural economic issues that were created by government responses to Covid, It is not clear that a more orthodox process would have resulted in any better outcome. After all, the orthodox policies are the ones that got us to where we are. remember transitory inflation? remember flattening the curve of covid infection? remember the strong belief in the great moderation as a result of brilliant central banking?
All I know, and it is equally true in the US and most of the world, is that the previous decade's worth of policies have not borne out the promises made, so perhaps something new was the best they had.
Though American, I watch the UK, and all global markets actively for my role in FX. However, while the Truss/Kwarteng plans have not been well received, given the hand they were dealt, more than a decade of insanely easy monetary policy with zero interest rates and QE, as well as the structural economic issues that were created by government responses to Covid, It is not clear that a more orthodox process would have resulted in any better outcome. After all, the orthodox policies are the ones that got us to where we are. remember transitory inflation? remember flattening the curve of covid infection? remember the strong belief in the great moderation as a result of brilliant central banking?
All I know, and it is equally true in the US and most of the world, is that the previous decade's worth of policies have not borne out the promises made, so perhaps something new was the best they had.