But the tax cuts are very likely to cause a large deficit, and the idea that they will cause a much higher growth rate in the economy is magical thinking.
I had thought supply side economics (the Laffer Curve theory that government revenue will increase to compensate for lower tax rates) was an experiment that had failed enough times (except when tax rates are very high) that no one believed in it any more. But now we have a UK government trying it again.
For myself, I hope the UK economy will grow faster in time, but due to escaping the EU's protectionism and because renewable energy gradually reduces costs.
At least we perform this new experiment with a relatively low level of debt.
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