Liz Truss: this is what happens when governments pursue growth at all costs

By Jim Tomlinson, Professor of Economic and Social History, University of Glasgow

When Chancellor Kwasi Kwarteng unveiled his mini-budget on September 23, he was making it clear that the government is prioritising economic growth over inflation – which was one reason the financial markets reacted so badly to his plan.

This clear willingness to risk higher inflation strongly echoed the budget of 1971, when Anthony Barber, the Conservative chancellor of the time, announced a large expansionary package of fiscal and monetary measures. He made it clear that he would not reverse his stance even if it produced sufficient downward pressure on the pound to force the currency,…

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