Against a backdrop of soaring company insolvencies, up by 72% in the last year according to the Insolvency Service, and plummeting business confidence the new UK Chancellor unveiled a package of measures to try to deal with the current cycle of stagnation and rising costs.
The focus, said Kwasi Kwarteng, would be on growth and the measures included reversing the rise in National Insurance payments, freezing corporation tax and cutting stamp duty.
The limit on bankers’ bonuses was scrapped and there will possibly be 38 new investment zones in England.
This hugely expensive package is generally called trickle down economics, whereby the hope is that with more disposable income, investors and businesses will pass on the gains to those lower down the economy.
However, it is not a new idea and dates back to at least 1972, when a similar package ushered in several years of boom and bust.
Will it work this time?
Who can tell.
Certainly the stock markets and investors were not impressed and the value of the Pound Sterling against the Dollar continued to plummet.
Clearly businesses are a long way from being able to plan their futures with any confidence.
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