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Is Technocracy to blame for the UK's newest tax hikes?

by UCapital MediaUCapital News newsroom1 min read
Is Technocracy to blame for the UK's newest tax hikes?

The Office for Budget Responsibility has been a staple of British economic policy discourse since 2010, when the government instituted it in order to justify its economic reforms in a "scientific" way. Since then its role in economic policy has grown and with it its reputation. After Liz Truss' 2022 budget fiasco has been attributed to lack of OBR scrutiny, the governments that followed used the institution as a seal of quality on economic reforms. In particular current Finance Minister Reeves has used the OBR as both a justification for her deeply unpopular tax hikes and a scapegoat for the very negative reception they received.


The use of technically apolitical institutions to justify political decisions signifies a clear cultural shift in the British public's consideration of politicians and government officials. Support for traditional parties in the UK is at an all time low as Reform UK's populist and anti-government platform convinces more and more voters.


Is appealing to experts going to be enough to convince the public of the efficacy of Reeves' measures? The answer, at least for now, seems to be a big no.


Klevis Gjoka

UKStarmerReeves
DISCLOSURE

UCapital Asset Management LLP or group companies may have commercial relationships with the companies mentioned. This content is not financial advice.

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