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Echoes of the stagnant society
The Observer
|April 27, 2025
In this age of soundbites, it made a good headline: "Starmer warns Trump 'don't start a trade war" Oh, so well intentioned.
But that was on Monday 31 March. In no time, the singularly ill-intentioned 47th US president brought the economic and trading house down: chaos not seen since the 1930s, overturning a well functioning world order built by enlightened leaders who had learned the lessons of the damage caused by rampant protectionism and beggar-my-neighbour policies.
So much for Keir Starmer's good intentions! So much for that fanciful special relationship! Last week, the International Monetary Fund caused a stir - hardly unexpected - by revising its economic growth forecasts downwards for the UK and most others. I say growth forecasts but the growth now being forecast for the UK is so exiguous that it is within the margin of error and could well portend stagnation.
Let's face it, this is a bit rough for Starmer and the chancellor, Rachel Reeves, who promised growth, growth, growth. It is also more than a bit rough for US "consumers", who now face an inflation hit that will worsen a standard of living that was supposed to be improved by voting for Donald Trump.
This story is from the April 27, 2025 edition of The Observer.
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