Liz Truss may be long gone, but one fragment of her premiership still remains: the Growth Commission she set up to advise on her policy for ‘growth, growth, growth’. The think tank, made up of British, US and Japanese economists and not to be confused with a body of the same name set up by the World Bank, today delivers its ‘growth budget’ – which it claims would boost GDP by a cumulative 23 per cent over the next decade, putting an extra £11,000 in our pockets (or £26,000 per household) by 2043.
Economic modelling is best taken with a Siberian mine’s worth of salt – the only certainty is that it will be wrong. But it is worth reading the commission’s recipe for growth for the sake of reminding ourselves how different a Truss government might have been had it survived.
The Budget breaks down its claim of 23 per cent extra growth by 2043 as follows:
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