{"id":1656546,"date":"2022-09-24T23:49:25","date_gmt":"2022-09-25T03:49:25","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1656546"},"modified":"2022-09-24T23:50:46","modified_gmt":"2022-09-25T03:50:46","slug":"new-british-prime-ministers-agenda-draws-comparisons-to-reaganomics","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/new-british-prime-ministers-agenda-draws-comparisons-to-reaganomics\/","title":{"rendered":"New British Prime Minister\u2019s Agenda Draws Comparisons To \u2018Reaganomics\u2019"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fnew-british-prime-ministers-agenda-draws-comparisons-to-reaganomics%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1656546&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p><a href=\"http:\/\/dailywire.com\/topic\/united-kingdom\" target=\"_blank\" rel=\"noopener\">British<\/a> Prime Minister <a href=\"http:\/\/dailywire.com\/topic\/liz-truss\" target=\"_blank\" rel=\"noopener\">Liz Truss<\/a> is drawing comparisons to Margaret Thatcher and <a href=\"https:\/\/www.dailywire.com\/topic\/ronald-reagan\" target=\"_blank\" rel=\"noopener\">Ronald Reagan<\/a> with her pursuit of lower <a href=\"http:\/\/dailywire.com\/topic\/taxes\" target=\"_blank\" rel=\"noopener\">taxes<\/a> and higher <a href=\"http:\/\/dailywire.com\/topic\/economy\" target=\"_blank\" rel=\"noopener\">economic<\/a> growth.<\/p>\n<p>The new Conservative Party government on Friday canceled a rise in the corporate tax rate, slashed the basic income tax rate to 19%, and launched discussions about special economic zones in multiple regions. \u201cEconomic growth isn\u2019t some academic term with no connection to the real world. It means more jobs, higher pay and more money to fund public services,\u201d British Chancellor of the Exchequer Kwasi Kwarteng remarked in a <a href=\"https:\/\/www.gov.uk\/government\/news\/chancellor-announces-new-growth-plan-with-biggest-package-of-tax-cuts-in-generations\" target=\"_blank\" rel=\"noopener\">press release<\/a>. \u201cThis will not happen overnight but the tax cuts and reforms I\u2019ve announced today \u2014 the biggest package in generations \u2014 send a clear signal that growth is our priority.\u201d<\/p>\n<p>Meanwhile, as other European countries impose energy consumption restrictions upon their citizens while continuing to prioritize renewable power commitments, Truss has pushed for <a href=\"https:\/\/www.dailywire.com\/news\/strengthening-our-energy-resilience-britain-ends-fracking-ban-will-become-net-exporter-by-2040\" target=\"_blank\" rel=\"noopener\">higher oil production<\/a> and set the goal of becoming a net exporter of energy by 2040.<\/p>\n<p>\u201cWe are cutting off the toxic power and pipelines from authoritarian regimes and strengthening our energy resilience,\u201d Truss said on Wednesday during a <a href=\"https:\/\/www.gov.uk\/government\/speeches\/prime-minister-liz-trusss-speech-to-the-un-general-assembly-21-september-2022\" target=\"_blank\" rel=\"noopener\">speech<\/a> to the United Nations General Assembly. \u201cWe will ensure we cannot be coerced or harmed by the reckless actions of rogue actors abroad. We will transition to a future based on renewable and nuclear energy while ensuring that the gas used during that transition is from reliable sources including our own North Sea production.\u201d<\/p>\n<p>The British government announced a new round of oil and gas leases for the North Sea and lifted its moratorium on shale gas production, which disallowed the practice of fracking. The ban was originally established three years ago amid concerns over earthquakes.<\/p>\n<p>Truss, who aims to double the growth rate of the British economy, drew comparisons to her predecessor, former British Prime Minister Margaret Thatcher, as well as former U.S. President Ronald Reagan.<\/p>\n<p>A <a href=\"https:\/\/www.wsj.com\/articles\/u-k-leader-liz-truss-plan-to-cut-taxes-and-boost-spending-takes-a-page-from-reaganomics-11663864595\" target=\"_blank\" rel=\"noopener\">piece<\/a> in The Wall Street Journal remarked that Truss is attempting to shape her political image in the mold of Thatcher, whose policies spurred an era of economic growth. The Iron Lady, however, enacted spending cuts before tax cuts to ensure that the government remained funded \u2014 meaning that the Truss agenda is more in line with that of the Gipper, who increased spending even while he decreased taxes.<\/p>\n<p>Indeed, as energy prices continue to rise across Europe, Truss introduced a proposal to limit the annual cost of power for a typical household to \u00a32,500 for the next two years. The British government had already <a href=\"https:\/\/www.gov.uk\/guidance\/getting-the-energy-bills-support-scheme-discount\">greenlit<\/a> the Energy Bills Support Scheme, which will remove \u00a3400 from citizens\u2019 power bills each month over the upcoming winter. \u201cWe are supporting this country through this winter and next, and tackling the root cause of high prices, so we are never in this position again,\u201d Truss said during an energy policy <a href=\"https:\/\/www.gov.uk\/government\/speeches\/pm-liz-trusss-opening-speech-on-the-energy-policy-debate\">debate<\/a> in the House of Commons.<\/p>\n<p>Nevertheless, not all comparisons between the Truss agenda and Reaganomics are positive. An <a href=\"https:\/\/www.economist.com\/leaders\/2022\/09\/22\/liz-trusss-selective-reaganomics-wont-work\">article<\/a> in The Economist predicted that a variety of economic woes, from unfavorable exchange rates to lackluster labor market conditions, will dampen Truss\u2019 ability to resurrect the economic atmosphere of four decades ago.<\/p>\n<p>\u201cIt is admirable to try to boost long-term growth by pruning regulations and taxes. But the high growth of the Reagan era was partly the result of women entering the workforce,\u201d the article said. \u201cBritain is ageing and its economy is still adjusting to Brexit. These factors are hurting the supply side of the economy by more than reforms are likely to help.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>British Prime Minister Liz Truss is drawing comparisons to Margaret Thatcher and Ronald Reagan with her pursuit of lower taxes and higher economic growth. The new Conservative Party government on Friday canceled a rise in the corporate tax rate, slashed the basic income tax rate to 19%, and launched discussions about special economic zones in &#8230;<\/p>\n","protected":false},"author":1,"featured_media":1656548,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1656546","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1656546","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1656546"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1656546\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1656548"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1656546"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1656546"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1656546"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}