This is a pointless nitpick in a meme community but (in my defence, this “meme” was srs to begin with): Liz Truss’s “experiment” never actually happened and the damage to the economy was reversed some time ago already.
It now serves as a useful warning about the Tories and their reliability on the economy.
The damage wasn’t really reversed, rather overcome.
If the world (not just the UK) didn’t see the massive increase in bond yields over the years following the mini budget, we would still very much be in the hole. The Bank of England had to intervene to buy an unprecedented number of bonds at not great prices, if they weren’t able to sell them for profit, we would still be directly facing the consequences.
If the bank didn’t have to intervene, we would be better off today because we’d have that growth without the hit. Most other developed countries got that, so in comparative terms we’re still behind.
But that’s just the point, the mini budget caused a small drop in bond yields that are insignificant now because of their small size relative to background changes. Maybe we’d be better off today - by a tiny, insignificant amount - or maybe part of that background growth in yields was actually everyone saying “oh, it hasn’t happened, it’s fine” and correcting for the sell off. It’s hard to tell which but it doesn’t really matter because of the scale.
This is a pointless nitpick in a meme community but (in my defence, this “meme” was srs to begin with): Liz Truss’s “experiment” never actually happened and the damage to the economy was reversed some time ago already.
It now serves as a useful warning about the Tories and their reliability on the economy.
The damage wasn’t really reversed, rather overcome.
If the world (not just the UK) didn’t see the massive increase in bond yields over the years following the mini budget, we would still very much be in the hole. The Bank of England had to intervene to buy an unprecedented number of bonds at not great prices, if they weren’t able to sell them for profit, we would still be directly facing the consequences.
If the bank didn’t have to intervene, we would be better off today because we’d have that growth without the hit. Most other developed countries got that, so in comparative terms we’re still behind.
But that’s just the point, the mini budget caused a small drop in bond yields that are insignificant now because of their small size relative to background changes. Maybe we’d be better off today - by a tiny, insignificant amount - or maybe part of that background growth in yields was actually everyone saying “oh, it hasn’t happened, it’s fine” and correcting for the sell off. It’s hard to tell which but it doesn’t really matter because of the scale.