Britain's PM-elect Keir Starmer inherits weak economy with 'no magic wand'

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Britain's PM-elect Keir Starmer inherits weak economy with 'no magic wand' - Business Standard

Quick Summary:

Economists say Labour's policies to date are unlikely to make a big difference, much less meet Starmer's goal of turning Britain into the Group of Seven leader for sustainable economic growth, something it has barely managed since World War Two.

They have also promised no major tax increases, leaving the new government with little room in the budget."The fiscal inheritance will be a difficult one and there are a lot of challenges to address," Lizzy Galbraith, a political economist with investment firm abrdn, said.

But Starmer and his likely choice of finance minister Rachel Reeves say they will not go on a borrowing binge to fund a growth push, with memories still fresh of the 2022 bond market rout under former Conservative prime minister Liz Truss.